Fiducial Markers Market Segmentation by Type, Modality, Application, and End-User
According to a new report by Reports and Data, the global Fiducial Markers Market is expected to reach USD 127.3 Million by 2027. Fiducial markers are commonly used in image-guided radiotherapy procedures to help locate a tumor and provide maximum radiation dosage to the tumor while limiting radiation dose to healthy tissue nearby.
The growing prevalence of cancer is a significant factor driving the growth of the fiducial markers market. Early detection and diagnosis of cancer are crucial, and greater awareness of warning symptoms of cancer would positively impact the survival rate and hence would be instrumental in increasing the market demand. The Covid-19 pandemic has further heightened the need for fiducial markers for cancer patients, who may possess different risk profiles associated with contracting COVID-19 and the peril of complications arising out of infection from the virus.
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The report finds that metal-based markers contributed to the largest fiducial markers market size in 2019 due to benefits like a high contrast level and better visualization. Ultrasound is likely to grow at a rate of 4.7% in the forecast period for the fiducial markers market due to lower toxicity associated with ionizing radiation, as well as cost-effectiveness as compared to other forms of modalities.
Lung cancer is likely to witness a growth rate of 4.8% in the forecast period for the fiducial markers market due to various reasons, including smoking, genetic, and exposure to toxic gases. The fiducial markers market in the Asia Pacific region is expected to grow at the fastest rate of 5.5% in the forecast period due to the growing prevalence of target conditions, growth of the pharmaceutical industry, and a surge in R&D activities for diagnostic procedures, among others.
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Key players in the fiducial markers market include Boston Scientific Corporation, Naslund Medical AB, Carbon Medical Technologies, Stellar Medical, CIVCO Radiotherapy, Medtronic, Innovative Oncology Solutions, IZI Medical Products, Nanovi A/S, and Eckert & Ziegler, among others. In December 2019, IZI Medical Products, LLC, a leading fiducial markers market player, acquired RadioMed, the producer of VISICOIL™, an implantable fiducial marker.
The report segments the global fiducial markers market on the basis of type, modalities, application, end-user, and region. By type, metal-based markers contributed to the largest fiducial markers market size in 2019, and by modalities, ultrasound is likely to grow at a rate of 4.7% in the forecast period. By cancer type, lung cancer is likely to witness a growth rate of 4.8% in the forecast period. By region, the fiducial markers market in the Asia Pacific region is expected to grow at the fastest rate of 5.5% in the forecast period.
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