The global fiducial markers market size is estimated to reach USD 142.0 million by 2027 registering a CAGR of 4.2%, according to a new report by Grand View Research, Inc. Increasing prevalence of cancer and growing adoption of radiotherapy procedures are the factors expected to contribute to the market growth. Fiducial markers are widely used in external beam radiotherapy procedures. Therefore, increasing number of external beam radiotherapy procedures is also expected to boost the adoption of these markers. In addition, over most of the cancer patients receive radiation therapy, which in turn, is increasing the product demand.
Rising awareness about the safety and efficiency of advanced radiotherapy techniques, such as stereotactic radiosurgery, intensity-modulated radiotherapy, and image guide radiotherapy, in cancer treatment is expected to boost the market growth. Moreover, several initiatives undertaken by various governments for the development of new radiotherapy centers through direct funding or tax waive-off will aid in market growth.
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On the other hand, availability of alternative treatment methods, such as chemotherapy, hormonal therapy, and surgery, is expected to have a negative impact on the product demand. Furthermore, with the advent of advanced imaging modalities, such as PET-based LINAC system, eliminates the need for fiducial markers hampering the market growth. However, high cost of PET-based LINAC systems is expected to contribute to the increased usage of fiducial markers for radiotherapy.
Further key findings from the study suggest:
• Gold fiducial markers segment held the largest market share in 2019 and is expected to expand at a healthy CAGR over the forecast period owing to product advantages, such as biocompatibility and enhanced visibility across multiple imaging modalities including CT, MRI, ultrasound, and fluoroscopy.
• Based on application, prostate cancer segment held the largest market share in 2019 and is expected to register a significant CAGR over the forecast period.
• Based on end user, radiotherapy center segment is projected to register the fastest CAGR during the forecast period.
• North America is estimated to be the largest regional fiducial markers market over the forecast period due to growing number of cancer cases and adoption of advanced technologies.
• Some of the prominent companies in the global market are CIVCO Radiotherapy; IZI Medical Products, LLC; Naslund Medical AB; Medtronic PLC; QlRad, Inc.; QFIX; Boston Scientific Corp.; Nanovi A/S; Eckert & Ziegler; and IBA Dosimetry GmbH.
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Grand View Research has segmented the global fiducial markers market on the basis of product, modality, application, end user, and region:
Fiducial Markers Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
• Gold
• Gold Combination
• Polymer
• Other Metal
• Liquid
Fiducial Markers Modality Outlook (Revenue, USD Million, 2016 - 2027)
• CT/CBCT
• MRI
• Ultrasound
• X-Ray
Fiducial Markers Application Outlook (Revenue, USD Million, 2016 - 2027)
• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Head and Neck Cancer
• Other
Fiducial Markers End User Outlook (Revenue, USD Million, 2016 - 2027)
• Hospitals
• Radiotherapy Center
• Academic and Research Center
Fiducial Markers Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
o Switzerland
o The Netherlands
o Sweden
o Belgium
• Asia Pacific
o Japan
o China
o India
o South Korea
o Thailand
o Indonesia
o Philippines
o Taiwan
o Malaysia
o Singapore
• Latin America
o Brazil
o Mexico
o Argentina
o Colombia
o Chile
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Kuwait
o Israel
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.