The Fiducial Markers Market is expected to register a CAGR of 4% during the forecast period. This is attributing to the growing incidence of cancer, rising awareness on radiotherapy, increasing public and private funding in cancer research. As per Globocan, in 2018 the number of new cases of all type of cancers were approximately 18,078957 worldwide. The presence of a huge cancer population will be leading to the increasing demand for treatments thus promoting the growth of fiducial marker as these markers are used in radiotherapy procedure which is mandatory treatment procedures in most of the cancer patients. Moreover, growing awareness about radiotherapy techniques such as image-guided radiotherapy, stereotactic radiosurgery and intensity-modulated radiotherapy and rising adoption of radiotherapy for oncology treatment will increase the adoption of fiducial markers and thus propel the overall market. Furthermore, technological advancements associated with an advanced navigation system that will help in accurate placement of product and rising investments, funds by private and public organization in cancer research will trigger the revenue growth of fiducial markers and thus these are some more factors which will fuel the growth of the market in coming years. However, alternate treatment options and complication with the product implantation and usage may hamper the market to certain extent.
Key Market Trends
Metal Based Markers in Fiducial Markers is Estimated to Witness a Healthy Growth in Future.
Metal-Based Markers are estimated to witness healthy growth in the future attributed to several benefits associated with this type of markers. Metal-based markers consist of gold markers, gold combination markers, and other metals which include platinum, tungsten. The use of gold markers in the radiotherapy procedures results in accurate visibility in MRI images, better stability, and enhanced efficiency. These gold markers can combine with other metals which enhance the visibility in the imaging modalities. Thus, these benefits associated with the markers will result in high demand around oncology treatments and further promote the segment growth.
In Addition, the number of new cases of cancers across the globe as per Globocan will increase the demand for radiotherapy and thereby propelling the growth of fiducial marker.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Fiducial Markers Market due to the rising prevalence of cancer, the presence of a large number of major players, growing research and development expenditure, rising patient awareness, and preference for radiotherapy, reimbursement policies, and technological advancements. As per Globocan in 2018 the number of new cases of cancer in North America was 2,378,785. This will surge the demand for the treatment of the diseases and boost the overall market. The United States owns the largest share of Fiducial Markers Market in the North America region Furthermore, increasing adoption of advanced radiotherapy procedures, imaging modalities, and well-established healthcare infrastructure are also expected to fuel the Fiducial Markers Market in this region.
The Fiducial Markers Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are IZI Medical Products, CIVCO Radiotherapy, Gold Anchor (Naslund Medical AB), Medtronic, QLRAD, Boston Scientific Corporation, Stellar Medical, Qfix, and Nanovi A/S.
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