Global Fiducial Markers Market All Set Witness Modest Growth: Projected to Reach USD137.5 Million By 2027
Published | 16 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global fiducial markers market was worth USD 100.1 million in the year 2020. The market is estimated to grow at a CAGR of 4.8%, earning revenue of around USD 137.5 million by the end of 2027. The high prevalence of cancer and expanding research activities towards the treatment of cancer are driving the growth of the market. Furthermore, rising awareness of the importance of early diagnosis to increase the chances of cure is expected to drive the global fiducial markers market during the forecast period. However, the presence of radiology alternatives for cancer treatment may restrict the growth of the market in the foreseeable future.
Expanding Cancer Research Activities Likely to Drive the Global Fiducial Markers Market Duringthe Forecast Period
Rising cancer research activities as a result of increased private and public investment, as well as various government initiatives, are expected to fuel the growth of the global fiducial markers market during the forecast period. Developing effective treatments for chronic diseases such as cancer requires a deeper understanding of the disease. As a result, research institutes are stepping up their efforts to develop more effective cancer treatments. The usage of fiducial markers for such research is also on the rise for advancing radiotherapy applications, thereby boosting the growth of the fiducial markers market worldwide.
Growing Prevalence of Breast CancerProjected to Boost the Global Fiducial Markers Market
Based on types, the global fiducial markers market is segmented into lung cancer, gastric cancer, prostate cancer, breast cancer, and other cancers. Among these,the breast cancer segment dominates the market since it is the most commonly diagnosed cancer in the world, surpassing lung cancer. Breast cancer is highly prominent in women. Therefore, women are now getting an early diagnosis as a result of numerous attempts to raise awarenessregarding breast cancer, as an early diagnosis has a high probability of healing. Lung cancer accounts for a large portion of the market, with 1.80 million people dying from it in 2020 alone, according to the World Health Organization.
The Hospital Segment Estimated to Lead the Global Fiducial Markers Market in The Forecast Period As Well
Based on end-users, the global fiducial markers market is categorized into hospitals & outpatient facilities, independent radiotherapy centers, and cancer research centers. The hospital & outpatient facilities segment holds the largest market share due to the easy availability of advanced medical devices like radiotherapy equipment in hospitals. Moreover, the high and growing number of hospital facilities built under government initiatives is also fueling demand for fiducial markers.However, radiotherapy centers are gaining substantial growth as the patient’s preference is shifting rapidly during the diagnosis of cancer.
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Global Fiducial Markers Market - Regional Insights
Geographically, the global fiducial markers market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America accounts for the largest market share, followed by Europe. However, the Asia-Pacific region is estimated to witness the highest CAGR during the forecast period. The increasing number of cancer care units and independent radiology centers is one of the major factors propelling the demand for fiducial markers in APAC countries. Furthermore, the rising frequency of cancer as a result of the high population, particularly in countries like India and China, is driving the growth of the fiducial markers market in the region.
Impact of COVID-19 on Global Fiducial Markers Market
The global fiducial markers market witnessed a dreadful situation after the COVID-19-induced pandemic. The sharp decline in cancer diagnosis and radiation therapy treatment severely affected the demand for fiducial markers. It has been estimated that there has been a 50%-70% decline in radiology practices during the COVID-19 period. With low radiation therapy rates, the demand and use of fiducial markers were also limited. The shutdown of research centers and universities that conduct cancer research also had an impact on the market for fiducial markers.
The leading market players in the global fiducial markers market are Nanovi A/S, Carbon Medical Technologies, IZI Medical Products, Innovative Oncology Solutions, Naslund Medical AB, Qfix, CIVCO Radiotherapy, Varian Medical Systems, Inc., Stellar Medical, Eckert & Ziegler, Gold Anchor, JJ-Medtech, Boston Scientific Corporation, Medtronic, Beekley Corporation, QLRAD, Meditronix Corporation, Best Medical International, Inc., and other prominent players.
To acquire a competitive advantage, prominent market participants have been working on incorporating innovations and developments into their products. The companies are also adopting competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc. to expand their product portfolio and increase their market penetration. For instance, IZI Medical Products LLC, a leading radiology medical device company acquired RadioMed, the manufacturer of VISICOIL implantable fiducial marker, from its parent company IBA S.A.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global fiducial markers market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global fiducial markers market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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