The fiducial market is projected to grow at a rate of 4.3% in terms of value, from USD 90.6 Million in 2021 to reach USD 127.3 Million by 2030. Fiducial markers find usage in image-guided radiotherapy procedures, where the placement of the markers is by modalities such as computed tomography (CT) or ultrasound, among others, and may encompass the application of an endoscope. Fiducial markers assist in precisely locating a tumor, thereby allowing the radiologist or a team of radiologists to provide the maximum radiation dosage to the tumor while mitigating the dose radiation imparted to healthy tissue in the vicinity.
The growing prevalence of cancers and tumors is a significant factor in driving the fiducial markers market growth. Cancer is the second foremost cause of death worldwide and accounts for an estimated 9.6 million deaths in 2018. Detection of cancer at an early stage significantly increases the chances of survival. In the first quarter of 2019, it has been estimated that 13,410 men and 10,410 women (23,820 adults) in the US will undergo diagnosis with primary cancerous tumors related to the brain and spinal cord. Brain tumors are responsible for 85.0% to 90.0% of all primary CNS (central nervous system) tumors. Moreover, approximately 3,720 children below the age of 15 years will undergo diagnosis in the years 2019. Brain and nervous system cancer occupy the 10th spot in the leading global cause of death. Also, it has been estimated that 9,910 men and 7,850 women (17,760 adults) will suffer death from the primary cancerous brain and central nervous system tumors. Thus, the increasing occurrence of brain tumors is causative in fiducial markers market growth.
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A growing inclination towards fiducial markers in stereotactic radiosurgery is of significant importance in propelling the market growth. Stereotactic surgery is a form of minimally invasive surgical technique used to treat functional defects and small tumors of the brain. According to the Parkinson\’s Foundation, there has been an increase in the occurrence of Parkinson’s disease. It has been estimated that by 2030 around 1.2 million Americans will be suffering from the disease. Also, it has been found that men are at greater risk than women, and the risk is likely to increase for both men and women with age.
However, cost-prohibitive fiducial markers may create hindrances in the growth of the fiducial markers market in the upcoming years.
The magnetic resonance imaging modality is growing at a substantial pace owing to increased awareness about healthcare & wellness, changing tumor patterns, the government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is causative of a substantial market share held by this modality. MRI offers improved soft-tissue contrast as compared to CT and can distinguish between water, fat, muscle, and soft tissue in a better way.
There has been a growing demand for a combination of PET-CT and SPECT-CT scanners from leading players in the imaging market. These hybrids imaging systems allow for CT attenuation on the nuclear images along with adding CT anatomical image overlaps to provide improved visualization of the tumor and precisely pinpoint its location.
Breast cancer is the most common type of cancer occurring in women and held the largest fiducial markers market share in 2019. There were more than 2 million new cases of breast cancer in 2018. Belgium, Luxembourg, and the Netherlands are the countries with the highest rates of occurrences of breast cancer in the year 2018 across the globe. According to Global Health Estimates, WHO 2013, it is projected that more than 508,000 women deceased in 2011 owing to breast cancer. It has been found that around 50% of breast cancer cases and nearly 58% of deaths happen in less developed economies as compared to developed economies.
By end-users, hospitals held a substantial fiducial markers market share in 2019 and are estimated to have a growth rate of 3.9% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
The market in the North American region held the largest fiducial markers market share in 2019 and is estimated to witness a growth rate of 3.9% in the forecast period. The market dominance of the region is attributed to the growing prevalence of cancer, the presence of leading market players and increased investment in R&D activities, rising demand for personalized medicine, and technological advancements in cancer research, among others.
The market in the European region held the second-largest fiducial markers market share in 2019 and is likely to grow at a rate of 4.1% in the forecast period.
- By type, metal-based markers contributed to the largest fiducial markers market size in 2019 and are projected it witness the fastest growth rate of 4.1% in the forecast period.
- 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 for the fiducial markers market. Prostate cancer held the largest fiducial markers market size in 2019.
- The fiducial markers market in the Asia Pacific region is expected to grow at the fastest rate of 5.5% in the forecast period.
Key participants 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. The players operating in the market have undertaken a number of strategies related to the fiducial markers market in the period 2022-2020.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Fiducial markers industry poses a significant amount of opportunities for small producers and startups to come up with cost-effective solutions. Many innovative startups are growing remarkably and have been profiled in the report with all their innovative techniques and developments. There is a continuous growth in demand from the end-users, which can encourage several startups to launch innovative products in this market.
Mergers and Acquisitions are an integral part of the fiducial markers industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In August 2018, Displaydata entered into a partnership with Ossia, a startup firm, for the integration of Ossia’s Cota wireless charging technology with electronic shelf labels of Dislaydata.
Reports and Data forecasts promising developments for increased adoption of fiducial markers. According to industry experts, the use of fiducial markers in lung cancer treatment is garnering significant traction in the market. New companies entering the industry would emphasize designing and developing innovative products, thereby catering to the increasing requirement of end-use industries.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2022 to 2030. The scope of the report can be defined as:
For the purpose of this study have segmented the global fiducial markers market on the basis of type, modalities, application, end-user, and region:
Type Outlook (Revenue, USD Million; 2022-2030)
- Metal-Based Markers
- Polymer-Based Markers
Modalities Outlook (Revenue, USD Million; 2022-2030)
- Computed Tomography/Computer-Based Computed Tomography
- Magnetic Resonance Imaging
Application Outlook (Revenue, USD Million; 2022-2030)
- Prostate cancer
- Lung Cancer
- Breast Cancer
- Gastric Cancer
End-User Outlook (Revenue, USD Million; 2022-2030)
- Radiotherapy Centers
- Academic & Research Centers
Regional Outlook (Revenue, USD Million; 2022-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Saudi Arabia
- Rest of the Middle East and Africa
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