Fiducial Markers Market – Anticipated To Witness High Growth In The Near Future

Pune, India, 2020-Apr-20 — /EPR Network/ —

Increasing investments, funds, and grants by public-private organizations for cancer research, technological advancements in the market, and the rising cancer burden globally will fuel market growth over the forecast period.

[146 Pages Report]The fiducial markers market is projected to USD 123 million by 2025 from USD 95 million in 2019, at a CAGR of 4.5% during the forecast period of 2019 to 2025

Research Methodology Adopted:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for this extensive, technical, market-oriented, and commercial study of the fiducial markers market. A database of key industry leaders was also prepared using secondary research.

Primary Research

Extensive primary research was conducted after acquiring knowledge about the market scenario through secondary research. A significant number of primary interviews was conducted from both the demand (fiducial marker suppliers, vendors, and distributors, personnel from hospitals & clinics, cancer research laboratories, and radiology centers) and supply sides (presidents, CEOs, vice presidents, directors, general managers, heads of business segments, and senior managers). The primaries interviewed for this study include experts from the fiducial markers industry, such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1, 2, and 3 companies engaged in offering fiducial markers across the globe; administrators and purchase managers; and academic research institutes.

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Market Segmentation in Detailed:

Based on product, the market is segmented into metal-based, polymer-based, and other fiducial markers. The metal-based markers segment is further subsegmented into pure gold markers, gold combination markers, and other metal-based markers (tungsten, platinum, and nitinol, among others). The metal-based markers segment commanded the largest share of the market in 2018.

On the basis of modality, the market is classified into CT/CBCT, MRI, ultrasound, and radiotherapy. Technological advancements and the rising preference for minimally invasive procedures have supported the high growth of the ultrasound modality segment.

By cancer type, the fiducial markers market is segmented into prostate cancer, lung cancer, breast cancer, gastric cancer, and others. The prostate cancer segment is expected to dominate the market. The ongoing modernization and expansion of healthcare infrastructure, growing medical tourism, and improving research capabilities are expected to improve radiotherapy accessibility, further supporting market growth.

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The Asia Pacific market is expected to grow at the highest CAGR during the forecast period

The fiducial markers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is expected to be the fastest-growing region owing to improvements in healthcare infrastructure and supportive government initiatives. In addition, the growing incidence of cancer and the rising acceptance of radiotherapy procedures are propelling market growth. However, a dearth of skilled and experienced oncologists in developing countries and the slow adoption of advanced technologies are restraining the growth of the market.

Key Market Players;

The major players in the market include CIVCO Radiotherapy (US), IZI Medical Products (US), Boston Scientific Corporation (US), Naslund Medical AB (Sweden), and IBA (Belgium). Other players in the market are Best Medical International, Inc. (US), Nanovi A/S (Denmark), Carbon Medical Technologies (US), Eckert & Ziegler (Germany), Innovative Oncology Solutions (US), Medtronic (Ireland), QlRad Inc. (US), JJ-Medtech (Netherlands), and QFIX (US).

An analysis of market developments between 2016 and 2019 revealed that several growth strategies, such as product launches and enhancements, partnerships, and acquisitions, were adopted by market players to strengthen their portfolios and maintain a competitive position in the market. Partnerships and agreements were the most widely adopted growth strategies by market players.