Fiducial Markers Market Analysis | 2023-2028

Market Insights

The fiducial markers market was estimated at USD 118.38 million in 2022 and is likely to grow at a CAGR of 4.28% during 2023-2028 to reach USD 152.77 million in 2028.

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Market Dynamics

Introduction

A fiducial marker is a medical device that is mainly placed on the object or body so that it can mark the area that needs surgery. These markers are very tiny equipment of the size of rice grains, which can help to target cancerous tumours or tissues without affecting the healthy ones. This device enables to mark off the exact position of the tumour and can help the doctor to provide maximum radiation dose to the particular area consisting of the tumour without harming the surrounding tissues.

COVID-19 IMPACT

The outbreak of the COVID-19 virus has moderately affected the fiducial markers industry owing to stringent lockdown measures and restricted movement of people. The ongoing coronavirus pandemic has adversely altered the healthcare landscape.

As major healthcare companies accelerate efforts to discover potential vaccines and drugs for COVID-19, immense pressure is being exerted across global hospital infrastructures. In spite of this, the market for fiducial markers has remained strong due to unceasing cancer treatments. However, some of the treatments were postponed or canceled.

Market Drivers

The growing adoption of radiotherapy devices by oncologists coupled with rising cases of cancer across the globe are the prime factors augmenting the product demand. Also, the surging demand for SBRT and IGRT procedures further boosts market growth.

Moreover, increasing awareness regarding the fiducial markers to give effective diagnosis further offers lucrative opportunities to the industry players. However, the requirement of placing fiducial markers before the CT scan will necessitate a second 3D scan before or during surgery can hamper the industry expansion.

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Key Players

Key players operating in the fiducial markers market are:

• CIVCO Radiotherapy (The U.S),
• IZI Medical Products (The U.S),
• Naslund Medical AB (Sweden),
• Medtronic, Inc. (Ireland),
• QlRad Inc. (Netherlands),
• QFix (The U.S),
• Boston Scientific Corporation (The U.S),
• Nanovi A/S (Denmark),
• Eckert & Ziegler (Belgium), and
• IBA Dosimetry GmbH (Germany).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

By product, the fiducial markers market has been categorized into gold, gold combination, polymer, other metals, and liquid.

Under these, the gold segment witnessed the highest market share in 2022 and is likely to register a significant CAGR during the review period.

This is mainly attributed to the accurate visibility and excellent stability of these products across various imaging modalities. Also, gold fiducial markers come in combination with various metals, such as platinum, titanium, and nickel, for better efficiency.

Regional Insights

By region, the North American market garnered the largest market share in 2022 and is projected to grow at a substantial CAGR during the assessment period.

This is mainly ascribed to streamlined reimbursement policies, the strong presence of key market players, and public health programs in the region. Growing healthcare expenditure and rising adoption of advanced radiotherapy procedures & imaging modalities further boost regional growth.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects fiducial markers market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The fiducial markers market is segmented into the following categories.

By Product Type

• Gold
• Gold Combination
• Polymer
• Other Metals
• Liquid

By Modality Type

• CT/CBCT
• MRI
• Ultrasound
• X-Ray

By Application Type

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Head, and Neck Cancer
• Others

By End-Use Type

• Hospitals
• Radiotherapy Center
• Academic
• Research Center

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the application types by modality type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.