August 22, 2019 — As fiducial markers gain traction in parallel to rising incidences of various cancer affecting lung, prostate, abdomen and kidney, the growth potential of the fiducial markers market is set to witness a considerable rise. Total worldwide sales are anticipated to surpass $100 million by the end of 2019, according to a new study by Fact.MR, registering a significant upswing from $93.9 million in 2018.
The escalating demand for fiducial markers can be accredited to:
- Growing adoption of radiotherapy devices by oncologists;
- Surging demand for image-guided radiation therapy (IGRT) and stereotactic body radiation therapy (SBRT) procedures;
- Versatility of fiducial markers in effective diagnosis; and
- Increasing rates of cancer across the globe
As per the study, the adoption of fiducial markers for prostate cancer has been seeing a persistent increase, driven by their ability to aid in seamless target precision. Thus, rising adoption of fiducial markers as an effective tool for use in case of radiation treatment is fostering its popularity.
Use of fiducial markers for prostate cancer is on a steep rise by virtue of its effectiveness in individualizing patient care in advance detection, diagnosis and treatment. Furthermore, adoption of fiducial markers to address rising incidences of breast cancer is also proliferating according to the study, wherein markers are implanted in the target area to mitigate the risk of cancer recurrence.
According to the study, pure gold fiducial markers will outsell all other product types in 2019, with an estimated valuation worth $60 million by the end of 2019. Greater reliability and superior stability are the prime factors responsible for escalating demand for pure gold fiducial markers. Another key factor fueling their growth in the global market is the ability of pure gold fiducial markers to provide high-quality resolution.
While pure gold fiducial markers continue to be profitable, demand for metal-based fiducial markers is also foreseen to scale new heights, owing to their ability to provide superior accuracy in target delivery of radiation. Among all end-users — including hospitals, radiotherapy centers and cancer research centers — sales of fiducial markers are expected to witness a notable uptick in the radiotherapy centers with an anticipated valuation surpassing $39 million this year. According to Fact.MR, radiotherapy centers will look to use the markers to treat various forms of cancer or malignant tumors.
According to the report, North America continues to show significant opportunities for the manufacturers of fiducial markers, with the U.S. leading global demand. The fiducial markers market landscape shows a monopoly of leading players with established brand images and significant product portfolios. Diversification and expansion of existing product lines with new additions remain the key focus areas of the key players.
The report states that leading players in the fiducial markers market are also investing in extensive research and development to foster seamless product development. Expansion of the customer base through product marketing via online portals is another significant approach adopted by the well-established players in the fiducial markers market.
The report presents actionable insights and opportunity assessment in the fiducial markers market for the forecast period of 2018- 2028. The report predicts market expansion at a compound annual growth rate (CAGR) of over 9 percent through 2028.
For more information: www.factmr.com