Fiducial Markers Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Canada - Size and Forecast 2024-2028

Fiducial Markers Market Size 2024-2028 

The fiducial markers market size is forecast to increase by USD 32.9 million, at a CAGR of 5.15% between 2023 and 2028. The global cancer landscape is witnessing a significant rise in incidence rates, fueling a growing demand for effective treatment modalities. Radiation therapy, a proven cancer treatment method, is gaining increasing preference, particularly in developing countries, due to its affordability and efficacy. In response to this trend, key players in the radiation therapy market are launching new products to cater to this demand. For instance, Elekta AB introduced the Agility Multileaf Collimator, offering advanced features for precise radiation delivery. Similarly, Varian Medical Systems unveiled the Halcyon, a compact, versatile, and affordable linear accelerator. These new offerings aim to improve patient outcomes while reducing treatment costs, making radiation therapy an accessible and viable option for a larger patient population.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic

Cancer research continues to address the significant cancer burden worldwide, with advancements in technologies such as pure gold markers and metal-based markers like tungsten, platinum, and nitinol enhancing treatment precision. These markers are crucial in targeting specific cancers and tumors during therapies at radiotherapy centers and hospitals, supported by cancer institutes focusing on early detection methods for diseases like lung cancer, breast cancer, and prostate cancer. Techniques such as percutaneous implantation and bronchoscopy allow for precise placement of markers within tumors, minimizing damage to healthy tissues the size of Rice grains. The choice between metal or polymers for markers depends on their compatibility with radiotherapy and the patient's breathing cycle, ensuring effective treatment outcomes in oncological care.

Key Market Driver

One of the key drivers supporting the fiducial markers market growth is the rising global incidence of cancer. Factors such as smoking, obesity, and a rise in the number of infections increase the incidence of cancers. For instance, as per the CDC, the number of cancers caused due to overweight, except breast and colorectal cancers, was expected to increase to 30%-40% by 2020. Fiducial marker placement uses imaging guidance to place small metal objects called fiducial markers in or near a tumor in preparation for radiation therapy. The fiducial markers help to highlight the location of a tumor with greater accuracy and enable doctors to deliver the maximum dosage of radiation to the tumor while minimizing the dose delivered to nearby healthy tissue. Thus, the rapidly rising incidence of cancer across the world will drive the growth of the fiducial markers market during the forecast period. 

Key Market Trends

One of the key fiducial markers market trends contributing to the market growth is the increase in research and development. Ongoing research in the field of molecular and cell biology has clarified the understanding of mechanisms such as gene silencing and RNAi. This has further led to the development of antisense and RNAi therapies for the treatment of genetic disorders, including cancer. There are a few antisense and RNAi-based therapies for cancer that are in the early phases of development. Some of the molecules have even reached the late stages of development. For instance, TheraSphere is a treatment option in a new field of cancer care called interventional oncology, in which the diagnosis, treatment, and palliation of the disease are performed through advanced imaging and minimally invasive techniques. Such developments will propel the fiducial markers market growth during the forecast period.

Major Market Challenge

One of the challenges limiting the fiducial markers market growth is the lack of adequate healthcare infrastructure in developing nations. Only a limited number of healthcare institutions in underdeveloped and developing countries can use advanced radiotherapy systems for cancer treatment. This limits the number of radiotherapy and chemotherapy procedures despite their high demand. For instance, in 2021, more than 1.3 million new patients were diagnosed with cancer, and over 850,000 patients die of the disease annually in India. The mortality to incidence ratio for cancer in India is much higher than in high-income countries (HIC), with cancer contributing to 8% of adult deaths. Thus, the lack of proper diagnosis of cancer in developing and underdeveloped countries is expected to limit the adoption of fiducial markers, which, in turn, will hinder the growth of the market during the forecast period. 

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Boston Scientific Corp.: The company offers fiducial markers under the brand name LumiCoil, that features platinum construction designed for clear visibility in CT, X-Ray, EUS, CBCT, and MRI procedures.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• alphaXRT Pty. Ltd.
• Beekley Corp.
• Best Medical International Inc.
• Carbon Medical Technologies Inc.
• CP Medical
• Eckert and Ziegler AG
• Innovative Oncology Solutions
• IZI Medical Products
• MediTron
• MedTec Inc.
• Medtronic Plc
• Nanovi AS
• Naslund Medical AB
• Oncology Systems Ltd.
• Qfix
• QLRAD INC USA
• Riverpoint Medical
• SeeDOS Ltd.
• Stellar Medical

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By End-user 

The hospitals and outpatient facilities segments is estimated to witness significant growth during the forecast period.  Hospitals are the key end-users of fiducial markers, which greatly influence market growth. Large hospitals such as multispecialty hospitals and hospital groups work under government sponsorship or through funding from private entities. They have more than 500 hospital beds, allowing the accommodation of individuals within the locality. The sales of fiducial marker products in hospitals will increase due to the increased number of hospital admittances of people with cancer during the forecast period.

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The hospitals and outpatient facilities segments accounted for USD 51.80 million in 2018 and showed a gradual increase during the forecast period. Medium-sized hospitals have a limited number of supplier groups. These hospitals often require outsourced medical equipment and laboratory testing support for their healthcare services. Their budget is limited and has 200-300 hospital beds. The administration of these hospitals is often decentralized. The mid-sized hospitals are more in number than those large hospitals, so they are easily accessible to people. This will increase the sales of fiducial marker products in medium-sized hospitals during the forecast period.

Regional Analysis

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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rising incidence of cancer in countries such as the US and Canada will facilitate the fiducial markers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user Outlook
  • Hospitals and outpatient facilities
  • Independent radiotherapy centers
  • Cancer research centers

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies