Brachytherapy involves placing radioactive sources inside or close to the area requiring treatment. It is commonly used as an effective treatment for various types of cancers like cervical, prostate, breast, and skin cancer. Brachytherapy provides localized radiation which allows delivering a high dose of radiation to the tumor while minimizing radiation exposure to surrounding healthy tissues.
The global Brachytherapy Market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the brachytherapy market is the increasing adoption of high dose rate (HDR) brachytherapy. HDR brachytherapy uses stronger but shorter-lived radioactive sources that can deliver high dose radiation in a short time. Compared to low dose rate (LDR) brachytherapy, HDR brachytherapy offers advantages like reduced procedural time, risk of exposure to medical staff, and hospital stay. This has led to its growing preference over LDR brachytherapy. Other technological advancements like ultrasound and MRI image guided brachytherapy have also improved treatment precision and effectiveness.
SWOT Analysis
Strength: Brachytherapy offers localized and targeted radiation treatment for cancer with minimal exposure to surrounding healthy tissues. It provides highly precise and effective treatment for various types of cancers.
Weakness: Brachytherapy treatment requires special skills and training for implantation of radioactive sources inside the body near the tumor site which may not be easily available. There are also risks of radiation exposure to medical staff during the treatment procedure.
Opportunity: Rising incidences of cancers worldwide and growing preference for minimally invasive procedures offer significant growth opportunities. Developing economies with large population base represent untapped market potential.
Threats: High costs involved in brachytherapy devices, applicators and radiation sources limit widespread adoption. Stringent regulatory approval process and availability of alternative cancer treatment options also pose challenges.
Key Takeaways
The Global Brachytherapy Market Size size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing adoption of brachytherapy for treating several cancers including breast, cervical, prostate, skin and others. The prevalence of these cancers has been rising steadily creating consistent demand for brachytherapy.
Regional analysis
North America is expected to dominate the brachytherapy market during the forecast period. This is attributed to growing geriatric population, increasing incidence of cancer, favorable reimbursement policies, advanced healthcare infrastructure and adoption of new technologies in the region. Asia Pacific brachytherapy market is poised to grow at a high CAGR owing to developing healthcare infrastructure, large patient population and rising medical tourism in countries such as India, China and Japan.
Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG, and iCAD. Varian Medical Systems and Elekta AB collectively hold over 35% share of the global market. Key players are focusing on new product launches, collaborations and geographic expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it