Brachytherapy is a type of radiation therapy used to treat various types of cancers. It involves placing radioactive sealed sources in close proximity to or in the tumor. Brachytherapy can treat a wide variety of cancer types including cancers of the breast, cervix, lung, prostate, stomach, and skin. It is a minimally invasive outpatient procedure with high precision and effectiveness in treating cancers. Brachytherapy devices are used for brachytherapy treatment and include brachytherapy afterloaders, brachytherapy applicators, and brachytherapy software.
The global brachytherapy market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of cancer cases globally is expected to boost the brachytherapy market growth during the forecast period. According to the World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Furthermore, increasing demand for minimally invasive procedures is also anticipated to fuel market growth over the forecast period. Brachytherapy is typically less invasive than other treatment options and allows administration of a higher radiation dose to the tumor with lower risk to surrounding tissues. Also, ongoing technological advancements in brachytherapy devices are also facilitating development of more effective solutions, driving the market.
However, stringent regulatory approval process and availability of alternative cancer treatment modalities may hamper market growth over the forecast period. Nonetheless, increasing adoption of brachytherapy in comprehensive cancer care and initiatives to spread awareness about brachytherapy are expected to create lucrative opportunities for players in the brachytherapy market during the forecast period.
Segment Analysis
The global brachytherapy market can be segmented based on radiation type, application, end use and region. Based on radiation type, the market can be segmented into low-dose rate (LDR) brachytherapy and high-dose rate (HDR) brachytherapy. HDR brachytherapy dominates the market currently owing to its technological advancements and wider usage in treating various cancer types. Based on application, the market is segmented into prostate cancer, breast cancer, cervical cancer, skin cancer, and others. The prostate cancer segment holds the dominant share currently owing to rising cases of prostate cancer worldwide.
PEST Analysis
Political: Government investments in cancer research and patient reimbursement policies globally are supporting market growth. However, stringent regulations can hinder adoption of new technologies.
Economic: Rising healthcare expenditures, growing middle class in developing nations, and increase in disposable incomes are fueling market demand. The high costs of equipment can restrain growth to some extent.
Social: Increasing cancer prevalence worldwide due to changing lifestyles and expanding patient awareness about advanced treatments are driving the market.
Technological: Technological advancements in imaging modalities, applicators, and afterloaders are enhancing treatment efficacy and expanding applications. Integration of AI and robotics is also enabling personalized brachytherapy.
Key Takeaways
The global brachytherapy market share is expected to witness high growth over the forecast period supported by rising cancer incidence, increasing adoption in hospitals and cancer centers, and technological innovations. The global brachytherapy market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030.
Regionally, North America currently dominates the market owing to robust healthcare infrastructure and availability of advanced treatment options. The Asia Pacific market is expected to grow at the fastest pace during the forecast period due to growing healthcare expenditures, rising cancer awareness, and modernization of healthcare facilities.
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 hold a significant market share due to their comprehensive product portfolios for brachytherapy planning and treatment delivery.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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