Brachytherapy involves directly implanting small radioactive sources into or near a tumor site to deliver targeted radiation dose. The brachytherapy market includes brachytherapy applicators and afterloaders that help in accurate placement and positioning of radioactive seeds or sources in tumors. Brachytherapy is a widely adopted therapeutic option to treat prostate, cervical, breast, and other types of cancer due to benefits like shorter hospital stay, reduced normal tissue toxicity and damage, and better disease control.
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 key trends:
Increasing adoption of minimally invasive techniques is one of the major trends witnessed in the brachytherapy market size. Brachytherapy enables treating cancer locally with minimum trauma and damage to the normal tissues surrounding the tumor site. It uses radioactive sources like seeds or catheters placed inside or very close to the tumor area to deliver controlled localized doses of radiation. This allows delivering significantly higher radiation doses to tumors while sparing surrounding normal tissues. Brachytherapy is increasingly being adopted to treat breast, prostate, cervical, and other types of cancers, as it offers several advantages like shorter hospital stay, fewer side effects than external beam radiation or surgery, and better disease control.
SWOT Analysis
Strength: Brachytherapy offers precise radiation therapy with focused dose delivery directly to the tumor which limits radiation exposure to surrounding healthy tissues. It allows high radiation doses to be used successfully with minimal side effects.
Weakness: Brachytherapy requires specialized skills and training for physicians to properly plan and safely administer the treatment. It is a complex procedure that can be time-consuming. There is also a risk of radioactive source movement or damage post implantation.
Opportunity: Technological advances are improving brachytherapy treatment planning, delivery methods, and afterloader and applicator designs. The increasing incidence of cancers also presents growth opportunities.
Threats: Alternative external beam radiation therapies are becoming more advanced and competitive. Reimbursement challenges and higher costs compared to other procedures can also limit brachytherapy adoption.
Key Takeaways
The global brachytherapy market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising cancer cases worldwide. The market size for brachytherapy is projected to reach US$ 972.21 million by 2024 registering a CAGR of 19% during the period.
Regional analysis: North America currently dominates the brachytherapy market owing to advanced healthcare infrastructure, favorable reimbursement policies, and high patient awareness. The Asia Pacific region is expected to offer high growth opportunities propelled by improving medical capabilities and increasing healthcare spending in countries like China and India.
Key players: Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG. These companies are focusing on introducing innovative product technologies such as HDR and LDR brachytherapy devices to strengthen their market position.
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- Source: Coherent Market Insights, Public sources, Desk research
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