Brachytherapy or internal radiation therapy involves placing radioactive sources directly inside the body near the area requiring treatment such as cancerous tumors. It helps deliver higher and more pinpointed radiation dose to cancer cells while lowering external exposure to surrounding normal tissues. Brachytherapy is commonly used for treating cervical, prostate, breast, and skin cancers among others. The major advantages of brachytherapy include decreased treatment timeframes leading to higher patient convenience, better treatment targeting and localization, and ability to deliver higher radiation doses as compared to external beam radiotherapy.
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:
The brachytherapy market is witnessing increasing adoption of advanced technological modalities for effective treatment delivery. Technological advancements such as image-guided brachytherapy allow real-time monitoring and precise placement of radiation sources during the treatment procedure. This results in better treatment targeting and improved clinical outcomes. Further, the development and introduction of wireless and remote brachytherapy afterloading systems have enhanced the level of protection for medical staff during treatment delivery. Such innovations are expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The brachytherapy market requires large capital investments and technical expertise to establish manufacturing facilities and obtain regulatory approvals. Hence, the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is high as the brachytherapy devices market is highly fragmented with presence of many global as well as regional players. This provides buyers with alternative treatment options at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of diverse components from multiple suppliers at competitive costs.
Threat of new substitutes: Alternative treatment options like external beam radiation therapy pose low to moderate threat depending on type and stage of cancer. However, each treatment option has distinct benefits.
Competitive rivalry: The brachytherapy market is competitive with presence of large global players and regional vendors providing differentiated offerings.
Key Takeaways
The Global Brachytherapy Market Growth is expected to witness high at a CAGR of 19% during the forecast period of 2023 to 2030. The market is estimated to reach a value of US$ 972.21 million by 2024.
Regional analysis: North America dominates the brachytherapy market currently owing to availability of advanced healthcare facilities and favorable reimbursement policies for cancer treatment in the region. Asia Pacific is expected to witness fastest growth during the forecast period due to increasing healthcare expenditure, growing incidence of cancer, and establishment of manufacturing facilities by global players.
Key players: 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 together hold over half of the global market currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
