Brachytherapy, also known as internal radiation therapy, involves placement of radioactive sources in close proximity to cancerous tissues. It is a form of radiotherapy where a sealed radioactive source is placed inside or next to the area requiring treatment. Brachytherapy enables targeted treatment of tumors and has minimal impact on surrounding healthy tissues. The global brachytherapy market encompasses brachytherapy devices, brachytherapy afterloaders, brachytherapy applicators, and brachytherapy software. Technological advancements in brachytherapy include the development of high dose rate (HDR) and low dose rate (LDR) brachytherapy equipment with advanced applicators.
The global brachytherapy market is estimated to be valued at US$ 1119.99 billion in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Technological advancements and the development of imaging modalities for treatment planning are driving the brachytherapy market growth. Precision radiation techniques such as real-time dosimetry and image-guided brachytherapy enable customized treatment and minimally invasive procedures. Growing adoption of advanced brachytherapy techniques over conventional external beam radiation therapy due to proven efficacy, shorter treatment duration, and cost-effectiveness is further fueling the market growth. Additionally, rising geriatric population and increasing global incidence of cancer are propelling the demand for brachytherapy in radiotherapy.
Segment Analysis
The Brachytherapy Market can be segmented based on type, application and end-user. By type, the Brachytherapy Market can be divided into high dose rate brachytherapy and low dose rate brachytherapy. High dose rate brachytherapy dominates the market and accounts for around 60% share due to its ability offer higher level of accuracy and precision in treatment delivery compared to low dose rate brachytherapy. By application, the market can be categorized into prostate cancer, gynecological cancer, breast cancer and other cancers. Prostate cancer accounted for the largest share owing to growing incidences of prostate cancer globally. By end-user, the market covers hospitals, oncology treatment centers and other centers. Hospitals represent the dominating end-user segment as they provide necessary infrastructure and well trained professionals for brachytherapy procedures.
PEST Analysis
Political: Governments across countries are supporting cancer research activities through increased funding which is boosting the Brachytherapy Market. Some countries have implemented favorable reimbursement schemes for cancer treatment including brachytherapy procedures.
Economic: Rising healthcare expenditures, growing per capita incomes and increased awareness about cancer treatment options are driving demand for brachytherapy globally. However, high costs involved in brachytherapy equipment and procedures limit the market growth in low income regions.
Social: Increasing cancer incidences worldwide due to changes in lifestyle and growing geriatric population is a key growth driver for the market. Rising acceptance of brachytherapy among patients due to benefits like minimal invasion and being a viable option for early stage cancers also supports market growth.
Technological: Advances in imaging technologies help delivery brachytherapy with more precision. Development of sophisticated brachytherapy applicators and sources also facilitates refined treatment planning and delivery. Emergence of robotic brachytherapy systems enhances the accuracy and effectiveness of brachytherapy procedures.
Key Takeaways
The Global Brachytherapy Market Size is expected to witness high growth at a CAGR of 19% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 1119.99 Bn by 2024.
Regional analysis indicates North America dominates currently due to supportive reimbursement policies and increasing use of brachytherapy in cancer treatment. The Asia Pacific region is anticipated to grow at the fastest pace considering rising healthcare investments, growing cancer burden and improving healthcare infrastructure in emerging countries.
Key players operating in the Brachytherapy Market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG, and iCAD. Key players like Varian Medical Systems and Elekta AB have established themselves as leading providers of brachytherapy devices while companies like IsoRay focus on developing new brachytherapy sources. The market players are engaged in new product launches and geographical expansions to strengthen their market position.
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