Brachytherapy market value is expected to expand at a CAGR of 7.9% during the ongoing forecast period of 2022-2030.
The Brachytherapy Market is expected to reach USD 692.3 Million by 2030 at 7.9% CAGR during the forecast period 2022-2030.
Brachytherapy is a treatment that involves injecting the patient with radioactive material. This particular form of radiation treatment is used to treat cancer. Internal radiation is another name for this. Compared to the traditional radiation treatment, which delivers radiation from a machine outside an individual's body, this enables doctors to administer larger doses of radiation to the targeted portions of the body. Brachytherapy often takes less time than external beam radiation to complete, and it may have fewer adverse effects. It can be used both alone and in conjunction with other cancer therapies.
The market is driven by factors like the increase in cancer cases that require brachytherapy, including prostate cancer, which would help the industry grow throughout the projected period. The market participants would be able to generate the most income in the following years, thanks to technological breakthroughs for cancer treatment.
Due to rising cancer rates and early acceptance of new technology, North America now controls the majority of the industry. Due to its large patient population and well-developed infrastructure, the United States controls most of the North American market. However, because of the presence of rising economies in this area and the growing awareness of improved treatment choices, Asia Pacific is anticipated to rise more quickly. Improved healthcare infrastructure in urban and rural regions is a primary goal for developing nations like China and India, which will benefit the region's total healthcare system.
COVID 19 Analysis
The arrival of the pandemic has diverted the present skilled radiotherapy professionals towards treating patients who are covid positive. The patients are in distress and the situation is panicking. To help these patients, the government has increased its investment that will be helpful for the market players to increase their developments in the brachytherapy market and come up with global products to put the target audience that is patients in a better and secured place.
Brachytherapy Market Dynamics
Based on the study formulated by the International Agency for Research on Cancer, the world is expecting a high prevalence of cancer. As per the formulated statistics, there will be an increase in the number of people having cancer globally and the number will reach several 24.6 million by the end of the future period, by 2030. This is expected to emerge as the largest factor that will help the market grow during the forecast period that ends in 2028.
But, on the way of its projected growth, the market is expected to witness certain restraints that will bar the market from growing at the expected rate. During the period, the market is likely to witness a lack of access to reliable technological advanced systems, especially in the developing regions. Also, there is a lack of professionals who possess the required degree of skilled radiotherapy, and hence, the brachytherapy market is likely to witness a slowdown in its growth period. The death rate in the low and middle incomes is low and only the radiotherapy needs of 3-4% of the total population are likely to be met.
There is a huge demand in developing and underdeveloped countries for the availability of skilled professionals in the medical field, especially radiotherapy skills. Hence, the advent of significant opportunities and investment for the market players will rise and provide the market with an enhanced base to work upon. The market players are soaring high by indulging in innovative and creative practices, alongside the new product developments that will help the market.
Brachytherapy Market Segmentation
The brachytherapy market has been divided into the global market based on the type, device, application, and region.
Based on the Type
The market has been divided all across the globe based on the type into pulse dose rate (PDR) brachytherapy, low dose-rate (LDR) brachytherapy, and high dose-rate (HDR) brachytherapy.
Based on the Devices
The market has been divided all across the globe based on the devices into applicators and brachytherapy after loaders.
Based on the Application
The market has been divided all across the globe based on the application into skin cancer, breast cancer, cervical cancer, prostate cancer, and other types of cancers. The other types of cancers are further sub-divided into neck and head cancers, anal/rectal tumors, gynecologic cancers, and esophageal cancer.
Based on the Region
The market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
Brachytherapy Market Regional Analysis
The brachytherapy market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the presence of a geriatric population that drives the market demand in this region. An increasing number of chronic diseases and the availability of their efficient treatment drives the market demand.
The second-largest market share all across the globe is held by the European region owing to the presence of well-established technologically advanced healthcare infrastructure that drives the market demand in this region. Moreover, the presence of countries like Germany, France, Italy, and the UK is another factor that drives the market demand. The increasing aged population is another contributing factor.
Being the fastest-growing region, the third-largest market share in the global market is held by the Asia-Pacific region owing to the presence of highly populous countries like India and China that drives the market demand in this region. Moreover, high per capita disposable income coupled with increasing expenditure on healthcare is another driving factor.
The Latin American region and the Middle East and African region hold the least market share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
Brachytherapy Market Competitive Landscape
The most prominent major key players in the brachytherapy market all across the globe are mentioned below:
These major key players use various policies to sustain their market position in the brachytherapy market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the brachytherapy all across the globe.
The most popular kind of brachytherapy for breast cancer patients is intravitreal. This method involves implanting a radioactive device into the body and keeping it there while the patient receives therapy. The market for brachytherapy devices is expanding due to increased government initiatives to raise awareness and technical developments in minimally invasive surgery.
Brachytherapy Market Report Overview
This brachytherapy market research report contains the following elements mentioned below:
This research report consists of factors that drive the market demand in the global market along with the factors that restrict its growth in the global market. The technical analysis during the forecasted period is mentioned. The impact of COVID 19 on the brachytherapy market segments at various global locations has been discussed. The future growth rate in the brachytherapy market during the forecast period is highlighted.
Academic medical institutes and universities, research and development (R & D) companies, contract research organizations (CROs), brachytherapy device suppliers, brachytherapy device manufacturers, and many others.
|Market Size||USD 692.3 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Type, device and application|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Vendors||Varian Medical Systems, Inc. (US), Eckert & Ziegler (Germany), C. R. Bard, Inc (US), Argon Medical Devices, Inc. (US), Elekta AB (Sweden), IsoRay Medical, Inc. (US), IsoAid (US)|
|Key Market Opportunities||Application Area|
|Key Market Drivers||Increase in prevalence of various type of cancers Low treatment time and high efficiency|
The brachytherapy market is predicted to grow at a 7.9% CAGR between 2022-2030.
North America is predicted to command the highest share in the brachytherapy market.
Key competitors in the brachytherapy market include IsoRay Medical, Inc. (US), IsoAid (US), Elekta AB (Sweden), Argon Medical Devices, Inc. (US), Eckert & Ziegler (Germany), Modus Medical Devices Inc. (Canada), C. R. Bard, Inc (US), and Varian Medical Systems, Inc. (US).
Rising aging population, increasing prevalence of cancer, and demand for alternative treatments for cancer are boosting market growth.
Its applications include skin cancer, breast cancer, cervical cancer, prostate cancer, among others.