Brachytherapy Market By Product Type (Seeds, Applicators and Afterloaders, Electronic Brachytherapy), By Technique (High Dose Rate (HDR), Low Dose Rate (LDR)), By Application (Gynecological Cancer, Prostate Cancer, Breast Cancer, Others), By End User (Hospitals, Specialty Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The brachytherapy market was valued at $826.04 million in 2021, and is projected to reach $1,631.74 million by 2031, registering a CAGR of 7.1% from 2022 to 2031.
Brachytherapy is a method in which radioactive material is placed near the tumor within the body of the patient. The radioactive material destroys cancer cells by targeting them with radiation and stopping them dividing and growing. This method is also called internal radiation therapy. Brachytherapy procedure is used to treat various type of cancers such as breast cancer, cervical cancer, prostate cancer, and eye cancer. Brachytherapy can be safely delivered high dose of radiation at one time. Therefore, overall time of treatment can be shorter and lower the risk of recurrence of cancer with brachytherapy. The shorter treatment time with brachytherapy procedure makes it more special and important for the treatment of cancer.
Major factors driving growth of the brachytherapy market include rise in technological advancement in brachytherapy, and surge in prevalence of prostate cancer, breast cancer, cervical cancer and other cancers among global population. For instance, according to American Cancer Society, in 2021, it was that estimated 1.9 million new cancer cases was diagnosed and 608,570 people died due to cancer in U.S. According to this report, in 2021, in U.S., estimated new cases of female breast cancer were 281,550, uterine cervix cancer were 14,480, colon & rectum cancer were 149,500, and uterine corpus cancer were 66,570. According to World Health Organization (WHO) report 2021, each year, approximately 400,000 children develop cancer. Overall cancer incidence rates, or rates of new cancers, continue to rise slightly in women and children that further drives the growth of the brachytherapy market.
In addition, rise in demand of minimal invasive procedures, increase in awareness regarding treatment of cancer at early stages, precisely and accurately delivery of radiation to the tumor in this procedure, thus propel the adoption of brachytherapy and drives the growth of the brachytherapy market.
However, high costs of brachytherapy, health risks and complications associated with exposure to radiation are expected to hamper the brachytherapy market growth. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for brachytherapy device manufacturers in the future.
Furthermore, the healthcare business is projected to witness growth, owing to a rise in the number of inherited cancers, rise in research of advanced brachytherapy for reducing its side effects boosting the growth of brachytherapy market. In addition, the increase in number of hospitals, and specialty clinics that offer brachytherapy procedure for the treatment of cancer and rise in awareness regarding use of brachytherapy drive the growth of brachytherapy market in developing countries like India, China. This is anticipated to offer remunerative opportunities for key players to invest in the market during the forecast period.
Moreover, rise in R&D investments in discovery & development of effective brachytherapy product, significant increase in capital income in developed countries, and surge in key strategies including product launch, collaboration, merger, acquisition adopted by key players, drive the growth of the brachytherapy market.
For instance, in April 2021, Siemens Healthineers AG announced that it has successfully completed the acquisition of Varian Medical Systems, Inc.. Varian and Siemens Healthineers, company will address the growing need for personalized, data-driven diagnosis and precision cancer care that enables to people to fight back against globally increasing cancer rates. The combined company is creating a unique, highly integrated portfolio of imaging, laboratory diagnostics, artificial intelligence and treatment for the global fight against cancer with significant potential for increased value creation. The acquisition aligns perfectly with the upgrading phase of Siemens Healthineers strategy.
The brachytherapy market is segmented on the basis of product type, technique, application, end user, and region. On the basis of product type, the market is classified into seeds, applicators & afterloaders, and electronic brachytherapy. On the basis of technique, the market is classified into high dose rate (HDR), and low dose rate (LDR). On the basis of application, the market is classified into gynecological cancer, prostate cancer, breast cancer, and others. On the basis of end user, it is fragmented into hospitals, specialty clinics, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major players profiled in the report are Argon Medical, Carl Zeiss AG, Eckert & Ziegler BEBIG, Elekta AB, Icad, Inc., Isoaid, Isoray Medical, Inc, Merit Medical Systems, Inc, Siemens AG, and Theragenics Corporation.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the brachytherapy market analysis from 2021 to 2031 to identify the prevailing brachytherapy market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the brachytherapy market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global brachytherapy market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Seeds
Applicators and Afterloaders
Electronic Brachytherapy
By Technique
High Dose Rate (HDR)
Low Dose Rate (LDR)
By End User
Hospitals
Specialty Clinics
Others
By Application
Gynecological Cancer
Prostate Cancer
Breast Cancer
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Argon Medical Devices, Inc.
Eckert & Ziegler BEBIG
Elekta AB
iCAD, Inc.
Siemens AG
isoray medical, inc.
Merit Medical Systems, Inc.
Theragenics Corporation
IsoAid
Carl Zeiss AG
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