Global Brachytherapy Afterloaders Market - 2022-2029

Global Brachytherapy Afterloaders Market - 2022-2029

Market Overview

Brachytherapy Afterloaders Market is expected to grow at a CAGR of 1.2% during the forecasting period (2022-2029).

Brachytherapy is one of the common types of radiation therapy used to treat cancer. It is usually suited as a single modality or in combination with other treatments, such as external beam radiation therapy. Brachytherapy is conducted with after loaders, which are sometimes stated as a remote afterloading system. The minimal radiation source is driven from a shielded safe located inside the afterloader and placed directly into or next to the tumor with catheters and applicators' help. In other words, brachytherapy is based on providing radiation to tumors through radioactive sources either immediately or adjacent to tumor tissue. The therapy can be offered utilizing high dose rate (HDR) or low dose rate (LDR) techniques, depending on the length of time the radioactive sources remain in place. Brachytherapy primarily incorporates reducing the growth of surviving cancer cells and dividing into long intervals between each radiotherapy session. The Increasing prevalence of cancer augments the market growth, and the Increasing geriatric population is the main driver for the market.

Market Dynamics: The growing prevalence of cancer leads to the market’s growth.

According to National Cancer Institute's estimated data, in 2020, 1,806,590 new cancer cases were diagnosed in the United States, and around 606,520 people died from the disease. The most common cancers are breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. The most common cancer types are prostate, lung, and colorectal cancers, which accounted for an estimated 43% of all cancers diagnosed in men in 2020. For women, the three most common cancers are breast, lung, and colorectal, accounting for an estimated 50% of all new cancer diagnoses in women in 2020. Also, in the year 2020, 16,850 children were diagnosed with cancer. Cancer patients' growth leads to increased demand for brachytherapy after loaders to minimize the risk of death and lower the virus's effect on the tumor. The global market consumers are highly health-conscious and ready to spend high amounts to enhance their severe health conditions. The growth in the consumers' average purchasing power and rising cancer prevalence will fuel the demand for brachytherapy after loaders globally during the forecast period.

The growing geriatric population globally is also expected to boost market growth as this category of people is more vulnerable to cancer. According to the United Nations report, the geriatric population is expected to increase by a double by 2050 and triple by 2100. Therefore, the figures are expected to reach 2.1 billion in 2050 and 3.1 billion in 2100, from 962 million globally in 2017. Brachytherapy's high adoption contributes to the market's growth, as the continual development of an unregulated proliferation of cancer cells.

Market Segmentation: Low-dose rate (LDR) brachytherapy segment accounted for the highest share in global brachytherapy afterloaders market.

Low-dose rate (LDR) brachytherapy technique segment is anticipated to dominate the market with the largest market share in terms of value. It is expected that the segment's growth is primarily due to its low-cost effectiveness during the entire procedure. Also, LDR includes temporary or permanent placement of radioactive seeds in the prostate to deliver radiation over an extended period. According to the Memorial Sloan Kettering Cancer Center report, the benefits of sophisticated real-time imaging techniques are unmatched and are estimated to offer very high success rates to operators. For instance, successful LDR brachytherapy use can eliminate 95% of prostate cancer cases. Moreover, the high-dose-rate (HDR) brachytherapy is expected to grow at the highest CAGR globally due to increased healthcare suppliers' developments. The HDR technique includes inserting flexible needles into the prostate to provide a high dose of radiation over a period. Considering the Canadian Agency for Drugs and Technologies in Health report, these techniques can deliver radiation into the prostate as one treatment or infractions. The brachytherapy after loaders market is classified into prostate cancer, gynecological cancer, breast cancer, and others by the application.

The brachytherapy after loaders market is classified into prostate cancer, gynecological cancer, breast cancer, and others by the application. The prostate cancer segment held a significant share in the global brachytherapy after loaders market. According to American cancer society data, prostate cancer is the most common cancer in American men. Prostate cancer in the United States increasing rapidly in 2022 there are 268,490 new cases and about 34,500 deaths.

Geographical Penetration: North America is the dominating region during the forecast period.

The North American market leads with the largest market share in the global brachytherapy after loaders market during the forecast period. The region's cumulative growth in R&D investment in cancer treatment is the major factor driving the region’s growth. Some major key players are expanding their product portfolio in the North American region. For instance, in July 2021, GenesisCare, a leading global provider of integrated cancer care, extended its United States brachytherapy service with 27 Elekta Flexitron treatment devices.

Moreover, the Asia Pacific region is expected to grow at the highest CAGR globally due to the rising geriatric population vulnerable to various cancer and related diseases and the surge in healthcare expenditure in the region. The 2020 National Commission on Population report estimates that there will be nearly 138 million elderly persons in India in 2021, comprising 67 million males and 71 million females. The proportion is estimated to increase in the coming years. It is expected to create growth opportunities for brachytherapy after leaders in the domestic region during the forecast period.

Competitive Landscape:

The brachytherapy after loaders market is dominated by a few companies. Some key players in the market's growth include Elekta, Eckert & Zieglar BEBIG, Varian Medical Systems, Inc., Panacea Medical Technologies, Theragenics Corporation, Oncura (GE Healthcare), IsoAid, and TeamBest, among others. The key players execute several growth strategies, such as product launches, acquisitions, and collaborations, which are estimated to boost the global brachytherapy after loaders market growth. Some major key players follow a collaboration strategy to expand their business. For instance, in March 2022, Biobot Surgical collaborated with MOU with BEBIG Medical on a robotic-guided prostate brachytherapy solution. Together they provide a robotic-guided high dose rate (HDR) brachytherapy solution for prostate cancer treatment. Biobot Surgical developed the iSR'obot Mona Lisa 2.0, a robotic-assisted percutaneous surgical system that allows clinicians to plan and position needles during image-guided diagnostic and interventional prostate procedures. In August 2020, Varian, a manufacturer of innovative cancer care technologies, agreed to combine with Siemens Healthineers in a $16.4 Billion All-Cash Transaction. Under this agreement, Siemens Healthineers acquired all shares of Varian.

COVID-19 Impact: Negative impact on the global brachytherapy afterloaders market.

There is evidence in the healthcare sector, where the sector is broadly considered to have a similar scale of health system disruption to COVID-19. Simultaneously, it substantially impacts cancer care, including brachytherapy after loaders treatment interruptions, reduced capacity to manage treatment side-effects, and delays in patients were getting standard care with impacts on survival.

Brachytherapy after loaders witnessed a slight decrease in the market revenue owing to the COVID-19 outbreak. The global market has seen a wide financial impact on consumers, and increased job losses with shutdown businesses have negatively impacted the growth of brachytherapy after loaders. Also, the people are suffering in terms of finance and limited their expenses on health therapies.