The global brachytherapy market is expected to exhibit a solid 10.9% CAGR over the forecast period, according to a new market research report from Market Research Future (MRFR). The report presents a detailed analysis of the global brachytherapy market’s projected growth rate and valuation on the basis of the market’s historical performance figures and an analysis of the key trends moving the market.
Brachytherapy is a type of radiation therapy performed with the source of radiation being placed near the site of treatment. The growing demand for cancer treatment is likely to be the major driving factor for the global brachytherapy market over the forecast period. The growing prevalence of various types of cancers has become a major concern for healthcare organizations around the world and the field of cancer research has gained considerable funding in the last few years from governments and private agencies alike, leading to growing demand for effective treatment methods such as brachytherapy. The high treatment rates of brachytherapy have been the key driver for the global brachytherapy market over the last few years, with the surgery gaining increasing popularity thanks to its consistent performance.
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The growing prevalence of various types of cancer is likely to be the dominant growth driver for the global brachytherapy market over the forecast period. The growing prevalence of prostate, breast, lung, and colorectal cancers in the developed and developing world is likely to lead a growing demand from the global brachytherapy market over the forecast period. Rising awareness about cancer treatment is also likely to play a key role in the global brachytherapy market’s growth over the forecast period, as the awareness about cancer is lacking in some parts of emerging regions such as Asia Pacific, Latin America, and Africa. Growing availability and increasing affordability of cancer treatments in these relatively impoverished regions is also likely to be a major growth driver for the global brachytherapy market, as brachytherapy treatment would have been too expensive for most customers in these regions a few decades ago.
Segmentation:
The global brachytherapy market is segmented on the basis of type, device, application, and region.
On the basis of type, the brachytherapy market is segmented into high dose-rate (HDR) brachytherapy, low dose-rate (LDR) brachytherapy, and pulse dose rate (PDR) brachytherapy.
On the bases of device, the market is segmented into brachytherapy after loaders and applicators.
On the basis of application, the brachytherapy market is segmented into prostate cancer, cervical cancer, breast cancer, skin cancer, and other cancers, including esophageal cancer, gynecologic cancers, anal/rectal tumors, and head and neck cancers.
The market has been divided all across the globe based on the brachytherapy devices into applicators and after loaders.
Regional Analysis:
The global brachytherapy market is segmented into the Americas, Europe, the Middle East and Africa, and Asia Pacific.
The Americas segment accounts for more than 55% of the global brachytherapy market and is likely to remain the leading contender in the market in the coming years due to the increasing funding for cancer research in this region and the growing prevalence of several types of cancer. North America is the leading regional market within the Americas, with the U.S. being home to not just a growing population of cancer patients, but also to many of the major companies operating in the global brachytherapy market, thus enabling easy incorporation of technological upgradations into the workflow of the healthcare sector. Supportive government regulations for cancer research and increased adoption of advances in said research into clinical usage have also been vital for the brachytherapy market in North America.
Europe is also a leading regional market in the global brachytherapy market, accounting for around 20% of the market in 2016.
Competitive Analysis:
Leading players in the global brachytherapy market include Varian Medical Systems Inc., C. R. Bard Inc., Elekta AB, IsoAid, IsoRay Medical Inc., Argon Medical Devices Inc., and Eckert & Ziegler.
Industry Updates:
In January 2019, Hollings Cancer Center in the Medical University of South Carolina performed the world’s first prostate cancer surgery using IsoRay’s Blu Build brachytherapy delivery system.
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