Brachytherapy Market Revenue Share Analysis, Region & Country Forecast Till 2028
The global brachytherapy market is expected to exhibit a solid 10.9% CAGR over the forecast period from 2017 to 2023, 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.
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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