Global Brachytherapy Market Set to Reach USD 1720.5 Million by 2031, With a Sustainable CAGR of 7.5% | Growth Market Reports

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Jan 11, 2023, 10:30 ET

PUNE, India, Jan. 11, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Brachytherapy Market" by Dose Type (Low-Dose Rate Brachytherapy, High-Dose Rate Brachytherapy, Pulse Dose Rate Brachytherapy, and Image-Guided Brachytherapy), Device (Applicators, Seeds, and After Loaders), Application (Breast Cancer, Prostate Cancer, Gynecological Cancer, Cervical Cancer, Skin Cancer, and Others) and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031, the market was valued at USD 950.7 million in 2022 and is projected to reach USD 1720.5 million, expanding at a CAGR of 7.5% by the end of 2031. The global brachytherapy market growth is owing to the rising cancer cases, growing preference for speedy cancer treatments, technological advancements, and supportive regulations by the various governments.

Key Market Players Profiled in the Report

Elekta
Isoray Inc.
BEBIG Medical GmbH
Theragenics
CIVCO Medical Solutions
BD
Sun Nuclear Corporation
iCAD, Inc.
Panacea Medical Technologies Pvt. Ltd.
Merit Medical Systems
Varian Medical Systems, Inc.
ARGON MEDICAL
Best Vascular, Inc.
Boston Scientific Corporation
Best Theratronics Ltd
CNMC Company Inc.
MEDraysintell
Best Medical International Inc.
SIR-Spheres
Hologic Inc.
Xoft Inc.
AngioDynamics
IsoAid

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include device, application, and competitor analysis.

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This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Brachytherapy Market

Based on dose type, the global brachytherapy market is divided into low-dose rate brachytherapy, high-dose rate brachytherapy, pulse dose rate brachytherapy, and image-guided brachytherapy. The high-dose rate (HDR) brachytherapy segment is expected to generate higher revenues during the forecast period owing to its high efficiency and speedy procedure benefits. However, the low-dose rate (LDR) brachytherapy segment is projected to hold a considerable revenue share of the market during the projection period due to the wide use of the therapy for treating prostate cancer.

On the basis of device, the global market is segregated into applicators, seeds, and after loaders. The seeds segment is projected to register a significant CAGR during the forecast period owing to its capability of delivering high-dose radiation to cancer-affected body parts over a longer duration. However, the applicators segment is expected to account for a large market share during the projection period due to rising use of applicators in minimally invasive treatment and highly efficient in eliminating cancerous tissues.

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Based on application, the global brachytherapy market is divided into breast cancer, prostate cancer, gynecological cancer, cervical cancer, skin cancer, and others. The prostate cancer segment is expected to expand at the fastest growth rate during the projected period owing to the presence of a large pool of prostate cancer population globally. However, the breast cancer segment is anticipated to grow at a rapid pace owing to the increasing spending on breast cancer diagnostics worldwide.

In terms of region, the global market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period owing to the high presence of key global players and the adoption of advanced technologies in brachytherapy by healthcare establishments in the region. However, Asia Pacific is projected to be the second fastest-growing region in the global brachytherapy market during the projection period. The growing budget for advanced healthcare treatment by governments in the region is aiding the market growth in the region.

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Key Takeaways from the Study:

Increasing prevalence of cancer globally is influencing the rising demand for brachytherapy.
As per the World Health Organization's report, the most commonly diagnosed cancer type in 2020 worldwide were breast cancer (2.26 million), lung cancer (2.21 million), colon & rectum cancer (1.93 million), prostate cancer (1.41 million), skin cancer (1.20 million), and stomach cancer (1.09 million)
Prostate cancer is estimated to be the second most commonly occurred health condition in men and the fourth most occurring cancer type worldwide.
HDR therapy is widely used in radiation oncology due to its quick recovery method as patients are required to stay for one- or two-days' time in hospitals for the therapy.
Extensive use of LDR therapy is largely influenced by the rising use of the treatment by patients with initial stage of cancer. It provides excellent oncologic results.
Introduction of advanced cancer treatment devices and rising awareness about effective radiation delivery methods among patients further contribute to the overall market expansion.
The lack of skilled professionals handling the advanced diagnostic devices and absence of advanced medical infrastructure especially in developing regions are acting as major challenges to the market.
Wide establishment of advanced healthcare system in the US and the increasing prevalence of breast cancer, prostate cancer, and skin cancer in North America are key factors boosting the regional market.
Rising acceptance of advanced cancer treatment technology and increasing spending on healthcare among the population off major economies such as India, Japan, China, and South Korea boost the market in Asia Pacific.

Read 185 Pages Research Report with Detailed ToC on "Brachytherapy Market by Dose Type (Low-Dose Rate Brachytherapy, High-Dose Rate Brachytherapy, Pulse Dose Rate Brachytherapy, and Image-Guided Brachytherapy), Device (Applicators, Seeds, and After Loaders), Application (Breast Cancer, Prostate Cancer, Gynecological Cancer, Cervical Cancer, Skin Cancer, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023-2031"

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Key Segments Covered

Dose Type

Low-Dose Rate Brachytherapy
High-Dose Rate Brachytherapy
Pulse Dose Rate Brachytherapy
Image-Guided Brachytherapy

Device

Applicators
Seeds
After Loaders

Application

Breast Cancer
Prostate Cancer
Gynecological Cancer
Cervical Cancer
Skin Cancer
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

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