by Brachytherapy, also known as internal radiation therapy involves placement of radioactive sources near or inside the cancerous tumor to deliver localized radiation dose. It is a minimally invasive procedure reducing risks of complications and offers an effective treatment alternative for cancers such as prostate, breast, cervical, and others.
The global brachytherapy market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
High adoption of minimally invasive cancer treatment procedures is expected to be a major trend augmenting market growth over the forecast period. Minimally invasive procedures enable radiotherapy treatment while sparing surrounding healthy tissues from unwanted radiation exposure. They offer benefits such as reduced procedural time, hospital stay, recovery time, risk of infection and are less painful compared to conventional surgery. Increasing prevalence of cancer worldwide coupled with rising demand for effective yet minimally invasive treatment options will significantly propel adoption of brachytherapy in the coming years.
SWOT Analysis
Strength: Brachytherapy offers targeted, localized treatment for cancer with minimal damage to surrounding healthy tissues. It allows for treatment in a short time frame as compared to external beam radiotherapy.
Weakness: Brachytherapy requires technical expertise for implanting radioactive sources within or close to the tumor site and has radiation safety concerns. Placement of radioactive seeds also carries risks of improper placement and migration.
Opportunity: Rising incidences of cancer worldwide along with favorable reimbursement and regulatory scenario will boost the adoption of brachytherapy. Technological advances are enabling treatment of complex tumor geometries with brachytherapy.
Threats: High costs associated with brachytherapy equipment and procedures pose affordability challenges in developing regions. Preference for alternative cancer treatment options like chemotherapy and external beam radiotherapy can hamper brachytherapy market growth.
Key Takeaways
The global brachytherapy market demand is expected to witness high growth. The market was valued at US$ 972.21 Mn in 2024 and is forecasted to reach US$ 1828.76 Mn by 2030, expanding at a CAGR of 19% during the forecast period of 2023 to 2030.
Regional analysis North America dominated the global brachytherapy market in 2024 and is expected to remain the largest market during the forecast period. High incidence of cancers, favorable reimbursement policies, technology advancements, and presence of major players in the region drives the North America brachytherapy market. Asia Pacific is poised to witness the fastest growth owing to rising healthcare spending, growing medical tourism, and increasing patient awareness about brachytherapy in the region.
Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG. Varian Medical Systems and Elekta AB captured a major share of over 65% in the global brachytherapy market in 2024. The key players are focusing on new product launches, geographic expansion and adoption of inorganic growth strategies like mergers & acquisitions to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
