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Brachytherapy, also known as internal radiation therapy, is a type of radiotherapy where radioactive sealed sources are placed inside or next to the area requiring treatment. Brachytherapy offers better localized treatment and enables higher doses of radiation to tumors while minimizing the dose to healthy tissues. It is commonly used to treat cancers of prostate, cervical, breast, head and neck regions. 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:
Technological advancements in Brachytherapy is one of the major trends being witnessed in the market. Key players are introducing new and innovative devices to deliver brachytherapy. For instance, the Elekta Flexitron afterloader system offers high dose rate brachytherapy with image guidance capabilities to improve dose distributions. Likewise, Varian recently launched the Vero system for stereotactic radiosurgery that provides real-time tumor tracking and targeting capabilities. The emergence of devices with increased accuracy and precision is expected to drive the adoption of brachytherapy as they enable treatment of complex tumors located close to organs at risk of damage. This is expected to support the growth of the brachytherapy market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low, as this market requires large upfront investments, strong distribution channels and licensing from governmental authorities to operate.
Bargaining power of buyers: High, as the key buyers in this market are hospitals and cancer research institutes who can negotiate on price and demand value-added services.
Bargaining power of suppliers: Moderate, as the suppliers provide essential machinery, isotopes and other components required for brachytherapy procedures. However, establishing alternative suppliers is possible.
Threat of new substitutes: Moderate, as new non-invasive radiation therapy treatments can replace brachytherapy for certain cancer types.
Competitive rivalry: High, as the key players compete based on technology, pricing and geographic expansion.
Key Takeaways
The global brachytherapy market size is expected to witness high growth over the forecast period.
Regionally, North America is expected to dominate the market during the forecast period due to presence of major players and higher adoption of technological advancements in the region.
Key players: Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG, and iCAD. Varian Medical Systems and Elekta AB collectively hold over half of the market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
