February 25, 2024

Brachytherapy Market Is Expected To Be Flourished By Technological Advancements In Brachytherapy Devices

Brachytherapy, also known as internal radiation therapy, is a specialized radiation treatment where a radioactive sealed source is placed inside or next to the area requiring treatment. Brachytherapy is majorly used to treat cancer conditions such as cervical cancer, prostate cancer, breast cancer, skin cancer and many others. Brachytherapy devices include brachytherapy afterloaders, brachytherapy applicators and remote afterloaders among others which help deliver radiation precisely to the tumor site, sparing exposure of surrounding healthy tissues. Technological advancements have enabled development of sophisticated brachytherapy devices with advanced features which aid more precise and painless treatment. For instance, development of interactive planning systems for dose optimization, afterloading systems for safe transferring of radioactive sources, reusable and disposable applicators for tumor site application and image-guided systems for accurate dose delivery.

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 Dynamics:
One of the key drivers augmenting growth of the brachytherapy market is technological advancements in brachytherapy devices. Advancements have enabled miniaturization of devices, development of titanium and plastic based applicators for ease of application and comfort, integration of imaging modalities like CT, MRI and ultrasound for precise dose delivery and real-time verification. Such innovative product developments aid efficient, precise and pain-free administration of brachytherapy which drives its adoption. Further, growing demand for minimally invasive cancer treatment procedures and shorter treatment timeframes of brachytherapy compared to external beam radiation therapy and systemic therapies fuel overall market growth over the forecast period.

Segment Analysis
The Global Brachytherapy Market Size can be segmented on the basis of type, application and end user. On the basis of type, the market is dominated by high dose rate (HDR) segment. HDR brachytherapy delivers higher dose rate and shorter treatment times as compared to other therapies like low dose rate (LDR), medium dose rate (MDR). It offers precise targeted radiation therapy with minimal exposure to surrounding healthy tissues.

PEST Analysis
Political: Governments across countries are offering favorable reimbursement policies for cancer treatments including brachytherapy which is positively impacting the market growth.
Economic: Rising healthcare spending coupled with increasing disposable incomes in developing countries is fueling the market expansion. Additionally, introduction of novel technologies at affordable prices is further supplementing the market revenues.
Social: Growing incidence of cancer worldwide owing to changing lifestyles and increasing adoption of radiation therapy procedures are acting as high impact rendering drivers.
Technological: Key players are developing advanced brachytherapy systems with features including real-time dosimetry, advanced treatment planning software and integrated imaging for precise dose delivery which is accelerating the market revenues.

Key Takeaways

The global brachytherapy market is expected to witness high growth at a CAGR of 19% during the forecast period of 2023 to 2030.

Regionally, North America dominated the market and accounted for over 30% market share in 2024owing to well-established healthcare infrastructure and rising geriatric population susceptible to cancer.

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 offers a wide range of brachytherapy including HDR brachytherapy via GammaMed plus HDR which provides effective treatment for cervical and other cancers.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it