June 25, 2024
Brachytherapy Market

Evolving Cancer Treatment Options To Drive Growth Of The Global Brachytherapy Market

Brachytherapy or internal radiotherapy involves placing radioactive sources inside or next to the area requiring treatment. It allows for a higher dose of radiation to be delivered over a shorter period compared to external beam radiation therapy, resulting in higher efficacy. Brachytherapy devices deliver the radiation dose directly to the tumor site at a specific rate and depth without affecting the surrounding non-cancerous tissues. This ability to deliver highly localized radiation with relative ease of application makes brachytherapy an effective option for treatment of cancers such as prostate, gynecological, breast, head & neck, and skin cancer.

The global Brachytherapy Market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Global Brachytherapy Market Size is the widespread adoption of high dose rate (HDR) brachytherapy. HDR brachytherapy allows delivery of radiation doses in a shorter time span ranging from seconds to minutes as compared to low dose rate (LDR) brachytherapy that requires exposure for hours or days. This has made HDR brachytherapy more convenient for use in outpatient settings. Furthermore, technological advancements are enabling development of sophisticated brachytherapy treatment planning and delivery systems with features such as real-time dosimetry, inverse planning, and image-guidance. This is improving brachytherapy treatment outcomes and facilitating expansion of its applications.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as significant capital investment and regulatory clearances are required to enter the brachytherapy market.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the brachytherapy market providing differentiated products.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many component suppliers in the market.

Threat of new substitutes: The threat of new substitutes is low as brachytherapy is considered as an effective treatment option compared to alternatives.

Competitive rivalry: High as the market players compete on the basis of technology, quality, and pricing.

Key Takeaways

The global brachytherapy market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing incidences of cancer. The market size for 2023 is US$ 972.21 Mn.

North America is expected to dominate the brachytherapy market during the forecast period. This is attributed to well-established healthcare infrastructure, rising geriatric population and growing cancer prevalence in the region.

Asia Pacific is anticipated to witness the fastest growth rate over the forecast period. Increase in healthcare spending, large patient pool and rising awareness about brachytherapy are expected to drive the growth.

Key players operating in the brachytherapy market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG; and iCAD. These players are focusing on new product launches and geographic expansion to strengthen their market position.

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