April 20, 2024
Brachytherapy Market

The Global Brachytherapy Market Is Driven By Rising Prevalence Of Cancers

Brachytherapy or internal radiation therapy involves placing radioactive sources inside or next to the area requiring treatment. It is a form of radiotherapy commonly used to treat various types of cancers including prostate, cervical, breast, head, and neck cancers. Due to its ability to deliver a high dose of radiation directly to the tumor with low exposure to surrounding healthy tissues, brachytherapy offers several advantages over other radiotherapy techniques including lowered risk of side effects and improved clinical outcomes.

The global Brachytherapy Market is estimated to be valued at US$ 1119.99 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Image-guided brachytherapy (IGBT) is one of the major trends observed in the brachytherapy market. IGBT systems rely on imaging technologies such as computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and positron emission tomography (PET) to accurately position radioactive sources inside or next to the tumor. This enables precise dose delivery to the tumor while sparing surrounding healthy tissues. IGBT procedures are associated with improved treatment outcomes and reduced toxicity risks. Many leading brachytherapy product manufacturers are increasingly focusing on developing advanced IGBT systems integrated with real-time intraoperative imaging and treatment planning capabilities. This is expected to drive the adoption of brachytherapy for complex cancer indications.

Porter’s Analysis

Threat of new entrants: The threat is low as it requires specialized skill and resources to operate in this market. Significant infrastructure investment and regulatory approvals are also required.

Bargaining power of buyers: The bargaining power is moderate as the services are specialized and quality providers are limited. Alternatives exist but have certain limitations.

Bargaining power of suppliers: Suppliers have moderate bargaining power as key components and technologies require specialized expertise. Suppliers have some control over pricing.

Threat of new substitutes: Alternate radiation therapies like external beam radiation pose a moderate threat. However, brachytherapy offers localized treatment with less damage to surrounding tissues.

Competitive rivalry: The market is dominated by few large players. Competition is based on technology, portfolio breadth and geographic reach.

Key Takeaways

The Global Brachytherapy Market Size is expected to witness high growth.

Regional analysis: North America dominates the market currently owing to technological advancements and increasing adoption rates. However, Asia Pacific is expected to witness fastest growth over the forecast period supported by rising healthcare expenditure, increasing cancer incidence and expanding medical infrastructure.

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

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