Brachytherapy Market Size to Surpass USD 0.68 Billion by 2030 at 7.90% CAGR – Report by Market Research Future (MRFR)

New York, USA, June 08, 2023 (GLOBE NEWSWIRE) — Brachytherapy Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Brachytherapy Market Information, By Device, By Application, And By Region – Market Forecast Till 2030″, the market is projected to grow from USD 0.4316 Billion in 2023 to USD 0.6810 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2023 – 2030).

Market Scope:

The main application of brachytherapy is in the management of cancer. For instance, the World Cancer Research Fund International reported than estimated 181 million cancer cases worldwide in 2020. Furthermore, the senior population is likelier to develop cancers like lung, breast, and prostate cancer. Certain cancers and other diseases are treated with a method called brachytherapy. The body is exposed to radioactive substances in this process. This is referred to as internal radiation at times. A novel cancer treatment known as brachytherapy delivers radiation to the tumor or surgical margin directly, allowing for the delivery of a highly tailored treatment dose to the target area while reducing exposure to nearby, vital tissues.

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Report Scope:

Brachytherapy Market Competitive Dynamics:

Key Companies in the Brachytherapy market include

• IsoAid (US)
• IsoRay Medical Inc. (US)
• R. Bard Inc. (US)
• Eckert & Ziegler (Germany)
• Varian Medical System Inc. (US)
• Argon Medical Devices Inc. (US)

Brachytherapy Market Trends:

Market Drivers

The market for brachytherapy is growing as a result of rising cancer incidence, rising radiation therapy use, and an increase in hospitals. This element is expected to drive the market for brachytherapy forward. Rising cancer rates in developing countries have accelerated the market’s expansion. During the forecast period, a combination of factors—including rising cancer incidence, technological developments, and a large increase in brachytherapy adoption—is anticipated to propel market expansion. Radiation therapy for the treatment of cancer includes brachytherapy. Catheters are used to insert the radioactive materials into the body.

The creation of technologically advanced brachytherapy methods for the treatment of cancer is one opportunity for market expansion. Emerging markets in the Asia-Pacific and LAMEA regions present lucrative potential for industry participants. The Asia-Pacific region’s rising cancer incidence and increased brachytherapy treatment awareness are projected to have a positive effect on market expansion throughout the forecast period. Due to the gradual acceptance of brachytherapy procedures in hospitals and specialty clinics during the forecast period, growth prospects in the market are predicted. The Brachytherapy market CAGR has increased globally in recent years because to increased government financing for the battle against cancer in developing nations.

Market Limitations

However, a significant restraint on this market is anticipated to be the dearth of qualified radiation specialists and availability to cutting-edge equipment, particularly in developing nations.

COVID-19 Analysis:

The COVID-19 pandemic has wreaked havoc around the world and had a severe impact on oncology services, particularly radiation therapy, as a result of the requirement for social isolation as a pandemic mitigation tactic. Due to appointment cancellations, the massive amount of medical colleges and hospitals around the world being rebuilt to increase hospital capacity for patients diagnosed with COVID-19, and the shortage of supply chain, the COVID-19 and the associated restrictions and lockdowns had an impact on overall sales of brachytherapy products. Being a crucial component of radiation therapy, brachytherapy presents a problem for the application of evidence-based oncology. The number of resources and employees needed raises the possibility of contracting the infection.

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Brachytherapy Market Segmentation

By Type

The majority of the brachytherapy market revenue for 2022 was contributed by the Low dose-rate (LDR) brachytherapy segment. Treatment for a variety of malignancies, such as skin, cervical, prostate, head and neck, and breast, is frequently provided as an outpatient procedure. The quick process times, improved efficacy, and radiation protection are some of the elements contributing to this segment’s supremacy. Because many manufacturers no longer guarantee to maintain LDR systems, HDR after loaders are gradually replacing LDR after loaders all over the world.

By Device

In 2022, the Applicators segment led the market, and it is anticipated that throughout the forecast period of 2022–2030, this segment will develop more quickly. Brachytherapy spares surrounding organs from significant radiation doses that would otherwise be administered to the cervix. Cervical cancer is treated with a multi-step procedure called brachytherapy. Traditional intracavitary applicator implants for brachytherapy such as tandem and ovoid, tandem and ring, and tandem and vaginal cylinder have a beneficial effect on market growth.

By Application

The market data for brachytherapy has been segmented by application to skin, breast, cervical, and prostate cancer. The breast cancer segment dominated the market in 2022 and is anticipated to grow at the fastest rate from 2022 to 2030. This is partly due to the increasing prevalence of breast cancer worldwide.

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Brachytherapy Market Regional Analysis

Due to early acceptance of new technologies and an increase in cancer incidences, the North American Brachytherapy market, which had a USD 0.1832 billion market value in 2022, is anticipated to rise at a substantial CAGR. The United States holds a disproportionate amount of the market in North America because of its sizable patient population and advanced infrastructure.

The second-largest market share belongs to the brachytherapy market in Europe. The market for brachytherapy is driven by two factors: an aging population and a rise in cancer prevalence. Additionally, because radiotherapy is being used more frequently, the market for brachytherapy is anticipated to expand during the forecast period. The market for brachytherapy in Germany had the biggest market share, and the market for brachytherapy in the UK had the quickest rate of expansion in the continent of Europe.

From 2022 to 2030, the Asia-Pacific Brachytherapy Market is anticipated to experience the quickest CAGR growth. The increase in the number of elderly people in Asia-Pacific is one of the major factors fueling the market’s expansion. Key firms in this region focus on increasing their operations due to the availability of untapped areas and the low cost of services, which is expected to improve revenue generation considerably. The brachytherapy industry will also grow due to rising public knowledge of cutting-edge cancer treatments. In addition, the India Brachytherapy market had the quickest rate of growth in the Asia-Pacific region and held the greatest market share.

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