Brachytherapy Devices Market to Rise at 8% CAGR Amid Rising Cancer Cases Worldwide
3D Image-Guided Brachytherapy (3D-IGBT) to Become a Standard Therapy for Cervical Cancer in Brachytherapy Devices Market
Fact.MR’s latest report on brachytherapy devices market offers compelling insights on key factors expected to fuel demand through 2030. The report further attempts to uncover various emerging opportunities across leading segments in terms of product type, indication, dose rate, end user and region. The report also highlights strategies adopted by prominent players to dominate the market.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global brachytherapy devices market size is expected to surpass US$ 900 Mn through 2019. With surging demand for brachytherapy devices across hospitals and cancer treatment centers, the overall market is anticipated to expand at 8% CAGR between 2020 and 2030.
Growth in the brachytherapy devices market is driven by rising prevalence of cancer, advancement in brachytherapy devices, and growing awareness regarding the availability of cancer treatments.
Brachytherapy devices are extensively used during radiotherapy cancer treatment procedure (brachytherapy). These devices offer various advantages such as higher precision and safe nature. They also limit the radiation effects only to cancers tissues or parts.
Further, increasing cancer cases across the globe is propelling the demand for brachytherapy devices. According to the World Health Organization (WHO), around 10 Mn people succumbed due to cancer in 2020. Furthermore, breast cancer is among the most common cancer, with around 2.26 Mn new cases in 2020.
Government and private health organizations across the globe are putting various efforts and initiatives to curb the disease. New initiatives and awareness programs are being launched to educate people about cancer and its treatments.
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For instance, in March 2021, WHO introduced the Global Breast Cancer Initiative, with the objective of reducing global breast cancer mortality by 2.5% per year until 2040, thereby averting an estimated 2.5 million deaths. This is positively impacting the brachytherapy devices market growth.
As per Fact.MR, cervical cancer segment is expected to lead the brachytherapy devices market on the back of increasing cases of cervical cancer across the world. Brachytherapy has also emerged as an ideal minimally invasive procedure for the treatment of cervical cancer.
Adoption of 3D image guided procedures using MRI, CT and PET has taken brachytherapy to a new level in terms of controlling dose and demonstrating excellent clinical outcome. 3D Image-guided brachytherapy (3D-IGBT) is being increasing employed for treating cervical cancers, especially in East and South Asia.
Regionally, North America will continue to dominate the internal radiation therapy devices market with over 40% share. Growth in the region is attributed to rising cancer patient pool, strong presence of leading market players and favorable government policies.
Within North America, the U.S. is emerging as the most lucrative market for brachytherapy devices, owing to the surging cases of cancer and heavy presence of medical device companies.
“Amid rising cancer cases worldwide, key players are leveraging various strategies such as product expansion and mergers to increase their sales. Furthermore, rising government initiatives to reduce the global cancer burden is favoring the growth in the market,” says a Fact.MR analyst
Key Takeaways from Brachytherapy Devices Market Survey
- North America is expected to dominate the brachytherapy devices market, accounting for over 2/5th of market share in 2021.
- With increasing government support and rising demand for radiotherapy machines, India and China are expected to register the fastest growth during the forecast period.
- The U.K. and Germany, collectively, will exhibit strong growth on the back of growing awareness and increasing prevalence of cancer cases.
- By product type, applicators segment is expected to expand at a CAGR of 8.4% over the forecast period.
- Based on end-user, hospitals segment accounts for over 60% share in the global brachytherapy devices market.
- Advanced product launches and approvals will continue to support the growth of brachytherapy devices market in the future.
- Growing awareness among people coupled with increasing spending by government to reduce the global burden of cancer is creating lucrative growth opportunities for the market
- Increasing preference for minimally invasive procedures will propel the demand for brachytherapy devices.
- Lack of skilled radiotherapy professionals is restraining the growth in the market.
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Leading players operating in the brachytherapy devices market are focusing on expanding their global presence by means of new product launches and stabilizing the product costs. Besides this, they have adopted various strategies such as mergers, partnerships and acquisitions to increase dominate the market.
- In April 2020, Elekta launched Geneva, the first universal gynecological applicator for brachytherapy. Geneva offers an adaptable solution that will accommodate most female pelvic anatomies. It is an ideal product for precise treatment of gynecological cancers.
- In February 2019, Varian unveiled new Bravos afterloader system for high-dose-rate (HDR) brachytherapy. Bravo is an integrated system designed to simplify brachytherapy treatment, provide greater workflow efficiency and improve the experience of patients.
Some of the prominent players operating in the brachytherapy devices market profiled by Fact.MR are:
- Boston Scientific Corporation
- C.R. Bard Inc.
- CIVCO Medical Instruments Co. Inc.
- Cook Medical
- Eckert & Ziegler
- Elekta AB
- Theragenics Corporation
- Varian Medical Systems Inc.
- iCAD Inc.
More Insights on the Global Brachytherapy Devices Sales Outlook
Fact.MR provides an unbiased analysis of brachytherapy devices market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global demand for brachytherapy devices with a detailed segmentation on the basis of:
- Brachytherapy Afterloaders
- Brachytherapy Applicators
- Intracavitary Applicators
- Interstitial Applicators
- Prostate Cancer
- Breast Cancer
- Cervical Cancer
- Skin Cancer
- High Dose Rate (HDR) Brachytherapy
- Low Dose Rate (LDR) Brachytherapy
- Pulse Dose Rate (PDR) Brachytherapy
- Cancer Treatment Centers
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Brachytherapy Devices Market Outlook Report
- The report offers insight into brachytherapy devices demand outlook for 2020-2030
- The market study also highlights projected sales growth for brachytherapy devices market between 2020 and 2030
- Brachytherapy devices market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Brachytherapy devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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