by Brachytherapy involves implanting radioactive sources directly inside the body near cancer sites to control tumors. It is a highly effective cancer treatment option that delivers a higher radiation dose directly to the tumor region while minimizing exposure to surrounding healthy tissues. Brachytherapy plays an essential role in the treatment of breast, cervical, prostate, and other cancers with its ability to deliver focused high-dose-rate radiation therapy. Some common brachytherapy procedures include intracavitary brachytherapy, interstitial brachytherapy, and intraoperative radiation therapy. Technological developments have expanded the scope of brachytherapy with benefits such as simplified workflow, reduced treatment time, and improved radiation safety.
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:
Emergence of new technological advancements: Advancements in brachytherapy technology have made it possible to deliver highly conformal radiation treatments with minimal side effects. Notably, the introduction of innovative catheter and applicators has enabled optimized placement of radioactive sources and personalized treatment planning. For instance, MRI-guided brachytherapy allows real-time visualization of tumors and nearby organs for accurate dose administration. Robotics has also enabled remote brachytherapy procedures and quality assurance checks through dosimetry validation. Emergence of such new technologies is expected to boost the adoption of brachytherapy significantly over the forecast period.
This driver mentioned in heading i.e. emergence of new technological advancements drives the market growth. Advancements such as MRI-guided brachytherapy and robotic brachytherapy have optimized treatment delivery with benefits like real-time tumor visualization, remote procedures and automated quality assurance. This has expanded brachytherapy applications and amplified its demand across hospitals and cancer centers globally. Novel devices are also enhancing treatment precision and efficiency which is positively impacting the market revenues.
Segment Analysis
The brachytherapy market is dominated by the prostate cancer segment which holds over 40% share of the overall market. Brachytherapy is considered as the standard treatment option for low and intermediate risk prostate cancer. It is highly effective with minimal side effects and can be completed in just a single treatment session as compared to external beam radiotherapy requiring daily sessions over several weeks. This drives its increased adoption for treating prostate cancer.
PEST Analysis
Political: Regulations around the use of radioactive sources are quite strict which requires approvals and licensing for operating brachytherapy facilities. However, supportive reimbursement policies are increasing the availability of brachytherapy treatment.
Economic: Rising healthcare spending coupled with growing incidence of cancers is fueling the demand for brachytherapy. The relatively lower cost of brachytherapy compared to other treatment options is boosting its uptake especially in price sensitive developing regions.
Social: Rising awareness about early detection and effective treatment of cancers is driving patients to opt for brachytherapy. Its minimalinvasiveness and shorter treatment duration makes it a preferred option.
Technological: Advancements in imaging techniques for precise treatment planning and development of new radioactive isotopes and applicator designs is expanding the applications of brachytherapy in treating various cancer sites.
Key Takeaways
Global Brachytherapy Market Size is expected to witness high growth at a CAGR of 19% during the forecast period of 2023 to 2030. 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.
The regional analysisÂ
North America currently accounts for over 30% of the global brachytherapy market share led by the US due to presence of advanced healthcare facilities, favorable reimbursements and growing demand for cancer treatment. Europe is another major region fueled by supportive public healthcare funding. However Asia Pacific region is emerging as the fastest growing regional market with double digit growth. This can be attributed to active government programs to modernize oncology infrastructure, healthcare reforms and large patient pools in countries such as China and India.
Key playersÂ
Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG. Varian Medical Systems and Elekta AB are the major players in the brachytherapy market. They offer a comprehensive portfolio of brachytherapy planning and treatment delivery systems used for treating cancers across sites. Their innovative product launches and geographic expansions have helped them garner leading market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
