July 23, 2024
Brachytherapy Market

Brachytherapy Market experiences noteworthy growth is Propelled by growing occurrences of cancer

Brachytherapy, also known as internal radiotherapy, involves placing radioactive sources near or inside the tumor region. It is commonly used in the treatment of cervical, breast, prostate, and lung cancer. The procedure delivers a higher and more precise radiation dose to the tumor region, sparing surrounding healthy tissues. This results in minimal complications and side effects for patients.

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 key trends:

Growing occurrences of cancer, coupled with the rising elderly population, has majorly driven the adoption of brachytherapy as a treatment option across the world. According to the World Health Organization, cancer is estimated to account for nearly 10 million deaths worldwide in 2020, which is projected to increase by over 55% in the next 20 years. Prostate cancer alone is expected to account for over 1.3 million new cases annually by 2030. The growing cancer prevalence has boosted the demand for effective treatment procedures like brachytherapy, which helps in delivering localized and precise radiation to eradicate tumor cells while minimizing radiation exposure to surrounding healthy tissues.

SWOT Analysis
Strength: Brachytherapy offers high precision and effectiveness against cancer tumors due to its ability to deliver a high dose of radiation directly to the tumor site with low impact to surrounding healthy tissues.
Weakness: The procedure requires specialized skills and training for healthcare professionals. It also has some limitations in treating large and irregularly shaped tumors.
Opportunity: Growing geriatric population susceptible to cancer and increasing preference for minimally invasive procedures present significant growth opportunities. Untapped potential in emerging economies also offers scope for market expansion.
Threats: Strong competition from alternative external beam radiation therapies and surgeries can hamper demand. Stringent regulatory approvals and infrastructure requirements for handling radioactive sources pose challenges.

Key Takeaways
Global Brachytherapy Market Size is expected to witness high growth driven by rising cancer incidence worldwide. 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.

North America currently dominates the market owing to high patient awareness, availability of advanced medical technologies and favorable reimbursement policies in the region. Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG.

Key players operating in the brachytherapy market are focusing on product innovation, portfolio expansion and geographic expansion strategies. Strategic partnerships and collaborations are helping companies strengthen distribution networks and clinical expertise. Advanced product availability with features like precise real-time dosimetry, 3D imaging, and remote afterloading systems is further supporting market growth. Rising global burden of cancer along with benefits offered makes brachytherapy an important treatment modality with considerable future prospects.

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