Brachytherapy Market 2028 Growing Worldwide By Best Key players- Varian Medical Systems, Inc.; Becton, Dickinson & Company; Elekta AB; Isoray Medical, Inc.; Eckert & Ziegler BEBIG; iCAD, Inc.; CIVCO Medical Solutions; Theragenics Corporation

 

The global brachytherapy market size is expected to reach USD 1.4 billion by 2028, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. The growth of the market is largely attributable to the rising prevalence of cancer, technology advancements, and increasing investment in R&D by major players.

According to the International Agency for Research on Cancer, the global incidence of cancer is expected to rise to 24.6 million by 2030, from 19.3 million in 2020. This is expected to be a major factor driving the growth of the market. Additionally, technological advancements and favorable reimbursement scenarios, particularly in the developed countries, are expected to drive market growth.

However, the lack of access to technologically advanced systems particularly in developing nations, and the lack of skilled radiotherapy professionals are expected to restraint market growth. Around 70% of the cancer-related deaths occur in low-and-middle-income countries; however, only 3-4% of the radiotherapy needs of the population in these countries are met. This represents significant opportunities for investment for the key market players.

New product launch is one of the key strategies adopted by the leading companies. For instance, in July 2018, IsoRay received FDA clearance for GammaTile Therapy for the treatment of recurrent brain neoplasms. The launch of such technologically advanced products is further expected to propel growth.

The increasing prevalence of cancer, technological advancements, and a significant rise in the adoption of brachytherapy are expected to drive the growth of the market during the forecast period. Brachytherapy is a type of radiation therapy used for the treatment of cancer. The radioactive materials are placed inside the body with the help of catheters.

It is an excellent treatment for localized tumors. Currently, artificially produced radionuclides such as Caesium-137, Iridium-192, Gold-198, Iodine-125, and Palladium-103 are routinely used. According to the International Agency for Research on Cancer (IARC), the global incidence of cancer in 2020 is estimated to be around 19.3 million. This is expected to increase to 24.6 million by the year 2030. The increasing cancer burden is one of the major factors driving the market.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/brachytherapy-devices-market/request/rs1

Radiation therapy can be used for prophylactic, palliative, or curative treatment. It can also be used as monotherapy or as an adjuvant with surgery, immunotherapy, and chemotherapy. The wide range of applications of radiotherapy has increased its adoption by physicians. The latest advancements in radiation therapy allow the delivery of a high amount of dose to the target area with minimum damage to nearby healthy tissues. This has increased the chances of localized tumor control and has improved cure rates, leading to an increase in demand for radiation therapy.

 

Brachytherapy Market Report Highlights

• The HDR segment held the largest revenue share in 2020. The various advantages of HDR internal radiation therapy such as short procedure time, protection from radiation exposure, and higher efficacy are key factors contributing to the dominance of this segment
• The electronic brachytherapy segment is expected to witness the fastest CAGR over the forecast period owing to advantages such as minimal exposure of treating staff to radiation, low dose radiation to organ at risk, and no radioactive waste
• Prostate cancer accounted for the largest revenue share of more than 32.0% in 2020. The promising applications of internal radiation therapy in the treatment of prostate cancer is a major factor for the dominance of this segment
• In terms of revenue, North America accounted for the largest revenue share of 45.0% in 2020. According to IAEA’s Directory of Radiotherapy Centres (DIRAC), as of 2020, the U.S. alone has around 766 brachytherapy systems

However, the lack of skilled radiotherapy professionals and access to technologically advanced products, particularly in developing countries is expected to be a major restraining factor for this market. According to the IAEA’s Directory of Radiotherapy Centres (DIRAC), as of 2020, there are around 3300 brachytherapy systems installed across radiation therapy centers worldwide. Around 60% of the cancer cases occur in LMICs. 80% of patients in these countries lack access to treatment as they have limited access to technologically advanced products. In LMICs, only 3-4% of the radiotherapy needs are met as opposed to 60-80% in the European countries.

 

COVID-19 brachytherapy market impact: A decline in usage in 2020, due to delay in treatments.

Pandemic Impact	Post COVID Outlook
The brachytherapy market declined by 1.3% during 2019 and 2020.	The market is expected to witness slow growth in the next 3 years as most of the hospitals and private clinics will have reduced budgets for the purchase of new equipment.
Delay in diagnosis and treatment major factors for the decline in growth.	Delay in diagnosis and treatment major factors for the decline in growth.

Some of the key players have been present in the market for more than 35 years. They already have a well-established network of suppliers and customers, which helps in strengthening their market position. Additionally, some of the major companies also operate in other business domains. Hence, most often they are able to invest huge amounts for R&D activities.

New product launches and mergers and acquisitions are some of the major strategies adopted by the players in order to gain market share. For instance, in 2017, Eckert and Ziegler BEBIG GmbH acquired WOLF-Medizintechnik GmbH, which manufactures X-ray devices for skin tumor treatment. With rapid digitization in the field of medicine, more companies are focusing on integrated applications of hardware and software to develop next-generation oncology treatment solutions.

Some of the prominent players in the brachytherapy market include:

• Varian Medical Systems, Inc.
• Becton
• Dickinson & Company
• Elekta AB
• Isoray Medical, Inc.
• Eckert & Ziegler BEBIG
• iCAD, Inc.
• CIVCO Medical Solutions
• Theragenics Corporation