Brachytherapy Market is Benefitted Mainly Due to the Extensive Initiatives Of USD 486.9 million by 2025
Global Brachytherapy Market is expected to reach USD 486.9 million by 2025. Brachytherapy is also termed as internal radiation therapy is a radiation therapy used to treat cancer by placing radioactive material inside the patient body on a temporary or permanent basis. The therapy helps to destroy cancer cells DNA and their ability to split and grow. It uses ionizing radiation to shrink tumors and to kill cancer cells throughout the body of patient. It is used to treat cancers like breast cancer and prostate cancer.
Permanent brachytherapy includes placing of radioactive pellets or seeds near or inside the tumor permanently. On the other hand, temporary brachytherapy includes placing of slender tube or catheter for a specific period and then is removed and can be administered at a high dose rate (HDR) or low dose rate (LDR). The brachytherapy industry is estimated to grow at a significant CAGR of 4.06% over the future period as the scope and its applications are rising enormously across the globe.
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Rising government initiative to provide favorable reimbursement and funding policy in rural areas and growing supportive systems like private healthcare reimbursement systems and National Health Insurance (NHI) programs in developing countries are documented as major factors of brachytherapy market that are estimated to enhance the growth in the years to come. Also, changing lifestyle and dietary habits and growing number of patients are another factors that may top the overall market in coming years. However, high cost of therapy and its side effects may restrain overall market growth in coming years. Brachytherapy industry is segmented based on type, application, and region.
Low Dose Rate (LDR) Brachytherapy and High Dose Rate (HDR) Brachytherapy are the types that could be explored in brachytherapy market in the forecast period. The market may be categorized based on applications like breast cancer, prostate cancer, gynecological cancer, and others that could be explored in coming years. Breast cancer sector accounted for the largest market share of Brachytherapy and is estimated to lead the overall market in the coming years. This may be because of rising number of women’s having breast cancer. The American Cancer Society in 2017 estimated that there would be around 252,710 new breast cancer patients in the United States alone. Also, prostate cancer sector is estimated to grow at fastest pace in the coming years.
Globally, North America accounted for the largest market share of Brachytherapy and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers in the region, developed research and development sectors and healthcare infrastructure, and rising use of enhanced technology. The United States is a major consumer of brachytherapy industry in this region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise developing healthcare infrastructure, growing geriatric populace, growing number of healthcare insurance organizations, and rising occurrence of cancer. The developing countries like India and China are the major consumers of Brachytherapy in this region.
The key players of brachytherapy market are Varian Medical Systems, Inc., Eckert & Ziegler BEBIG, iCAD, Inc., IsoRay Medical, Inc., Sun Nuclear Corporation, Elekta AB, Huiheng Medical, Inc., Theragenics Corporation, CIVCO Medical Solutions, and C.R. Bard, Inc.These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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Market Segment:
Type (Revenue, USD Million, 2014 - 2025)
• High Dose Rate (HDR) Brachytherapy
• Low Dose Rate (LDR) Brachytherapy
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