Global Brachytherapy Market 2019-2023 | 10.9% CAGR Projection over the Next Five Years
Brachytherapy market is gaining precedence due to the expanding cancer care treatment segment. This radiation therapy places radiation source near the affected area and treats the disease accordingly. Its success rates are higher in comparison to surgery and external beam therapy (EBT). The global brachytherapy market is all set to gain momentum by 10.9% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in an extensive study where drivers for this market and segmental analysis are included for a better understanding of the market in coming years. Growing prevalence of cancer around the globe and brachytherapy’s ability to treat with high efficiency in a reduced time frame can be considered as chief driving forces for the market.
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Sunnybrook’s Cancer Ablation Therapy Program is known for precision therapies without invasive surgeries. The institute introduced MRI-brachytherapy, first-of-its-kind, that reduces discomfort and trauma from the treatment.
A report published in Elsevier reveals that 3D-printed templates can be used in target volume localization for multicatheter interstitial brachytherapy in patients with breast cancer. This can significantly reduce the technical complexity associated with the multicatheter interstitial brachytherapy.
The global brachytherapy market can be segmented by type, device, and application.
On the basis of type, the brachytherapy market can be segmented into high dose-rate (HDR) brachytherapy, low dose-rate (LDR) brachytherapy, and pulse dose rate (PDR) brachytherapy.
Based on devices, the brachytherapy market can be segmented into brachytherapy after loaders and applicators.
Based on application, the brachytherapy market can be segmented into prostate cancer, cervical cancer, breast cancer, skin cancer and other types of cancers. Other types of cancer include esophageal cancer, gynecologic cancers, anal/rectal tumors, head and neck cancers.
Geographically, the brachytherapy market consists of four regions the Americas, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
The Americas is the largest market whose growth is attributed to an increase in chronic illness and demand for highly effective treatment for cancer. The region has North and South America. North America is technically superior and implements a lot of new technology in treatment. Furthermore, huge investment in the healthcare sector is one driving force that is changing the market scenario.
Europe is the second largest market followed by Asia Pacific. The region is spending a lot in research and development, and its similar features like that of North America is helping out the regional market in its expansion.
Rising geriatric population, increasing incidence of cancer and developing healthcare infrastructure drive the growth of this market in the APAC. The APAC market’s revamping is showing enough market potential.
The brachytherapy market is experiencing growth owing to several strategies getting implemented by prominent service providers. These strategies include product innovation, merger, collaboration, acquisition and other methods that help not only companies to survive but also, the market to cement its foothold and pave in prospects. For instance, Varian Medical Systems, Inc. acquires Cooperative CL Enterprises (COOP), a leading distributor of radiotherapy equipment in Taiwan, to serve better their customers in Taiwan. C. R. Bard, Inc has been bought by Becton Dickinson in 2017 which can be considered exemplary in this regard.
Key market influencers profiled in the report are Varian Medical Systems, Inc. (U.S.), Eckert & Ziegler (Germany), C. R. Bard, Inc (U.S.), Argon Medical Devices, Inc. (U.S.), Elekta AB (Sweden), IsoRay Medical, Inc. (U.S.), IsoAid (U.S.), and others.
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