Brachytherapy Market Scope
Rising Prevalence of Prostate Cancer will help to boost the global brachytherapy market. Brachytherapy is also known as internal radiotherapy or seed therapy. Brachytherapy is a kind of radiotherapy that is used in the treatment of different types of cancer such as cervical cancer, breast cancer, skin cancer and other types of cancers. It works by precisely targeting the cancerous tumor from inside the body. The method of aiming cancerous cells by brachytherapy decreases the hazard of any damage to organs and healthy tissues nearby the tumor, thus reducing the potential side effects as well. Furthermore, it is frequently used in combination with chemotherapy drugs to reduce the risk of repetitive cancer.
Attributes | Details |
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Study Period | 2019-2029 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Eckert & Ziegler BEBIG (Germany), IsoRay Medical, Inc. (United States), Theragenics Corporation (United States), Elekta (Sweden), C.R. Bard, Inc. (Becton Dickinson) (United States), CIVCO Medical Solutions (United States), Sun Nuclear Corporation (United States), iCAD, Inc. (United States), Varian Medical Systems, Inc. (United States) and Argon Medical Devices (United States) |
CAGR | 4.8% |
"According to AMA, the Global Brachytherapy market is expected to see growth rate of 4.8% and may see market size of USD452.3 Million by 2029."The key manufacturers are targeting the innovations of the services with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Brachytherapy market throughout the predicted period.
Eckert & Ziegler BEBIG (Germany), IsoRay Medical, Inc. (United States), Theragenics Corporation (United States), Elekta (Sweden), C.R. Bard, Inc. (Becton Dickinson) (United States), CIVCO Medical Solutions (United States), Sun Nuclear Corporation (United States), iCAD, Inc. (United States), Varian Medical Systems, Inc. (United States) and Argon Medical Devices (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are IsoAid (United States), UAB Health System (United States) and NOMOS (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Brachytherapy market by Type , by Application (Prostate Cancer, Gynecological Cancer, Breast Cancer and Other Cancers) and Region with country level break-up.
On the basis of geography, the market of Brachytherapy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In October 2023, Elekta AB, a leading provider of radiation therapy solutions, announced the acquisition of Nucleus Medical, Inc., a pioneer in brachytherapy applicators and seed technology. This merger strengthens Elekta's brachytherapy portfolio and provides them with access to Nucleus's innovative seed technology and expertise in gynecological and prostate cancer treatment.
In October 2023, Eckert & Ziegler AG, a German medical technology company, launched the Selectron™ HDR100 afterloader, a next-generation system for high-dose-rate brachytherapy. This new afterloader features advanced software and automation capabilities, aiming to optimize treatment delivery and safety.
According to the International Agency for Research on Cancer, in 2015, more than 15 million people suffered from cancer while 8.8 million deaths were caused by the disease worldwide. This number is expected to rise to 24 million by 2035. It is also estimated that 23.6 million new cancer cases will be diagnosed by 2030. In addition to this, according to American Brachytherapy Society, safety, and efficacy of brachytherapy treatment over other cancer treatments, such as chemotherapy and surgery, is expected to boost the market. In addition, favorable reimbursement guidelines are expected to contribute in rising adoption of brachytherapy.
Influencing Trend:
Increasing Medical Expenditure in Enhancing Cancer Treatments and Robust Research and Developments in Developing Brachytherapy Treatments
Market Growth Drivers:
Growing Prevalence of Prostate Cancer and High Adoption Due To Re-Occurrence of Cancer in the Patient Treated with Brachytherapy is Rare
Challenges:
Lack of Skilled Radiologists and Expertise to Provide Brachytherapy Treatments
Restraints:
Numerous Side Effects Incorporated with the Brachytherapy Treatments
Opportunities:
Technological Developments in the Field Of Oncology Treatment and Increasing Knowledge about the Different Advantages of Brachytherapy among Healthcare Practitioners
Key Target Audience
Contract Research Organizations (CROs), Research and Development (R&D) Companies, Academic Medical Institutes and Universities, Government Regulatory Bodies, Government Research Institutes and Others