Brachytherapy Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2719
Brachytherapy Market size is expected to grow significantly from 2018 to 2024.
Brachytherapy market will experience significant growth owing to increasing geriatric population that is more susceptible to chronic diseases such as cancer. In U.S., in 2013, the geriatric population was around 44.5 million and will grow up to 98 million up to 2060 and more than 70% of the deaths in this population are due to cancers, thus stimulating the brachytherapy industry demand.
In addition to this, brachytherapy market growth can be attributed to the unhygienic conditions in the economically under developed countries such as India. In India, there were around 3.9 million cases of cancer in 2016. Infectious diseases and other chronic conditions that escalate the prevalence of cancer will drive the industry growth.
Furthermore, growing preference for brachytherapy due to increasing benefits as compared to the other anti-cancer therapies will influence the market growth positively. Low exposure to radiations, quick recovery are the most crucial factors driving its preference over other conventional methods such as chemotherapy. Moreover, growing awareness amongst the individuals regarding availability of non-invasive brachytherapy will stimulate industry growth.
High costs associated with the brachytherapy devices and medications will affect the market growth. Due to integration of advanced technology within the brachytherapy devices being used in treatment of cancer the cost of treatment will increase restricting the industry growth.
High dose brachytherapy business will lead the market owing to lower radiations exposure rates and faster recovery. Other conventional methods such as chemotherapy and drugs used in treatment of cancer have numerous side-effects that will increase the preference for high dose brachytherapy and escalate overall industry growth.
Breast cancer will dominate the application segment owing to annually growing cases in developing as well as developed countries. The prevalence rate of breast cancer is 25.8 per 100,000 women and mortality rate is 12.7 per 100,000 women that has driven the business segment growth.
Oncology treatment centers will witness high growth in upcoming years due to increasing prevalence of cancer. For instance, in Europe there are around 3.7 million cases of cancer that are responsible to give rise to demand for brachytherapy. Moreover, various government initiatives help in developing infrastructure of such oncology treatment centers impacting the business segment growth positively.
India will account to the largest market share owing to increasing cancer cases. It has the highest prevalence of breast and cervical cancer. Every 8 minutes one woman dies due to cervical or breast cancer that has driven the industry growth by increasing the demand for brachytherapy.
U.S. will drive the industry growth due to increase in technology adoption rate that has enabled integration of advanced technology in the medical devices being used in brachytherapy. Also, various brachytherapy organizations such as American Brachytherapy Association have undertaken certain initiatives that will enhance the treatment performance, thereby stimulating industry growth.
Boston Scientific, C.R. Bard, Cianna Medical, Cook Medical, Elekta, GE Healthcare, Huiheng Medical, iCAD, IsoRay, Olympus, Panacea Medical, Radiadyne, Theragenics, Ziegler BEBIG and Varain Medical Systems are some of the major industry players and these key manufacturing companies have undertaken certain strategic initiative that have helped them to maintain sustainable profits. For instance, in August 2016, BrachySolutions BVBA was acquired by Eckert & Ziegler BEBIG. BrachySolutions BVBA is one of the largest company with large product portfolio. This strategic acquisition will enhance the company’s revenue by developing its product portfolio.
Brachytherapy Market by Type, 2013-2024 (USD Million)
- High dose rate
- Low dose rate
Brachytherapy Market by Application, 2013-2024 (USD Million)
- Prostate cancer
- Gynecology cancer
- Breast cancer
Brachytherapy Market by End-user, 2013-2024 (USD Million)
- Oncology treatment centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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