The brachytherapy market is witnessing extensive growth driven by the increasing prevalence of cancer across the globe. Brachytherapy, also known as internal radiotherapy, involves placing radioactive sources inside or next to the area requiring treatment. It is commonly used to treat various types of cancers including cervical, prostate, breast, and skin cancer.
The global brachytherapy market is estimated to be valued at US$ 712 million in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024–2034.
Some key advantages of brachytherapy over other cancer treatment methods include localized and targeted radiation delivery, minimizing unintended radiation exposure to surrounding healthy tissues, shorter treatment duration resulting in less disruptions to patients’ lives and schedules. With the rising burden of cancer worldwide, brachytherapy is gaining immense prominence as an effective and precise modality for treating different cancer types. The growing incidence of cancer globally has increased the demand for brachytherapy procedures, contributing to the expansion of the Brachytherapy Market size an estimated 19.3 million new cancer cases and 10.0 million cancer deaths worldwide in 2020.
Key Takeaways
- Key players: Major companies in the brachytherapy market include Elekta AB, Varian
Medical Systems, Inc., Eckert & Ziegler BEBIG SA, ISOVOLTAIC Corporation, Theragenics Corporation, Boston Scientific Corporation, CIVCO Medical Solutions, and others.
- Global expansion: Key market players are focusing on expanding their geographic presence in high growth emerging markets like Asia Pacific and Latin America through new product launches, partnerships and acquisitions.
Market Drivers
- Rising incidence of cancer: Brachytherapy Market Challenges and Opportunities are highlighted by the fact that the market is highly competitive, with the presence of many global as well as regional players.
Market Restraints
- Shortage of trained professionals: Lack of sufficient number of radiation oncologists, medical physicists and other professionals trained in brachytherapy procedures limits the procedure uptake in many regions. Higher training and certification requirements also pose challenges.
Segment Analysis
Brachytherapy market can be segmented into two major types — brachytherapy devices and brachytherapy services. Among these, brachytherapy devices segment dominates the market and holds around 60% share. This is because brachytherapy devices are the core equipment required for the brachytherapy procedures. The brachytherapy devices segment can be further divided into brachytherapy after loader, brachytherapy applicators, and others. Brachytherapy applicators sub-segment holds the largest share under brachytherapy devices segment due to wide applications of applicators in various brachytherapy treatments like gynecological, breast, prostate and others.
Global Analysis
North America holds the largest share in the global brachytherapy market due to increasing prevalence of cancer and rising adoption of brachytherapy procedures. The region is estimated to witness fastest growth during forecast period. Increasing awareness about the advantages of brachytherapy over other conventional cancer treatments and favorable reimbursement policies are driving the market growth. Asia Pacific is projected to grow at highest CAGR owing to large patient population, rising healthcare expenditure, growing economy and increasing government initiatives to modernize medical facilities. The rising cancer incidence rate and improving healthcare infrastructure in countries like China and India provides significant growth opportunity.
