Brachytherapy Market Estimated To Witness High Growth Owing To Expanding Applications In Cancer Treatment
Brachytherapy involves placing radioactive sources directly inside the body near a cancer tumor. It is also known as internal radiotherapy, sealed source radiotherapy, or curietherapy. Brachytherapy is a form of radiotherapy used to treat various types of cancers like prostate, breast, cervical, and skin cancer. It allows delivery of a higher dose of radiation to a small well-defined area, while minimizing radiation exposure to healthy surrounding tissues. Brachytherapy has applications in treating primary as well as metastatic tumors.
The Brachytherapy market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Global Brachytherapy Market Size is expected to grow at a significant rate over the forecast period, owing to increasing prevalence of cancer and growing adoption of brachytherapy procedures. According to the National Cancer Institute, it is estimated that over 1.8 million new cancer cases are likely to be diagnosed in the US in 2020. Brachytherapy helps provide targeted radiation treatment for cancer more efficiently compared to external beam radiation therapy. Additionally, expanding applications of brachytherapy in treating prostate cancer, breast cancer, gynecologic cancers and other cancers is also expected to boost the market growth. Furthermore, favorable reimbursement policies and increasing awareness about early cancer detection are some other factors expected to fuel the market growth during the forecast period.
SWOT Analysis
Strength: Brachytherapy offers highly targeted and precise radiation delivery with minimal damage to surrounding healthy tissues. This helps in better treatment outcomes. It offers several treatment application options like breast cancer, cervical cancer, prostate cancer etc. It is a minimally invasive procedure with shorter treatment duration and hospital stay.
Weakness: Brachytherapy requires specialized facilities, trained medical professionals and complex equipment which makes its setup and maintenance expensive. There are certain risks associated with the procedure like infections, radiation injuries etc.
Opportunity: Rising incidence of cancer worldwide presents large market opportunity. Growing awareness and acceptance of brachytherapy as an effective treatment presents an opportunity. Technological advancements are helping overcome limitations and enabling new applications.
Threats: High costs of treatment, equipment and maintenance poses affordability challenges. Risk of errors and injuries during procedure or due to malfunctioning of equipment can damage brand value. Alternate minimally invasive cancer treatment options also pose competition.
Key Takeaways
The global Brachytherapy market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing cancer prevalence worldwide. According to GLOBOCAN 2018, there were about 18 million new cancer cases and 9.6 million cancer deaths globally.
Regional analysis
North America dominated the global market and accounted for over 35% share in 2023. This is attributed to developed healthcare infrastructure, higher reimbursement rates and growing demand. Asia Pacific is expected to exhibit fastest growth at 8.3% CAGR owing to large patient population, increasing healthcare spending and growing awareness.
Key players
Key players operating in the Brachytherapy market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG. Technological advancements like real-time dosimetry technologies, advanced catheter designs and applicators by these players are helping drive market growth.
For More Insights, Read- https://www.trendingwebwire.com/brachytherapy-market-analysis-growth-forecast-outlook-2023-2030/
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