Brachytherapy Is Estimated To Witness High Growth Owing To Rising Preference For Targeted Cancer Radiation Treatment
Brachytherapy involves placing radioactive sources in or near a tumor, allowing a high dose of radiation to be delivered to the tumor site while minimizing exposure of surrounding healthy tissues. It is used either as a primary treatment or along with other cancer therapies like surgery, chemotherapy and external beam radiation. Brachytherapy devices and accessories include interstitial brachytherapy applicators and intracavitary brachytherapy applicators which are used for cervical, prostate, breast and skin cancers.
The global brachytherapy market is estimated to be valued at US$ 972.21 Mn or Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising preference for targeted radiation treatment over conventional external beam radiation therapy owing to its localized radiation dose and minimal exposure to surrounding healthy tissues is a key driver propelling the brachytherapy market growth. According to the American Brachytherapy Society, brachytherapy has a success rate of over 90% for some cancers like cervical, prostate and breast cancer with very minimal side effects compared to other therapies. With increasing cancer burden, technological advancements in brachytherapy procedures like high dose rate (HDR) brachytherapy and expanding clinical applications, the brachytherapy market is expected to witness significant growth over the forecast period.
SWOT Analysis
Strength: Brachytherapy allows for a targeted approach by placing radioactive sources directly inside the body near a cancer site, resulting in minimal damage to surrounding healthy tissues. This helps reduce procedural invasiveness and post-operative recovery time for patients. Furthermore, brachytherapy provides an effective treatment alternative for prostate, gynecological, cervical and other cancers.
Weakness: Brachytherapy requires specialized skills and training for physicians to administer the radiation sources accurately. The procedure also involves risks such as infection or radioactive contamination if not performed properly. Additionally, brachytherapy is not suitable for all patients and cancer types.
Opportunity: Growing geriatric population prone to cancers creates a vast patient population for brachytherapy procedures. Furthermore, technological advancements in brachytherapy such as high-dose-rate (HDR) and low-dose-rate (LDR) brachytherapy have improved treatment outcomes. The development of more sophisticated applicators and imaging modalities also presents opportunities.
Threats: High costs associated with procurement and maintenance of brachytherapy equipment poses significant budgetary challenges. Stringent regulatory approvals also delay market entry of new players. Emergence of alternative cancer treatment techniques such as proton therapy further intensifies competition.
Key Takeaways
The Global Brachytherapy Market Share is expected to witness high over the forecast period owing to rising cancer incidence and increasing adoption of minimally invasive procedures. The North America region currently dominates the market attributed to developed healthcare infrastructure and favorable reimbursement policies promoting brachytherapy adoption. Key players are focusing on expanding presence across emerging Asia Pacific and Latin America markets experiencing rapid urbanization and economic growth.
Key players: Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG, and iCAD. Varian Medical Systems and Elekta AB are global leaders with wide portfolio of brachytherapy technologies. Emerging players are focused on investing in new product innovations to gain market share.
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