Brachytherapy - Market Insights, Competitive Landscape, and Market Forecast - 2030

Brachytherapy Devices By Product Type (Seeds, Brachytherapy After Loader, Brachytherapy Applicators, And Others), By Dosage Type (Low Dose Rate And High Dose Rate), By Application (Prostate Cancer, Breast Cancer, Gynecological Cancer, Cervical Cancer, And Others) and by geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing incdience of various cancer and the rising demand of minimally invasive surgical methodology for the treatment and mangement of cancers

The global brachytherapy was valued at USD 845.37 million in 2023, growing at a CAGR of 7.53% during the forecast period from 2024 to 2030 to reach USD 1304.57 million by 2030. The brachytherapy devices market is witnessing positive growth owing to various factors such as rising cases of cancer, the escalating burden of geriatric population, and spurring demand of minimally invasive approach for treatment of cancers. Additionally benefits offered by brachytherapy over traditional treatment procedures and rising government initiatives to increase awareness about treatment options for cancer across the globe will also aid in the growth of the Brachytherapy Devices market. Therefore, the market for Brachytherapy Devices is estimated to grow at a significant CAGR during the forecast period from 2024 to 2030.

Brachytherapy Devices Market Dynamics:

One of the main driver for the Brachytherapy Devices market is the increasing figures of cancer across the globe due to the rising sedentary and unhealthy lifestyle, gene mutations, increasing exposure to smoking, alcohol, carcinogenic substances, & others, age, among others.

According to the figures provided by the Globocan 2020, the incidence of breast cancer was reported to be 2,261,419 worldwide in the year 2020. As per the same source in 2020, the incidence of lung and colorectum cancer was reported to be 2,206,771 and 1,931,590 respectively, across the globe.

As per the World Health Organization (WHO) 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths worldwide in 2020.

Moreover, as per the source Globocan 2020, in Europe the incidence rate of breast, prostate, and colorectum cancer was reported to be 74.3%, 63.4%, and 30.4% respectively, in 2020.

The aforesaid sources clearly states that the incidence of cancer is quite high globally. The increasing incidence can be controlled by providing proper treatment at an early stage. Brachytherapy is one of the prominent therapy for the treatment of cancer of head & neck, prostate, breast, eye, and others. Thus, the increasing incidence of various cancers across the globe will increase the demand of brachytherapy, thereby propelling the overall market of brachytherapy in the upcoming years.

Further, the rising geriatric population burden and the increasing demand of minimally invasive treatment approach will shoot up the demand of Brachytherapy Devices in the forecast period. According to the data provided by WHO 2022, it was stated that by 2030, one in six people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. Additionally, by 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of person aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. The rising number of geriatric population will increase the risk of developing cancers as elderly people are more prone to cancers and also the comorbidity makes them more susceptible to cancers. Thus, the escalating burden of geriatric population will increase the incidence of cancers globally, thereby increasing the demand of Brachytherapy Devices.

Moreover, the notable benefits of minimal invasive surgery of brachytherapy to patients such as less postoperative pain, fewer operative and post-operative major complications, shortened hospital stay, faster recovery times, less scarring, less stress on the immune system, smaller incision, among other benefits offered by Brachytherapy Devices will also help in rising the demand of the Brachytherapy Devices in the market.

Therefore, the factors stated above collectively will drive the overall Brachytherapy Devices during the forecast period from 2024-2030.

However, the lack of skilled radiotherapy professionals, side effects pertaining to the radiations omitted and others, can hamper the global Brachytherapy Devices growth.

The COVID-19 epidemic had significantly impacted the Brachytherapy Devices market. The nationwide lockdown in almost every country-restricted people's movement & hospital visits, halted supply chains & logistics, hampered the manufacturing process, resulting in a product shortage in the market, and elective surgeries for the treatment and management of cancer and other diseases were also halted and were not on priority because COVID-19 patients were given priority in terms of treatment. All of these factors had decreased the market of brachytherapy but with the increased risk of coronavirus infection to the cancer patients slightly increased the demand of the brachytherapy. Moreover, with the masses being vaccinated, relaxation in lockdown restrictions, resumption of supply chains, logistics, manufacturing units, and increase in elective surgeries for the treatment of chronic diseases and cancers, the demand of brachytherapy increased and is expected to further grow during the forecast period of 2022-27.

Brachytherapy Devices Market Segment Analysis:

Brachytherapy By Product Type (Seeds, Brachytherapy After loader, Brachytherapy Applicators, and Others), Dosage Type (Low Dose Rate and High Dose Rate), Application (Prostate Cancer, Breast Cancer, Gynecological Cancer, Cervical Cancer, and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the brachytherapy, the breast cancer market is expected to have a significant revenue share in the year 2023. This was primarily owing to the increasing prevalence of breast cancer across the globe.

According to the data published by WHO in 2022, it was estimated that in 2020, there were nearly 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world's most prevalent cancer.

As per the European Cancer Information System 2020, the incidence of breast cancer in 2020 was reported to be 355,457 in Europe.

Moreover, according to the figures provided by Breast Cancer landscape in Asia-Pacific (2023), in 2020 the incidence of breast cancer in Australia, Greater China, and India, was reported to be 19,617, 416,371, and 178,361 respectively.

The above mentioned numerous sources stated that the incidence of breast cancer is quite higher across the globe. The rising incidence of the disorder will increase the demand of treatment and management therapy, thereby increasing the demand of brachytherapy in the forthcoming years.

Further, the increasing sphere of women population across the globe will spur the market of brachytherapy in the study period. As per the statists provided by the World Population Prospects, 2022, as of 2022, the population of females in the world was estimated to be 3.905 billion, representing 49.58% of the world population. The increasing number of female population will increase the incidence of breast cancer, thereby increasing the growth of breast cancer segment in the brachytherapy application market.

Moreover, due to the interplay of all the factors mentioned above, this can result in the rising demand for brachytherapy for the treatment of breast cancer, which in turn would provide a conducive growth environment for overall Brachytherapy Devices during the market forecast 2024-2030.

North America is expected to dominate the overall Brachytherapy Devices Market:

Among all the regions, North America is expected to dominate the global brachytherapy in the year 2023 and is expected to do the same during the forecast period from 2024-2030. Factors such as the rising prevalence of cancers, surging demand of minimally invasive surgical approach for the treatment of cancers, and the rise in the regulatory approvals for Brachytherapy Devices will increase the demand for brachytherapy in the North America market.

According to the American Cancer Society (2023), in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Treatment and management of cancers using Brachytherapy Devices will aid in controlling the incidence and mortality rate in the United States. Moreover, as per the Division of Cancer Prevention and Control, Centers for Disease Control and Prevention (CDC) 2022, in the United States in 2019, 1,752,735 new cancer cases were reported and 599,589 people died of cancer.

According to the Canadian Cancer Society 2022, it was estimated that there would be 233,900 new cancer cases and 85,100 cancer deaths in Canada in 2022. Further, as per the Globocan 2022, the incidence of cancer in Mexico in 2020 was reported to be 195,499.

Thus, from all the above sources and figures it can be concluded that the incidence is high in all the regions of North America. Hence, the increasing incidence will increase the demand of Brachytherapy Devices, thereby bolstering the overall market of the Brachytherapy Devices in the North America.

Further, the increasing exposure to cancer causing factors such as smoking, tobacco, alcohol, stress, carcinogenic substances, and the rising sedentary and unhealthy lifestyle will increase the incidence of various type of cancer, thereby in turn increasing the demand of Brachytherapy Devices. According to CDC 2022, in 2020, nearly 13 of every 100 United States adults aged 18 years or older smoked cigarettes. This means an estimated 30.8 million adults in the United States smoked cigarettes. Further, as per same source, in 2020, more than 16 million Americans live with a smoking-related disease. Hence, the increasing exposure to smoking and tobacco will increase the risk of developing cancers as smoking is one of the major risk factor for cancer, ultimately increasing the prevalence of cancer in the North America.

Additionally, increasing demand of minimally invasive approach of treatment and the advantages offered by the approach will in turn spur the market of Brachytherapy Devices in the region.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the Brachytherapy Devices.

Brachytherapy Devices Market Key Players:

Some of the key market players operating in the brachytherapy include Eckert & Ziegler, Isoray Inc., Elekta, Theragenics Corporation, BD., Xoft, a subsidiary of iCAD, Inc., Varian Medical Systems, Inc., Argon Medical., Best Vascular, Inc., CNMC Company Inc., IsoAid, CIVCO Medical Solutions, ZEISS Medical Technology, C4 Imaging., Concure Oncology, and others.

RECENT DEVELOPMENTAL ACTIVITIES IN THE BRACHYTHERAPY DEVICES:

In January 2022, C4 Imaging LLC, one of the prominent player in brachytherapy market announced that Isoray Medical, Inc. has received U.S. Food and Drug Administration (FDA) 510(k) clearance for the use of C4 Imaging's Sirius® positive-signal MRI (Magnetic Resonance Imaging) Markers with Isoray's Cesium-131, brachytherapy seeds.

In April 2020, Elekta, a leader in precision radiation medicine, announced the launch of Geneva, the first universal gynecological applicator for brachytherapy.

Key Takeaways from the Brachytherapy Devices Market Report Study

• Market size analysis for current brachytherapy (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the brachytherapy
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global brachytherapy
• Various opportunities are available for the other competitor in the brachytherapy space.
• What are the top-performing segments in 2023? How these segments will perform in 2030.
• Which are the top-performing regions and countries in the current brachytherapy scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Brachytherapy Devices growth in the coming future?

Target Audience who can be benefited from this Brachytherapy Market Report Study

• Brachytherapy providers
• Research organizations and consulting companies
• Brachytherapy -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in brachytherapy
• Various end-users who want to know more about the brachytherapy and the latest technological developments in the brachytherapy

Frequently Asked Questions for Brachytherapy Devices:

1. What are brachytherapy?

Brachytherapy Devices is a procedure that involves placing radioactive material inside the body. It is a type of internal radiation therapy in which seeds, ribbons, or capsules that contain a radiation source are placed in the body, in or near the tumour. Brachytherapy is a local treatment and treats only a specific part of the body. It is often used to treat cancers of the head and neck, breast, cervix, prostate, and eye.

2. What is the market for Global Brachytherapy Devices?

The global brachytherapy was valued at USD 845.37 million in 2023, growing at a CAGR of 7.53% during the forecast period from 2024 to 2030 to reach USD 1304.57 million by 2030.

3. What are the drivers for the Global Brachytherapy Devices?

The Brachytherapy Devices is witnessing a positive market growth owing to the factors such as the rising cases of different type of cancers such as prostate cancer, breast cancer, lung cancer, among others worldwide, rising demand of minimally invasive surgical procedures, rising government initiatives to increase awareness about treatment options available for cancer, and the rise in the regulatory approvals for brachytherapy.

4. Who are the key players operating in the brachytherapy?

Some of the key market players operating in the brachytherapy include Eckert & Ziegler, Isoray Inc., Elekta, Theragenics Corporation, BD., Xoft, a subsidiary of iCAD, Inc., Varian Medical Systems, Inc., Argon Medical., Best Vascular, Inc., CNMC Company Inc., IsoAid, CIVCO Medical Solutions, ZEISS Medical Technology, C4 Imaging., Concure Oncology, and others.

5. Which region has the highest share in Brachytherapy Devices?

North America is expected to dominate the global Brachytherapy Devices. Factors contributing to the growth are the increasing prevalence of cancers, surging demand of minimally invasive surgical approach for the treatment, and the rise in the regulatory approvals for brachytherapy related devices, which are contributing to the growth of the brachytherapy in the North America region.