Brachytherapy Market Will Accomplish Outstanding USD 486.9 million Figure By 2025
Global BrachytherapyMarket is expected to reach USD 486.9 million by 2025. Brachytherapy is also termed as internal radiation therapy is a radiation therapy used to treat cancer by placing radioactive material inside the patient body on a temporary or permanent basis. The therapy helps to destroy cancer cells DNA and their ability to split and grow. It uses ionizing radiation to shrink tumors and to kill cancer cells throughout the body of patient. It is used to treat cancers like breast cancer and prostate cancer.
Permanent
brachytherapy includes placing of radioactive pellets or seeds near or inside
the tumor permanently. On the other hand, temporary brachytherapy includes
placing of slender tube or catheter for a specific period and then is removed
and can be administered at a high dose rate (HDR) or low dose rate (LDR). The
brachytherapy industry is estimated to grow at a significant CAGR of 4.06% over
the future period as the scope and its applications are rising enormously
across the globe.
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Rising
government initiative to provide favorable reimbursement and funding policy in
rural areas and growing supportive systems like private healthcare
reimbursement systems and National Health Insurance (NHI) programs in
developing countries are documented as major factors of brachytherapy market
that are estimated to enhance the growth in the years to come. Also, changing
lifestyle and dietary habits and growing number of patients are another factors
that may top the overall market in coming years. However, high cost of therapy
and its side effects may restrain overall market growth in coming years.
Brachytherapy industry is segmented based on type, application, and region.
Low
Dose Rate (LDR) Brachytherapy and High Dose Rate (HDR) Brachytherapy are the
types that could be explored in brachytherapy market in the forecast period.
The market may be categorized based on applications like breast cancer,
prostate cancer, gynecological cancer, and others that could be explored in
coming years. Breast cancer sector accounted for the largest market share of
Brachytherapy and is estimated to lead the overall market in the coming years.
This may be because of rising number of women’s having breast cancer. The
American Cancer Society in 2017 estimated that there would be around 252,710
new breast cancer patients in the United States alone. Also, prostate cancer
sector is estimated to grow at fastest pace in the coming years.
Globally,
North America accounted for the largest market share of Brachytherapy and is
estimated to lead the overall market in the coming years. The reason behind the
overall market growth could be presence of key manufacturers in the region,
developed research and development sectors and healthcare infrastructure, and
rising use of enhanced technology. The United States is a major consumer of
brachytherapy industry in this region
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Instead,
Europe and the Asia Pacific are also estimated to have a positive influence on
the future growth. Europe is the second largest region with significant market
share. However, Asia Pacific is estimated to grow at fastest pace with the
highest CAGR in the foremost period. The aspects that may be ascribed to the
growth comprise developing healthcare infrastructure, growing geriatric
populace, growing number of healthcare insurance organizations, and rising
occurrence of cancer. The developing countries like India and China are the
major consumers of Brachytherapy in this region.
The
key players of brachytherapy market are Varian Medical Systems, Inc., Eckert
& Ziegler BEBIG, iCAD, Inc., IsoRay Medical, Inc., Sun Nuclear Corporation,
Elekta AB, Huiheng Medical, Inc., Theragenics Corporation, CIVCO Medical
Solutions, and C.R. Bard, Inc.These players are concentrating on inorganic
growth to sustain themselves amongst fierce competition. As companies all over
the world have to believe that alliance with a market would permit them
proportional market existence and authority to declare the leadership position.
Market
Segment:
Type
(Revenue, USD Million, 2014 - 2025)
• High Dose Rate (HDR) Brachytherapy
• Low Dose Rate (LDR) Brachytherapy
Application
(Revenue, USD Million, 2014 - 2025)
• Prostate cancer
• Gynecological cancer
• Breast cancer
• Others
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