Global Brachytherapy Market Size & Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Brachytherapy Market


The global Brachytherapy market size is projected to reach US$ 476.08 million by 2026, from US$ 359.35 million in 2020, at a CAGR of 4.8% during 2021-2026.According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality across the globe. More than 70% of cancer-related deaths occur in low- and middle-income countries. The American Cancer Society stated that these countries have an increasing number of cancer patients and they lack access to radiation therapy. This factor is expected to offer new opportunities to the market players present in these regions.

Technological developments in the field of oncology treatment and R&D initiatives undertaken by the key players are some of the major growth drivers for this market. In addition, the companies are opting for acquisitions of smaller players to spread their regional outreach. For instance, iCAD markets the eBx system in U.S. through its subsidiary Xoft. iCAD stated with over 12,000 installation opportunities for tomosynthesis systems in U.S., there is a significant future opportunity for CAD and density assessment solutions for tomosynthesis.

According to the International Agency for Research on cancer, more than 15 million people are suffering from cancer worldwide at present. This number is expected to rise to 24 million by 2035. It is also estimated that 23.6 million new cancer cases will be diagnosed by 2030. Radiation therapy is used to palliate symptoms, cure localized cancer, and prevent cancer cells from spreading in case of incurable cancer. Demand for radiation therapy is expected to increase over the forecast period. The demand is also expected to witness growth in U.S. as radiotherapy is considered as a critical cancer treatment.

In Europe, the EU Science Hub has estimated that the number of new cancer cases in the region are anticipated to increase rapidly due to demographic changes. Radiotherapy is expected to be the most preferred treatment option in such cases. According to the EU Science Hub, by 2018 there will be 3.9 million new cases and more than 1.9 million deaths due to cancer in Europe. In addition, radiotherapy is vital for effective treatment of majority of cancers in middle- and low-income countries. These factors are anticipated to bode well for the growth of the market for brachytherapy in near future.

Market Segmentation, Outlook & Viewpoint: Global Brachytherapy Market

Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
High Dose Rate (HDR)
  
Low Dose Rate (HDR)

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Prostate Cancer
  
Gynecological Cancer
  
Breast Cancer
  
Others

Key Players, Recent Developments & Regional Insights: Global Brachytherapy Market

Prostate cancer held the dominant market share in 2017 due to the promising applications of brachytherapy in cancer treatment. On the other hand, breast cancer brachytherapy treatment is expected to witness the fastest CAGR over the forecast period due to increasing prevalence globally.

Recent advances in imaging technology have made this therapy more effective. In HDR brachytherapy, patients receive five weeks of external beam radiation therapy, followed by one to three sessions. In the treatment of prostate cancer, it allows safe escalation of the dosage to the tumor, while minimizing the dosage to surrounding healthy organs.

Regional Insights

North America held the largest market share in 2017. Brachytherapy is widely used in North America due to the advantages it offers over traditional methods as it is comparatively safer and efficient cancer treatment. According to the American Cancer Society, in 2018, more than 2 million new cancer cases will be diagnosed in U.S. The healthcare reforms in U.S. have improved access and coverage for the population and they aim at increasing efficiency of the health care system.

In Canada, Health Canada ensures the safety of medical devices and it verifies the specifications of medical devices mentioned by manufacturers. Health Canada has established the Canadian Patient Safety Institute (CPSI) to ensure patient safety. While the Canadian Nuclear Safety Commission (CNSC) ensures that the radiation received by the patients is under the supervision of qualified medical practitioners.

Asia Pacific Brachytherapy market is poised to witness the highest CAGR during the forecast period from 2018 to 2025. The region accounts for over 60% of world population and half the global burden of cancer. The prevalence of cancer is rising pertaining to unhealthy lifestyle. In addition, limited access to technologically advanced cancer treatments offers a wide scope for the market players.

Brachytherapy Market Share Insights

Key market players have been undertaking various strategies to expand and strengthen their presence across the globe. As cancer care completely relies on innovations and R&D, the market is likely to witness significant growth in the forthcoming years. Some of the key players opt for mergers and partnerships to capture the untapped markets. With rapid digitization in the field of medicine, more companies are focusing on integrated applications of hardware and software to develop next-generation oncology treatment solutions.

Some of the well-established companies in this market are Eckert & Ziegler BEBIG; IsoRay Medical, Inc.; Elekta AB; and Varian Medical Systems, Inc. These players have been present in the market for more than 35 years. They already have a well-established network of suppliers and customers, which helps in strengthening their market position. Additionally, some of the major companies also operate in other business domains. Hence, most often they are able to invest huge amounts for R&D activities.

Key Insights Covered: Global Brachytherapy Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Brachytherapy industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Brachytherapy industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Brachytherapy industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Brachytherapy industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Brachytherapy industry.

Research Methodology: Global Brachytherapy Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other