Brachytherapy Market Expected to Reach US ~$1.35 billion and CAGR 7.2% by 2028 – Polaris Market Research
The global Brachytherapy Market size is expected to reach USD 1.35 billion by 2028 according to a new study by Polaris Market Research.
Brachytherapy is a type of radiotherapy that is used to treat Parkinson’s disease and cancers of all types. Internal radiation treatment is another name for it. Unlike external beam radiation therapy, which releases radiation from the outside, brachytherapy specifically targets the cancerous growth from the inside. Radiation seeds are implanted into cancer cells and positioned in such a way that they can most effectively attack cancer.
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The use of brachytherapy to kill tumor cells decreases the risk of harm to healthy organs and tissues accompanying the tumor, as well as the possibility of side effects. The increasing incidence of chronic, technological advances and increased investment in research & development by major players are all contributing to the overall market growth for brachytherapy.
As per the International Agency for Research on Cancer, cancer will affect 24.6 million people worldwide by 2030, up from 19.3 million, in 2020. This is supposed to be a significant factor in the market’s expansion. Furthermore, market growth will continue to be fueled by technological advancements and supportive regulatory scenarios, especially in developed countries.
Nevertheless, market growth is expected to be limited by a lack of access to technologically advanced systems, especially in developing countries, and a scarcity of qualified radiotherapy professionals. Around 70% of cancer-related deaths occur in low- and middle-income countries, but only 3-4 percent of the populace’s radiation therapy needs are being met in such countries.
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The major industry players would have major investment opportunities as a result of this. Nevertheless, a scarcity of qualified radiologists and innovative radiation therapy services, as well as compensation problems, will be major impediments to the overall market growth for brachytherapy in the coming years.
Some of the major players operating in the global market for brachytherapy include Varian Medical Systems, Inc., iCAD, Inc., Elekta AB, Eckert & Ziegler BEBIG, Isoray Medical, Inc., CIVCO Medical Solutions, Becton Dickinson & Company, and Theragenics Corporation.
Key players in the market are introducing new products. For example, IsoRay received FDA approval for GammaTile Therapy, in July 2018, for the prevention of chronic brain neoplasms. The introduction of this kind of technologically advanced product is likely to fuel the target market growth.
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Polaris Market Research has segmented the brachytherapy market report based on product, dosage type, application, and region:
Brachytherapy, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Applicators & Afterloaders
- Electronic Brachytherapy
Brachytherapy, Dosage Type (Revenue – USD Million, 2016 – 2028)
Brachytherapy, Application (Revenue – USD Million, 2016 – 2028)
- Prostate Cancer
- Gynecological Cancer
- Breast Cancer
Browse detailed report with in-depth TOC – Brachytherapy Market
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