Global Brachytherapy Devices Market set to reach an aggregate of $834.3 million by 2024 at a CAGR of 6.06% for the Forecast Period 2018–2024
Factors such as rise in the incidence of cancer, an aging population, increase in demand of minimally invasive procedures, growing number of outpatient procedures, advancement in technology and increased adoption of non-invasive procedures in emerging countries will foster the market growth during the forecast period.
BANGALORE, India, April 23, 2018
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Brachytherapy Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018-2024”
According to Infoholic Research, the brachytherapy devices market is growing steadily due to factors such as growing cancer patient base, increasing technological advancements, and growing elderly population. The rising incidence of diseases along with increasing medical spending provides opportunities for manufacturing companies to come up with innovative technologies in the market. The high cost of instrument therapy, side effects, and lack of trained technicians in developing countries are few of the factors hampering the market growth.
IBRT is a type of radiation therapy in which a radioactive implant is placed inside the body, within or near the tumor site. It is a painless procedure, and depending on the treatment type and cancer, either permanent or temporary implant is placed. Various internal radiation therapy products include seeds, applicators, after loaders, and other accessories.
Brachytherapy products majorly find their application in prostate cancer, cervical cancer, breast cancer, lung cancer, head & neck cancer, brain cancer, and other cancer types. The demand for these products is expected to increase in the future due to rising cancer cases resulting from unhealthy food habits and changing lifestyle. According to the estimation of National Cancer Institute, in the US around 1.6 million new cases of cancer are diagnosed, and 595,690 people have died due to cancer in 2016. According to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to increase by about 70% over the next two decades.
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The market is analyzed based on three segments: product types, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW).
The product areas covered in the report includes high dose rate (HDR) brachytherapy, low dose rate (LDR) brachytherapy, intermediate dose rate, and pulsed dose rate; and products include seeds, applicators, after loaders, and accessories. Based on applications, the market is segmented into prostate cancer, cervical cancer, gallbladder, uterus, breast cancer, lung cancer, head & neck cancer, brain cancer, and others.
Based on end-users, the market is segmented into hospitals, radiation therapy centers, ambulatory service centers, and others. The hospital segment occupies around 60% of the revenue in the brachytherapy market.
Based on regions, the market is dominated by North America with more than 45.76% of the market share in 2017, due to its advances in technology and presence of leading vendors, increased regulatory reforms, and changes in reimbursement policies.
The advancement in technology and the anticipated launch of new products is expected to increase the sales in developed countries. According to the American Cancer Society, in 2017, there was an estimated 1,688,780 new cancer cases diagnosed and 600,920 cancer deaths in the US. In EU, cancer is the most important cause for mortality and morbidity in Europe after cardiovascular diseases. The highest cancer rate for men and women together was found in Denmark with 338 people per 100,000, the highest for any EU country.
Approximately 56% of breast cancer patients receive radiation therapy. The American Cancer Society also stated that about 12% of women in the US will develop invasive breast cancer over the course of their lifetime. Europe is expected to see steady growth in Brachytherapy, followed by North America, primarily because NHS has increased its expenditure from $145.14 billion (2016/2017) to $148.68 billion (2018/2019).
In Asia Pacific, India and China are the most attractive countries for the big players in the Brachytherapy industry. Both these nations hold tremendous business opportunities in terms of revenue and growth. ROW will be an emerging market in the next 5–6 years.
Latin America and APAC are the most focused and fastest growing regions due to vast opportunities for the market as most of the countries in these regions are focused towards increased healthcare expenditure from government as there is exponential growth in medical technology in countries such as Brazil, China, India, Mexico, Indonesia, Iran, South Korea, Nigeria, and South Africa.
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“Brachytherapy market is growing at a steady rate due to increased incidences of cancer coupled with an increase in aging population across the globe. This is fuelling the growth of the market. This radiation therapy is well tolerated by most of the patients, and it is not typically associated with the side effects of chemotherapy or surgery. In HDR brachytherapy, a single radioactive source is temporarily placed inside the tumor for few minutes and then removed. Today the advancement in technology have revolutionized the process of tumour targeting and radiation therapy planning.” - Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to:
- Provide an in-depth analysis of the key business opportunities in countries and verticals
- Provide complete details about the various types of brachytherapy devices
- Provide complete details of trending dental brachytherapy devices
- Provide complete details about the analysis of top players
- Provide industry outlook including current and future market trends, drivers, restraints, and emerging technologies