Brachytherapy Market: Growing Demand for Targeted Cancer Treatment Drives Market Expansion | CAGR of 7.1% from 2022-2031

PORTLAND, OREGON, UNITED STATES, May 26, 2023 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global brachytherapy market garnered $0.83 billion in 2021, and is estimated to generate $1.6 billion by 2031, manifesting a CAGR of 7.1% from 2022 to 2031. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Growing Demand: Brachytherapy, a form of internal radiation therapy, has gained significant traction in recent years due to its effectiveness in treating various cancers, including prostate, breast, cervical, and skin cancers. The market has experienced substantial growth, driven by the increasing prevalence of cancer and the rising demand for minimally invasive treatment options.

Technological Advancements: Advances in imaging technology, treatment planning systems, and radioactive sources have enhanced the precision and effectiveness of brachytherapy. The integration of imaging techniques like MRI and CT scans has improved treatment planning and patient selection, leading to better outcomes. Additionally, the development of new radioactive isotopes and brachytherapy devices has expanded the application of this therapy.

Prostate Cancer Dominance: Prostate cancer remains the leading indication for brachytherapy, contributing significantly to the market revenue. Brachytherapy offers an effective alternative to surgery and external beam radiation therapy, providing localized treatment with reduced side effects. The increasing adoption of brachytherapy for prostate cancer treatment, along with favorable reimbursement policies, has fueled market growth.

Shift towards High-Dose Rate (HDR) Brachytherapy: High-dose rate brachytherapy has gained prominence over low-dose rate (LDR) brachytherapy due to its shorter treatment duration and convenience. HDR brachytherapy involves the delivery of a high dose of radiation over a short period, typically in multiple fractions. The technique offers flexibility, reduced radiation exposure to healthcare providers, and allows for outpatient procedures.

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Market Drivers:

Increasing Cancer Prevalence: The rising incidence of cancer globally is a major driver for the brachytherapy market. Cancer is one of the leading causes of morbidity and mortality worldwide, and the demand for effective cancer treatments, including brachytherapy, is growing. Brachytherapy provides a targeted and localized approach to deliver radiation therapy, making it a preferred choice for certain cancer types.

Minimally Invasive Treatment Option: Brachytherapy offers a minimally invasive treatment option for various cancers. It involves the precise placement of radioactive sources directly into or near the tumor, delivering a high dose of radiation while sparing surrounding healthy tissues. Compared to open surgeries or external beam radiation therapy, brachytherapy reduces the risk of complications, improves patient recovery time, and enhances quality of life.

Market Segmentation:

Type of Brachytherapy:
a. High-Dose Rate (HDR) Brachytherapy: This involves the temporary placement of a high-dose radiation source for a specific duration, typically minutes to hours. It offers flexibility, shorter treatment times, and reduced radiation exposure to healthcare providers.
b. Low-Dose Rate (LDR) Brachytherapy: LDR brachytherapy involves the permanent implantation of low-dose radiation sources, which emit radiation over a longer period, typically days to weeks. It is commonly used for prostate cancer treatment.

Application:
a. Prostate Cancer: Brachytherapy is widely used for the treatment of prostate cancer. It can be the primary treatment option or used in combination with other therapies.
b. Gynecological Cancers: Brachytherapy is commonly employed in the treatment of gynecological cancers, such as cervical, endometrial, and vaginal cancers.
c. Breast Cancer: Brachytherapy is emerging as a treatment option for early-stage breast cancer, particularly after breast-conserving surgery.
d. Head and Neck Cancer: Brachytherapy can be used for localized treatment of head and neck cancers, delivering targeted radiation to the affected area.
e. Other Indications: Brachytherapy is also explored for various other cancers, including lung, skin, gastrointestinal, and brain tumors.

End User:
a. Hospitals: Brachytherapy procedures are primarily performed in hospitals, which have the necessary infrastructure and radiation therapy departments.
b. Cancer Treatment Centers: Specialized cancer treatment centers may focus on offering brachytherapy services as part of their comprehensive cancer care.

Geography:
The brachytherapy market can be segmented by geographical regions, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Different regions may exhibit varying market dynamics, including cancer prevalence, healthcare infrastructure, reimbursement policies, and market penetration.

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Regional Growth Dynamics:

North America held the largest share in 2021, contributing to around two-fifths of the global brachytherapy market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.5% during the forecast period.

Competitive Landscape:

Leading market players of the global brachytherapy market analyzed in the research include Argon Medical Devices, Inc., Eckert & Ziegler BEBIG, Elekta AB, iCAD, Inc., Siemens AG, isoray medical, inc., Merit Medical Systems, Inc., Theragenics Corporation, IsoAid, Carl Zeiss AG.

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