According to MarkNtel Advisors study the Global Brachytherapy Devices Market is projected to grow at a CAGR of around 7.0% during the forecast period, i.e., 2024-2029.
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Key Findings of the Study: Brachytherapy Devices market
Global Brachytherapy Devices Market Driver:
Rising Burden of Geriatric Population to Drive the Demand for Brachytherapy – The growing geriatric population globally is much more sensitive to carcinogenic agents, which has been leading to a significant rise in cancer prevalence in the geriatric population. There are various changes in the old-age population that have been responsible for the high rate of cancer like cellular damage, DNA damage, & weakened immune response among others.
Furthermore, the older population is also highly sensitive to the therapies that have been used for cancer treatment, as their tolerance is lower in comparison to the younger population. Hence, these patients have been observed to prefer therapies with lower side effects, and targeted effects, among which brachytherapy is one. Consequently, the growing geriatric population and rising cases of cancer among them have been positively affecting the demand for brachytherapy devices across the globe.
As per World Health Organization, the geriatric population in 2020 was around 1 billion, which would be doubled to 2.1 billion by the end of 2050. Hence, as the life expectancy of the consumers is increasing, which would uplift the geriatric population, and enhance the prevalence of cancer as well across the world. Therefore, this would drive the growth of the Global Brachytherapy Devices Market in the upcoming years.
Global Brachytherapy Devices Market Challenge:
Lack of Trained Professionals for Brachytherapy Devices to Hinder the Market Growth – Brachytherapy devices required skilled experts to operate these devices. Physicians, radiologists, medical physicists, and others involved in brachytherapy need special training to prepare and administer these treatments. Also tasks such as; imaging-guided electronic placement, and treatment planning using advanced software, requires expertise in different domains including the medical field, technology, etc., the training of the physicians is an essential step.
Lack of specialists in some of these areas has limited access to effective brachytherapy services, which has been negatively affecting the growth of the market. It is mainly as complex procedures and the exact location of electronic devices can be challenging for professionals, who have not received specialized training for the same. However, the companies have been taking steps to strengthen brachytherapy training and to increase its availability across all healthcare centers globally. They have also been collaborating with professional organizations, and industry partners to facilitate the development of training methods.
Hence, as more professionals would receive training, it would reduce this gap in the availability of experts to perform these therapies. Consequently, it would help in the further adoption of brachytherapy devices, which would drive market growth in the coming years.
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Scope of the Report and Brachytherapy Devices Market Segmentation:
By Product Type
- Seeds- Market Size & Forecast 2019-2029, USD Million
- Applicators & Afterloaders- Market Size & Forecast 2019-2029, USD Million
- Imaging systems- Market Size & Forecast 2019-2029, USD Million
- Others (Needles, Miniaturized X-Ray Source, etc.)- Market Size & Forecast 2019-2029, USD Million
By Technique
- Low Dose Rate (LDR)- Market Size & Forecast 2019-2029, USD Million
- High Dose Rate (HDR)- Market Size & Forecast 2019-2029, USD Million
- Pulse Dose Rate (PDR)- Market Size & Forecast 2019-2029, USD Million
By Application
- Prostate Cancer- Market Size & Forecast 2019-2029, USD Million
- Gynecological Cancer- Market Size & Forecast 2019-2029, USD Million
- Breast Cancer- Market Size & Forecast 2019-2029, USD Million
- Others (Skin Cancer, Esophageal Cancer, etc.,)- Market Size & Forecast 2019-2029, USD Million
By End-user
- Hospitals- Market Size & Forecast 2019-2029, USD Million
- Cancer Treatment Centers- Market Size & Forecast 2019-2029, USD Million
- Others (Specialty Clinics, Ambulatory Surgical Centers, etc.) – Market Size & Forecast 2019-2029, USD Million
HDR (High-Dose Rate) Brachytherapy has been dominating the market in the past few years and is expected to emerge as a top performer in the market in the coming years as well.
Brachytherapy Devices Market Development:
- 2022: Varian, launched BRAVOS® and GammaMedplus™ iX brachytherapy after loaders, along with a wide range of applicators and brachytherapy treatment planning software tools. It was in line to enhance its product portfolio in the brachytherapy segment.
- 2022: iCAD Inc., announced the successful results of a clinical trial of treatment of recurrent glioblastoma (GBM), under which additional patients have been treated. They also announced that these results expanded the usage of their Xoft® Electronic Brachytherapy (eBx®) System® by customers across the globe.
Geographical Analysis:
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Among them, North America has been a leading region in the Global Brachytherapy Devices Market during the historical years.
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