Brachytherapy Market Share, Trends, Demand, Growth Drivers, CAGR Status, Revenue, Challenges and Future Opportunities Till 2033: SPER Market Research

Published: Feb-2023

Author: SPER Analysis Team

TABLE OF CONTENT

RESEARCH METHODOLOGY

Brachytherapy Market Share, Trends, Demand, Growth Drivers, CAGR Status, Revenue, Challenges and Future Opportunities Till 2033: SPER Market Research

Global Brachytherapy Market is projected to be worth USD 1.98 billion by 2033 and is anticipated to surge at a CAGR of 7.56%.

Brachytherapy is chosen for cancer treatment over other types of radiation therapy equipment because individuals treated with it have a decreased risk of relapse. Image Guided Brachytherapy (IGBT) and Pulse Dose Rate are two more recent brachytherapy techniques (PDR). Programming agreements are now in place, allowing medical service providers to legally deliver and arrange brachytherapy for patients.

Global Brachytherapy Market Driving Factors and Challenges

Several major growth drivers are propelling the brachytherapy market, determining its rise within the healthcare sector. One of the key causes is the rising global prevalence of cancer, which is being accompanied by a greater emphasis on personalized and targeted treatment options. The capacity of brachytherapy to provide localized radiation directly to tumor locations while minimizing damage to healthy surrounding tissues corresponds well with this trend and puts it as a valuable therapeutic option.

Medical imaging technology and treatment planning software advancements are also propelling market expansion. These advancements have greatly enhanced the precision and accuracy of brachytherapy treatments, hence improving treatment outcomes and broadening its application to a broader spectrum of cancer types, including prostate, breast, cervical, and skin cancers.

However, the brachytherapy market is confronted with a variety of challenges. Regulatory approvals and reimbursement rules can stymie market growth. Another significant challenge is providing adequate training for healthcare staff to perform brachytherapy operations safely and successfully. Furthermore, the initial capital outlay for the necessary equipment and infrastructure can be substantial, limiting availability in some hospital settings. Other sophisticated cancer treatments compete for market share, such as external beam radiation therapy and immunotherapy.

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Impact of COVID-19 on Global Brachytherapy Market

The COVID-19 epidemic has had a significant impact on worldwide healthcare systems as well as the brachytherapy equipment business. According to a study published last year titled "The Impact of COVID-19 on Brachytherapy," advances in radiation therapy allowed a total of six people with unfavorable intermediate- and high-risk diseases to elect to receive EBRT followed by a brachytherapy boost, and four others were treated with brachytherapy instead because elective surgeries within the system had to be postponed due to the pandemic. Despite the challenges the healthcare system encountered throughout the outbreak, the vast majority of cancer patients were treated safely, with very modest delays and disruptions.

Brachytherapy Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Argon Medical Devices, Becton, Best Vascular, Carl Zeiss Meditec AG, CIVCO MEDICAL SOLUTIONS, Dickinson and Company, Eckert & Zieglet BEBIG A.G, Elekta AB, iCAD Inc, Isoray Inc, Panacea Medical Technology Pvt. Ltd., RadiaDyne, SUN NUCLEAR CORPORATION, Theragenics Corporation, VARIAN MEDICAL SYSTEMS, Inc.

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Global Brachytherapy Market Segmentation:

By Product: Based on the Product, Global Brachytherapy Market is segmented as; Applicators & Afterloaders, Electronic Brachytherapy, Seeds.

By Dosage: Based on the Dosage, Global Brachytherapy Market is segmented as; {High-Dose Rate (HDR) Brachytherapy, Low-Dose Rate (LDR) Brachytherapy}.

By Application: Based on the Application, Global Brachytherapy Market is segmented as; Breast Cancer, Gynecological Cancer, Prostate Cancer, Others.

By End User: Based on the End User, Global Brachytherapy Market is segmented as; Commercial, Industrial, Residential, Other End-Users.

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.