The Global Brachytherapy Market is expected to exhibit a solid 10.9% CAGR over the forecast period from 2017 to 2023, according to a new market research report from Market Research Future (MRFR). The report presents a detailed analysis of the global brachytherapy market’s projected growth rate and valuation based on the market’s historical performance figures and an analysis of the key trends moving the market. —
Brachytherapy is a type of radiation therapy performed with the source of radiation being placed near the site of treatment. The growing demand for cancer treatment is likely to be the major driving factor for the global brachytherapy market over the forecast period. The growing prevalence of various types of cancers has become a major concern for healthcare organizations around the world and the field of cancer research has gained considerable funding in the last few years from governments and private agencies alike, leading to growing demand for effective treatment methods such as brachytherapy.
However, there are certain factors that may limit the growth of this market to an extent. One of the major factors is the adverse effects of the radioactive compounds on the patient’s body leading to other health illness. Besides that, cost of the treatment, lack of awareness, lack of treatment facilities in underdeveloped areas may also affect the growth of global brachytherapy market.
Global Brachytherapy Market – Key Players
Some of the key players in this market are:
Modus Medical Devices Inc. (Canada)
Varian Medical Systems, Inc. (US)
Eckert & Ziegler (Germany)
R. Bard, Inc (US)
Argon Medical Devices, Inc. (US)
Elekta AB (Sweden)
IsoRay Medical, Inc. (US)
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Brachytherapy Market - Competitive Analysis
The Brachytherapy Market is experiencing growth owing to several strategies getting implemented by prominent service providers. These strategies include product innovation, merger, collaboration, acquisition and other methods that help not only companies to survive but also, the market to cement its foothold and pave in prospects. For instance, Varian Medical Systems, Inc. acquires Cooperative CL Enterprises (COOP), a leading distributor of radiotherapy equipment in Taiwan, to serve better their customers in Taiwan.
Sunnybrook’s Cancer Ablation Therapy Program is known for precision therapies without invasive surgeries. The institute introduced MRI-brachytherapy, first-of-its-kind, that reduces discomfort and trauma from the treatment.
A report published in Elsevier reveals that 3D-printed templates can be used in target volume localization for multicatheter interstitial brachytherapy in patients with breast cancer. This can significantly reduce the technical complexity associated with the multicatheter interstitial brachytherapy.
In January 2019, Hollings Cancer Center in the Medical University of South Carolina performed the world’s first prostate cancer surgery using IsoRay’s Blu Build brachytherapy delivery system.
Varian Medical Systems, Inc. provides brachytherapy devices including brachytherapy afterloaders and applicators. Besides that, it also provides software solutions for brachytherapy. In August 2017, Varian Medical Systems signed brachytherapy applicator distribution agreement with Bionix Radiation Therapy. In December 2016, the company announced the acquisition of the Medical Imaging business of PerkinElmer, Inc.
August 2017 Becton Dickinson and Company (BD) acquired Bard. The acquisition will expand its focus on disease treatment beyond diabetes, and include urology, peripheral vascular disease, cancer, and hernia.
May 2017 Eckert & Ziegler Strahlen- und Medizintechnik AG signed an agreement to acquire Gamma-Service, a specialist in manufacturing isotope technology. With this acquisition Eckert & Ziegler is expected to strengthen their market position and focus on the optimal servicing for their existing customers.
Feb 2017 Merit Medical Systems, Inc. to acquire products from Catheter Connections, Inc. and Argon Medical Devices. These product acquisitions will broaden Merit’s product portfolio and simultaneously expanding the companies’ geographic presence. The company also focuses on widening its customer base globally.
Jan 2017 Alliance Medical signed a pact to purchase Eckert & Ziegler Radio pharma GmbH (Eckert & Ziegler’s cyclotron division), a subsidiary of Eckert & Ziegler AG. The cyclotron division consist of four cyclotrons across Germany, Austria and Poland. The acquisition of Eckert & Ziegler’s cyclotron division will further extend the company’s molecular imaging presence in Europe as well as the radio pharmacy facilities in the Italy and UK.
Brachytherapy Market - Segments
The Global Brachytherapy Market is segmented on the basis of type, device, application, and region.
On the basis of type, the brachytherapy market is segmented into high dose-rate (HDR) brachytherapy, low dose-rate (LDR) brachytherapy, and pulse dose rate (PDR) brachytherapy.
On the bases of device, the market is segmented into brachytherapy after loaders and applicators.
On the basis of application, the brachytherapy market is segmented into prostate cancer, cervical cancer, breast cancer, skin cancer, and other cancers, including esophageal cancer, gynecologic cancers, anal/rectal tumors, and head and neck cancers.
Global Brachytherapy Market - Regional Analysis
The Global Brachytherapy Market is segmented into the Americas, Europe, the Middle East and Africa, and Asia Pacific.
The Americas segment accounts for more than 55% of the global brachytherapy market and is likely to remain the leading contender in the market in the coming years due to the increasing funding for cancer research in this region and the growing prevalence of several types of cancer. North America is the leading regional market within the Americas, with the U.S. being home to not just a growing population of cancer patients, but also to many of the major companies operating in the global brachytherapy market, thus enabling easy incorporation of technological upgradations into the workflow of the healthcare sector. Supportive government regulations for cancer research and increased adoption of advances in said research into clinical usage have also been vital for the brachytherapy market in North America.
Europe is also a leading regional market in the global brachytherapy market, accounting for around 20% of the market in 2016.
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