The Global Market for Brachytherapy is Projected to Reach US$478 Million by 2024
Supported by Superior Clinical
Outcomes, the Growing Number of Brachytherapy Procedures to Benefit Demand for Brachytherapy
Devices, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Brachytherapy market. The global market for Brachytherapy
is projected to reach US$478 million by 2024, driven by growing cancer incidence, growing
clinical evidence indicating better cancer control in select cases, and
technological advances.
Brachytherapy,
a form of radiation therapy, continues to sustain on the back of more effective
cancer control and high survival rate benefits, despite emergence and wider
adoption of alternative radiation therapies such as external beam radiotherapy
(EBRT). Also called internal radiation therapy, brachytherapy is a cancer
treatment technique where radiation is placed in or close to targeted tumor or
treatment site. Cancer continues to remain a major health concern worldwide,
with incidence, prevalence and mortality from various types of cancer rising
each year. While demand for therapies used in cancer treatment is increasing,
lack of curative therapeutic options is driving demand for therapies that can
extend survival.
A
major benefit of brachytherapy is that it allows achievement of high doses of
radiation for the tumor while minimizing exposure of surrounding areas to the
radiation. Shorter treatment times, lower complications, faster recovery, and
less cumbersome equipment work in favor of this therapy. Growing cases of
cancers worldwide, lower costs, mounting evidence in favor of brachytherapy
from research and technological advances are driving demand for brachytherapy. Primarily
used in the treatment of prostate and gynecological cancers, brachytherapy finds use in
treating certain other cancers such as breast and skin cancers. Ongoing
research focusing on expansion of applications is also expected to foster
growth in the coming years.
Despite
being existence for several decades, brachytherapy is not a mainstay radiation therapy
across the globe, with more advanced technologies such as [external beam
radiotherapy (EBRT)] garnering higher preference. While the emergence of remote afterloading machines has helped its revival, brachytherapy
is gaining importance as an effective curative management alternative in
various locally advanced cancers that is driving its demand. Growing evidence
that supports brachytherapy’s capability of superior disease control when used
in combination with other radiation therapies as boost therapy or as standalone,
instead of other standalone or combination alternative therapies such as EBTR,
radical prostatectomy, and androgen deprivation, is expected to drive adoption
in the coming years. Advances in imaging techniques, such as 3D CT and MR
scanners, and their use in brachytherapy have allowed physicians to locate the
exact shape, size, and position of the tumor precisely in the patient’s body,
thereby facilitating accurate placement of the brachytherapy seeds. The emergence of 3D image
guided brachytherapy has elevated the efficacy and outcomes of brachytherapy,
and continues to find tremendous growth in adoption. Another major trend in the
market is the shift towards HDR Brachytherapy, away from LDR
brachytherapy. Advancements in technology and software have allowed doctors to
accurately calculate the dose needed to treat the tumor as well as its
distribution, infusing further efficacy and safety into brachytherapy thereby
driving brachytherapy.
As
stated by the new market research report on Brachytherapy, the U.S. represents the
largest market worldwide. Availability of reimbursement for radiotherapy
procedures is a key factor resulting in higher adoption of brachytherapy in the
US. Supporting guidelines for brachytherapy also contribute to relatively
higher adoption. However, developing economies, such as Asia-Pacific and Latin
America, led by China, India, and Brazil are expected to witness increased
uptake of brachytherapy treatment in the coming years. Asia-Pacific represents
the fastest growing market worldwide, with a CAGR of 6.1% through the analysis
period. Increase in medical tourism, growing cancer burden, healthcare
infrastructure limitations and inherent benefits of the technology over
alternatives are expected to drive demand for brachytherapy in the region.
Major
players in the market include Bard Medical Division, Best Medical
International, Inc., Best Vascular, Inc., Boston Scientific Corporation, Carl
Zeiss Meditec AG, Eckert & Ziegler Group, Elekta AB, IsoRay, Inc., Sirtex
Medical Limited, Sun Nuclear Corporation, Theragenics Corporation, Varian
Medical Systems, Inc. and Xoft, Inc. among others.
The
research report titled “Brachytherapy: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Brachytherapy in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain,
Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of
Latin America).
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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