Brachytherapy Market Analysis By Application and Region

The global brachytherapy market size was valued at USD 788.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028.

The global Brachytherapy Market size is expected to reach USD 1.4 billion by 2028, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. The growth of the market is largely attributable to the rising prevalence of cancer, technology advancements, and increasing investment in R&D by major players.

According to the International Agency for Research on Cancer, the global incidence of cancer is expected to rise to 24.6 million by 2030, from 19.3 million in 2020. This is expected to be a major factor driving the growth of the market. Additionally, technological advancements and favorable reimbursement scenarios, particularly in the developed countries, are expected to drive market growth.

However, the lack of access to technologically advanced systems particularly in developing nations, and the lack of skilled radiotherapy professionals are expected to restraint market growth. Around 70% of the cancer-related deaths occur in low-and-middle-income countries; however, only 3-4% of the radiotherapy needs of the population in these countries are met. This represents significant opportunities for investment for the key market players.

New product launch is one of the key strategies adopted by the leading companies. For instance, in July 2018, IsoRay received FDA clearance for GammaTile Therapy for the treatment of recurrent brain neoplasms. The launch of such technologically advanced products is further expected to propel growth.

Related Press Release @ Brachytherapy Market Report

Brachytherapy Market Report Highlights

• The HDR segment held the largest revenue share in 2020. The various advantages of HDR internal radiation therapy such as short procedure time, protection from radiation exposure, and higher efficacy are key factors contributing to the dominance of this segment
• The electronic brachytherapy segment is expected to witness the fastest CAGR over the forecast period owing to advantages such as minimal exposure of treating staff to radiation, low dose radiation to organ at risk, and no radioactive waste
• Prostate cancer accounted for the largest revenue share of more than 32.0% in 2020. The promising applications of internal radiation therapy in the treatment of prostate cancer is a major factor for the dominance of this segment
• In terms of revenue, North America accounted for the largest revenue share of 45.0% in 2020. According to IAEA’s Directory of Radiotherapy Centres (DIRAC), as of 2020, the U.S. alone has around 766 brachytherapy systems