Brachytherapy Devices Market Outline
Brachytherapy is a type of radiotherapy that involves a procedure in which a radioactive material is placed inside the body giving a high radiation dose to the tumor while reducing the radiation exposure in the surrounding healthy tissues. Brachytherapy is commonly used as an effective treatment for cervical cancer, breast cancer, prostate cancer etc.
Global market was valued at US $ XX Mn in 2017 and expected to grow at XX% Compound Annual Growth Rate (CAGR) over 2018 to 2024
Brachytherapy devices market is driven by increase in incidence and prevalence of cancer and rise in demand for the non-invasive therapies for cancer treatment. According to World Health Organization (WHO), cancer is estimated to be one of the leading cause of deaths worldwide. In 2012, 14 Mn new cancer cases are diagnosed and new cancer cases will rise to 22 Mn within next two decades. In addition, technological advances in radiotherapy such as image guided radiation therapy (IMRT) and increase in adaptation of radiotherapy to treat cancer are expected to bolster the market over the forecast period. Furthermore, developing healthcare infrastructure and favourable government policies are expected to boost the market. However, high cost of equipment, treatment and side effects may restrain the growth of brachytherapy devices market globally during the forecast period.
Brachytherapy devices market is segmented based on the type, application, end user, and geography
Based on the type, the market is segmented into the following
- High Dose Rate Brachytherapy
- Low Dose Rate Brachytherapy
Based on the application, the market is segmented into the following
- Gynaecological cancer
- Prostate cancer
- Skin Cancer
- Breast cancer
- Cervical Cancer
Based on the end user, the market is segmented into the following
- Diagnostic Centres
- Ambulatory surgical centres
- Radiotherapy Centres
Based on Geography, the market is segmented into the following
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa.
Market players are focusing on product innovations and product launches to increase their market share and to sustain their positions in the brachytherapy devices market. Furthermore, companies adopting strategies such as mergers and acquisitions to strengthen their market in radiotherapy segment. For instance in 2011, Elekta AB acquired Nucletron- a leader in brachytherapy treatment planning and delivery- to strengthen their radiotherapy product portfolio. Academic and research institutions are also contributing to radiation therapy development by collaborating with market players.
Geographically, global brachytherapy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market expected to grow at notable rates owing to technological advancements, well-established healthcare infrastructure and favourable government policies. In addition growing prevalence of cancer expected to boost the radiotherapy market in this region. According to National Cancer Institute (NIH) estimates in 2016, 1,685,210 new cases of cancer cases were diagnosed in the united states. A number of new cases of cancer is 454.8 per 100,000 men and woman per year. Europe market expected to grow at significant rate owing to increase in cancer incidents and rise in adaptation of radiotherapy in the treatment of cancer. Asia Pacific market expected to grow at higher rate owing to increase in cancer cases, developing healthcare infrastructure and rising disposable income. According to WHO, more than 60% of new cancer cases occur in Asia, Africa and Central and South America.
- Varian Medical Systems, Inc. (U.S.)
- Ion Beam Applications (IBA) (Belgium)
- Accuray Incorporated (U.S.)
- Nordion, Inc. (Canada)
- Elekta AB (Sweden)
- Isoray Medical, Inc. (U.S.)
- R. Bard, Inc. (U.S.)
- ViewRay, Inc. (U.S.)
- RaySearch Laboratories (Sweden)
- Mitsubishi Electric Corporation (Japan)
- Mevion Medical Systems, Inc. (U.S.)