The global market for brachytherapy devices is anticipated to rise at a moderate rate in the upcoming years, which is mainly attributed to a growing geriatric population worldwide susceptible to chronic diseases and a significant rise in minimally invasive procedures. Brachytherapy devices are advantageous over radiation therapy equipment as they provide high precision for treatment of early-stage and smaller tumors, and also for the treatment of various cancers. This is because brachytherapy devices enable optimal placement of radiation source needed for high localized doses of radiation.
Brachytherapy devices are preferred over other radiation therapy equipment for treatment of tumors, as patients treated using these devices have negligible probability of recurrence of the condition. Apart from this, less time needed for treatment, cost-effectiveness of brachytherapy, and efficiency factor of brachytherapy devices are acting in favor of brachytherapy devices market. Further, the growth of the global medical tourism industry is also having a positive bearing on the brachytherapy devices market. The rising prevalence of cancer and increasing application of brachytherapy for the treatment of other bodily disorders is predicted to fuel the market’s growth.
As per a report by Transparency Market Research (TMR), the global market for brachytherapy devices is predicted to rise at 4.2% CAGR between 2017 and 2022, for the market to be worth US$383.7 mn by the end of 2022.
Leading Year on Year Absolute Growth Accounts for Dominance of Low Dose Rate Technique Segment
The report studies the brachytherapy devices market in terms of technique, end user, application, and region. The segments into which the global brachytherapy devices market is segregated in this report based upon technique are high dose rate, low dose rate, and others. Of them, the segment of low dose rate technique is anticipated to be worth US$167.4 mn by the end of 2017 to represent 45.7% of the market. Expanding at a CAGR of 3.9% between 2017 and 2022, low dose rate technique of the brachytherapy devices market is expected to be worth US$202.9 mn by 2022-end. The low dose rate technique segment of the market is displaying a year on year growth of US$7.1 mn, which is larger than the absolute growth displayed by any other segment.
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In terms of end user, the report divides the global brachytherapy devices market into hospital, oncology treatment centers, and others. The segments into which the global brachytherapy devices market is divided depending upon application are cervical cancer, prostate cancer, breast cancer, skin cancer, and others.
The key regions into which the global brachytherapy devices market is divided in this report are North America, Latin America, Europe, Asia Pacific except Japan, the Middle East and Africa, and Japan.
North America to Remain Leading until 2022
North America brachytherapy devices market is anticipated to lead the overall market vis-à-vis revenue by the end of 2017, and the region is expected to hold on to its dominant position until the end of 2022. The TMR report projects North America to be the most attractive regional market for brachytherapy devices, which is likely to expand at a CAGR of 4.7% between 2017 and 2022.
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Europe is another key market for brachytherapy devices mainly due to a modern healthcare infrastructure and an increasing prevalence of cancer. However, Japan is expected to display the second-leading CAGR of 4.2% between 2017 and 2022. This is mainly because of meticulous research for treatment of cancer and efforts for the development of equipment for the treatment of the condition.
Some of the leading players in the global brachytherapy devices market are Boston Scientific Corporation, C.R. Bard Inc., C4 Imaging LLC, Cianna Medical Inc., Cook Medical Incorporated, Eckert & Ziegler BEBIG S.A., Elekta AB, GE Healthcare, Huiheng Medical Inc., Isoaid LLC, Olympus, Panacea Medical Technologies Pvt Ltd., Radiadyne LLC, Theragenics Corporation, and Varain Medical Systems Inc.