Published: Oct, 2018
Transparency Market Research (TMR) has published a new report titled, “Brachytherapy Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global brachytherapy devices market was valued at US$ 863.1 Mn in 2018. The market is anticipated to expand at a CAGR of 8.1% from 2018 to 2026 and reach US$ 1,613.6 Mn by the end of the forecast period. Inclination toward minimally invasive procedures, wide usage of radiotherapy application to treat cancer, and rise in acceptance of epimacular brachytherapy are expected to augment the growth of the global market from 2018 to 2026.
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Increase in Cancer Incidence and Demand for Brachytherapy
Rise in incidence of cancer across the world is anticipated to propel the global brachytherapy devices market during the forecast period. Brachytherapy is used in treatment of different types of cancer, such as prostate cancer, cervical cancer, lung cancer, and others. The cervical cancer segment is likely to grow at a significant CAGR during the forecast period, thereby leading the global brachytherapy devices market, followed by the prostate cancer and others segments. Brachytherapy plays a major role in the diagnosis of gynecological cancer, especially cervical cancer. Brachytherapy is mandatory during cervical cancer treatment, especially in the U.S and Europe. According to the World Health Organization (WHO), cancer incidences across the globe are expected to rise by 70% in the next 20 years, with an estimated 8.3 million deaths every year.
Growth of Emerging Economies
The brachytherapy devices market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. Increase in incidence of lung and cervical cancer is the primary contributor of the growth of the market in the region. Presently, in China, 700,000 people have been diagnosed with lung cancer, leading to anticipated rise in the death rate. Hospitals and clinics in developing countries are underequipped to treat cancer effectively, which has led to health care organizations expand their internal radiation therapy facilities. In the past few years, the health care industry has grown rapidly, creating better treatment options for patients. 60% of the new cancer cases reported globally are from the developing countries of Asia, Africa, and South America regions. Growth in geriatric population, exposure to carcinogens, and increase in prevalence of HPV and hepatitis B are known to be the leading causes of cancer. Unique treatment offered through brachytherapy and rising recommendation of personalized medicines are likely to propel the global market.
North America to dominate the Global Market
North America is expected to lead the global brachytherapy market by 2026, accounting for 38.4% share of the global market. Technological advancements, demand for brachytherapy devices, and wide usage of brachytherapy devices in all types of cancer are the factors expected to boost the global brachytherapy devices market in the next few years. Favorable reimbursement policies is another key factor expected to boost the growth of the market in the near future. Increasing awareness and promising educational campaigns is paving way for North America to dominate the global market in the near future, followed by Europe and Asia Pacific. The government is also undertaking initiatives related to cancer treatment and spreading awareness of the disease. Increase in disposable income of people and growth in population are estimated to drive the brachytherapy devices market in the U.S. during the next few years. Moreover, mergers and acquisitions executed by the major players offer growth opportunities to the brachytherapy devices market in the country.
Technological Advancements to lead the Growth of the Global Market
In order to achieve better outcome for patients, improved techniques are developed to improve the quality of patient’s life. Shift from conventional methods to minimal invasive surgeries has been a major technological revolution. Minimal invasive surgeries are beneficial as they can interpret information related to tissue resistance during the procedure. Use of robotic system during treatment is an advantage as it can help in reducing the complications related to removal of tumor cells. Along with this advancement, new techniques, such as, electronic brachytherapy have been developed in order to provide more patient-centric treatment. Electronic brachytherapy is highly recommended for the treatment of non-melanoma skin cancer. It is preferred over traditional HDR brachytherapy products due to its radiation shielding feature.
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