Brachytherapy Market Expected to Reach $1.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Brachytherapy Market," The brachytherapy market was valued at $0.83 billion in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 7.1% from 2022 to 2031.

Brachytherapy is a procedure that includes placing radioactive material inside the body of the patient. It is one type of radiation therapy that's utilized to treat cancer. This sometimes is also known as internal radiation. In this procedure, doctors deliver higher doses of radiation to the specific areas of the body, compared with the conventional form of radiation therapy (external beam radiation) that gives radiation from a machine that is outside an individual's body. It may cause fewer side effects than external beam radiation, and the overall treatment time is usually quicker with brachytherapy. It can be used alone or in combination with other cancer treatments. 

There are two types of brachytherapy i.e., low dose rate brachytherapy and high dose rate brachytherapy. In low dose rate brachytherapy, lower dose of radiation is given to treat cancer for longer time. In high dose rate brachytherapy, higher amount of radiation delivers directly to the treatment area. This lowers the risk of hurting nearby healthy tissue and shorter the treatment time.    

The growth of the Brachytherapy Market Size is majorly driven by a rise in the number of prostate cancers, gynecological cancers, lung cancer, colorectal cancers cases, rise in funding support by various organizations and rise in geriatric population that is vulnerable to cancer. For instance, according to a report published by the American Cancer Society in 2022, lung cancer mainly occurs in geriatric population. Two out of three people diagnosed with lung cancer are 65 or older, while less than 2% are younger than 45. The average age at the time of diagnosis is about 70. Most diseases such as cancer are highly prevalent in geriatric population. According to the world health organization (WHO), in 2020, lung cancers were 2.21 million, colon and rectum cancer were 1.93 million and prostate cancer were 1.41 million, skin cancer (non-melanoma) were 1.20 million cases. As per world health organization (WHO), in 2020, 604,100 new esophageal cancer cases were recorded and almost 1.93 million new cases, among which 95% were caused due to adenocarcinoma and 0.9 million deaths were caused due to colorectal cancer globally. According to American Cancer Society, in 2021, estimates for esophageal cancer in the U.S. for 2021 are about 19,260 new esophageal cancer cases diagnosed, in which 15,310 are men and 3,950 are women.

Furthermore, Brachytherapy Market Trends such as unmet medical demands in developing countries, increase in awareness regarding brachytherapy, rise in prevalence of breast cancers among women and advancements in Brachytherapy Industry drives the growth of Brachytherapy Market Size. For instance, according to American Cancer Society, in U.S., in 2022, approximately 1,918,030 new cancer cases and 609,360 cancer deaths reported. According to American Cancer Society, in U.S., in 2021, estimated new cases of female breast cancer were 281,550. According to the data of Breast Cancer Organization, in January 2021, there were more than 3.8 million women with a history of breast cancer in the U.S. In addition, increase in focus on women reproductive health, rise in government funding for research regarding endometriosis boost the growth of Brachytherapy Industry. 

On the basis of product type, the seeds segment generated maximum revenue in 2021 and is expected to witness a highest CAGR during the forecast period, owing to high adoption of seeds, increase in availability of seeds, and rise in technological advancement in brachytherapy seeds.  

Based on technique, the low dose rate segment generated maximum revenue in 2021 and is expected to witness highest CAGR during the forecast period, owing to high adoption of low dose rate technique for the treatment of cancer, increase in prevalence of prostate cancer, breast cancer and gynecological cancer. 

On the basis of application, the prostate segment generated maximum Brachytherapy Market Share in 2021 and is expected to witness highest CAGR during the Brachytherapy Market Analysis period, owing to rise in cases of prostate cancer, and increase in government funding for research regarding prostate cancer. 

On the basis of end user, the hospitals segment is expected to witness a highest CAGR and Brachytherapy Market Share during the Brachytherapy Market Forecast period, owing to factors such as well-equipped operation theatre, higher buying power, and rise in patient admission. 

Depending on region, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to increase in populations, surge in healthcare expenditure, increase in awareness related to use of brachytherapy to treatment of cancer.

KEY FINDINGS OF THE STUDY

• On the basis of product type, the seeds segment held the largest share in the brachytherapy market in 2021.
• On the basis of technique, the low dose rate segment held the largest share in the brachytherapy market in 2021.
• By application, the prostate segment held the largest share in the brachytherapy market in 2021.
• On the basis of end user, the others segment held the largest market share in 2021.
• On the basis of region, North America held the largest market share in 2021.