Global Brachytherapy Devices Market – Snapshot
The global brachytherapy devices market is driven by increase in incidence of cancer, high prevalence of cervical & lung cancer in developing regions, developed health care infrastructure, rise in demand for brachytherapy treatment, supportive government initiatives, and high acceptance of minimal invasive surgeries. However, higher reimbursement rates of other advanced radiation therapies, such as, IMRT and proton therapy and increase in demand for robotic prostatectomies are restraining the global brachytherapy devices market.
The global brachytherapy devices market has been segmented based on product type, dose rate, indication, end-user, and region. On the basis of product type, the global market has been classified into brachytherapy afterloaders, brachytherapy applicators, and others. The brachytherapy applicators segment has been bifurcated into intracavitary applicators, interstitial applicators, and others. Based on dose rate, the global brachytherapy devices market has been classified into high dose rate brachytherapy, low dose rate brachytherapy, pulse dose rate brachytherapy, and others. In terms of indication, the global brachytherapy devices market has been categorized into prostate cancer, breast cancer, cervical cancer, skin cancer, and others. By end-user, the global market has been divided into hospitals, cancer treatment centers, and others. The global brachytherapy devices market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, in terms of region.
The brachytherapy applicators segment is estimated to expand at a CAGR of 8.4% and account for the dominant share of the brachytherapy devices market during the forecast period. This therapy plays a pivotal role in cancer care treatment as they are more efficient and are used for patient navigation through cancer care continuum. Rise in investment in research & development on cancer also paves the way for the increasing demand for the therapy. Cervical cancer, being the fourth common type of cancer in women, affects 500,000 women every year globally. It is the largest growing market for brachytherapy, followed by prostate cancer, breast cancer, skin cancer, and others. Hospitals are the major customers of brachytherapy products as they have better reimbursement plans and advanced technology systems, followed by cancer treatment centers, and others.
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In 2017, North America dominated the global brachytherapy devices market, followed by Europe, and Asia Pacific. Increase in demand for high-quality treatment, popularity of brachytherapy devices, and technological advancements are the factors driving the brachytherapy devices market in these regions. Increase in health care expenditure, favorable reimbursement policies, rise in prevalence of cancer, and growth of geriatric population are anticipated to drive the brachytherapy devices market during the forecast period. Asia Pacific is the next growing market for brachytherapy devices. Factors likely to boost the growth of the brachytherapy devices market in the region are increase in population, rise in disposable income, and expansion of internal radiation facility. The brachytherapy devices market in Latin America and Middle East & Africa is expected to be driven by rising cancer incidence, growing patient population, improving economic conditions, and investments made by the government.
Key players operating in the global brachytherapy devices market include Boston Scientific Corporation, C.R. Bard, Inc., CIVCO Medical Instruments Co. Inc., Cook Medical, Eckert & Ziegler, BEBIG, Elekta AB, Theragenics Corporation, Varian Medical Systems Inc., iCAD Inc., Theragenics Corporation, and CIVCO Medical Solutions. Growing population, increasing demand for brachytherapy, rising prevalence of cancer in developing countries, and technological advancements are expected to drive the global brachytherapy devices market during the forecast period. Recent mergers & acquisitions executed by the key players act as a growth booster for the global brachytherapy devices market.