Brachytherapy Market Business Drivers, Top Companies and Competitive Analysis

Brachytherapy Industry Overview

The global brachytherapy market size is expected to reach USD 1.4 billion by 2028, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. The growth of the market is largely attributable to the rising prevalence of cancer, technology advancements, and increasing investment in R&D by major players. 

According to the International Agency for Research on Cancer, the global incidence of cancer is expected to rise to 24.6 million by 2030, from 19.3 million in 2020. This is expected to be a major factor driving the growth of the market. Additionally, technological advancements and favorable reimbursement scenarios, particularly in the developed countries, are expected to drive market growth.

However, the lack of access to technologically advanced systems particularly in developing nations, and the lack of skilled radiotherapy professionals are expected to restraint market growth. Around 70% of the cancer-related deaths occur in low-and-middle-income countries; however, only 3-4% of the radiotherapy needs of the population in these countries are met. This represents significant opportunities for investment for the key market players. 

Brachytherapy Market Segmentation

Grand View Research has segmented the global brachytherapy market by product, dosage type, application, and region:

Based on the Product Insights, the market is segmented into Seeds, Applicators & Afterloaders, and Electronic Brachytherapy.

• The seeds segment dominated the market and accounted for the largest revenue share of 30.5% in 2020.
• Seeds are small radioactive materials that are placed inside the body. These seeds can be placed in the body permanently or temporarily depending on the type of cancer.
• The electronic brachytherapy segment is expected to grow at the fastest rate during the forecast period.
• The various advantages of electronic brachytherapy such as low dose radiation to the organ at risk, minimal exposure of treating staff to radiation, and no radioactive waste are some of the major factors driving the adoption of this technique.

Based on the Type Insights, the market is segmented into HDR, and LDR.

• The HDR brachytherapy segment dominated the market and accounted for the largest revenue share of 71.2% in 2020.
• LDR brachytherapy is primarily used for the treatment of prostate cancer. The introduction of new products such as GammaTile for the treatment of brain cancer is expected to drive the growth of this segment.

Based on the Application Insights, the market is segmented into Prostate Cancer, Gynecological Cancer, Breast Cancer, and Others.

• The prostate cancer segment dominated the market and accounted for the largest revenue share of 32.9% in 2020.
• The breast cancer brachytherapy application segment is expected to witness a CAGR of 7.6% during the forecast period. The increasing usage of brachytherapy in Accelerated Partial Breast Irradiation (APBI) is one of the major factors driving the growth of this segment.
• Additionally, the rising incidence of breast cancer is also expected to drive the growth of this segment.

Brachytherapy Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA) 

Key Companies Profile & Market Share Insights

Some of the key players have been present in the market for more than 35 years. They already have a well-established network of suppliers and customers, which helps in strengthening their market position. Additionally, some of the major companies also operate in other business domains. Hence, most often they are able to invest huge amounts for R&D activities.

New product launches and mergers and acquisitions are some of the major strategies adopted by the players in order to gain market share. For instance, in 2017, Eckert and Ziegler BEBIG GmbH acquired WOLF-Medizintechnik GmbH, which manufactures X-ray devices for skin tumor treatment. With rapid digitization in the field of medicine, more companies are focusing on integrated applications of hardware and software to develop next-generation oncology treatment solutions.

Some of the prominent players in the brachytherapy market include:

• Varian Medical Systems, Inc.
• Becton
• Dickinson & Company
• Elekta AB
• Isoray Medical, Inc.
• Eckert & Ziegler BEBIG
• iCAD, Inc.
• CIVCO Medical Solutions
• Theragenics Corporation

Order a free sample PDF of the Brachytherapy Market Intelligence Study, published by Grand View Research.