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.
New
product launch is one of the key strategies adopted by the leading companies.
For instance, in July 2018, IsoRay received FDA clearance for GammaTile Therapy
for the treatment of recurrent brain neoplasms. The launch of such
technologically advanced products is further expected to propel growth.
Related Press
Release @ Brachytherapy
Market Report
Brachytherapy Market Report Highlights
- The HDR
segment held the largest revenue share in 2020. The various advantages of
HDR internal radiation therapy such as short procedure time, protection
from radiation exposure, and higher efficacy are key factors contributing
to the dominance of this segment
- The
electronic brachytherapy segment is expected to witness the fastest CAGR
over the forecast period owing to advantages such as minimal exposure of
treating staff to radiation, low dose radiation to organ at risk, and no
radioactive waste
- Prostate
cancer accounted for the largest revenue share of more than 32.0% in 2020.
The promising applications of internal radiation therapy in the treatment
of prostate cancer is a major factor for the dominance of this segment
- In terms of
revenue, North America accounted for the largest revenue share of 45.0% in
2020. According to IAEA’s Directory of Radiotherapy Centres (DIRAC), as of
2020, the U.S. alone has around 766 brachytherapy systems
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