Brachytherapy, also known as internal radiotherapy, involves a radiation source being placed inside or next to the area requiring treatment. It is majorly used in the treatment of cancer such as breast cancer, cervical cancer, prostate cancer, lung cancer, skin cancer, and others. Brachytherapy provides a higher dose of radiation directly to the tumor along with minimal damage to nearby normal tissues. It offers advantages like short treatment time, higher efficacy rate, minimal side effects, and cost-effectiveness. With increasing prevalence of cancer worldwide, brachytherapy is considered an effective treatment option for various cancer types.
The global Brachytherapy Market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising geriatric population is a major market opportunity for the brachytherapy market. Older people are more susceptible to developing cancer. According to the National Institute of Aging, by the year 2030, there will be about 72.1 million people aged 65 and over in the United States. This geriatric population is more prone to cancer and thus more likely to require brachytherapy treatment. The increasing elderly population base requiring effective cancer treatment makes brachytherapy a promising market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low as this market requires high capital investment and strict regulatory compliance for new players. The existing players have secured their positions in the market through established brand names and distribution networks.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required are commoditized and there exist many suppliers. However, patented technologies give some suppliers an advantage.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of many treatment options. Buyers can bargain over the prices of radiotherapy equipment and related services.
Threat of new substitutes: The threat of new substitutes is moderate as there exist alternative treatment options like surgery, chemotherapy and targeted drug therapy. However, brachytherapy offers advantages over substitutes with minimal invasion and focused dose delivery.
Competitive rivalry: The competitive rivalry is intense between the major global players competing to gain market share through product innovation and expansion into new geographies.
SWOT Analysis
Strengths: Brachytherapy provides localized and targeted treatment. It causes minimal damage to surrounding healthy tissues. Technological advancements enable higher dose delivery with precision.
Weaknesses: Brachytherapy requires skilled operators and has some safety hazards. Applicability is limited to certain cancer types. Catheter/applicator placement needs precision for optimal results.
Opportunities: Rising cancer incidence worldwide increases need for effective therapies. Emerging economies offer high growth potential. Radiotherapy combined with other modalities expands application scope.
Threats: Stringent regulatory norms increase compliance costs. Reimbursement policies vary across regions and pose challenges. Alternative non-invasive treatments compete in the market.
Key Takeaways
Global Brachytherapy Market Size is expected to witness high growth over the forecast period supported by rising cancer prevalence, technological advancements and increasing acceptance of the treatment modality. The global brachytherapy market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030.
The regional analysis indicates North America dominates the brachytherapy market currently owing to established healthcare infrastructure, availability of advanced treatment options and favorable reimbursement scenarios. Asia Pacific is poised to grow at the fastest pace on account of large patient populations, improving access to healthcare and focus of key global players to tap opportunities in emerging countries.
Key players operating in the brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG. The major players are focused on product launches, geographical expansions and acquisitions to strengthen their market positions.
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