Brachytherapy Market Revenue to Exceed $1.4 Billion by 2028 | CAGR: 7.1%

Posted on 2022-10-14 by researchinsights in Healthcare, Industrial, Pharmaceuticals, Technology // 0 Comments

San Francisco, Calif., USA, Oct 14, 2022 — /EPR Network/ —

Brachytherapy Industry Overview

The global brachytherapy market size was valued at USD 788.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. The increasing prevalence of cancer, technological advancements, and a significant rise in the adoption of brachytherapy are expected to drive the growth of the market during the forecast period. Brachytherapy is a type of radiation therapy used for the treatment of cancer. The radioactive materials are placed inside the body with the help of catheters.

It is an excellent treatment for localized tumors. Currently, artificially produced radionuclides such as Caesium-137, Iridium-192, Gold-198, Iodine-125, and Palladium-103 are routinely used. According to the International Agency for Research on Cancer (IARC), the global incidence of cancer in 2020 is estimated to be around 19.3 million. This is expected to increase to 24.6 million by the year 2030. The increasing cancer burden is one of the major factors driving the market.

Gather more insights about the market drivers, restraints, and growth of the Global Brachytherapy market

Radiation therapy can be used for prophylactic, palliative, or curative treatment. It can also be used as monotherapy or as an adjuvant with surgery, immunotherapy, and chemotherapy. The wide range of applications of radiotherapy has increased its adoption by physicians. The latest advancements in radiation therapy allow the delivery of a high amount of dose to the target area with minimum damage to nearby healthy tissues. This has increased the chances of localized tumor control and has improved cure rates, leading to an increase in demand for radiation therapy.

However, the lack of skilled radiotherapy professionals and access to technologically advanced products, particularly in developing countries is expected to be a major restraining factor for this market. According to the IAEA’s Directory of Radiotherapy Centres (DIRAC), as of 2020, there are around 3300 brachytherapy systems installed across radiation therapy centers worldwide. Around 60% of the cancer cases occur in LMICs. 80% of patients in these countries lack access to treatment as they have limited access to technologically advanced products. In LMICs, only 3-4% of the radiotherapy needs are met as opposed to 60-80% in the European countries.

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