Brachytherapy Market is Estimated to Witness High Growth Owing to Opportunity of Development of Novel Radioactive Seeds and Needles

Brachytherapy involves placing radioactive sources near or in the tumor to deliver concentrated radiation therapy for cancer treatment. Brachytherapy seeds and needles containing radioactive isotopes such as Iodine-125 or Palladium-103 are placed inside or near the tumor to kill cancer cells. It is a minimally invasive procedure used for treating prostate, breast, cervical, lung, and certain other types of cancer. Brachytherapy provides several advantages over external beam radiation therapy such as highly targeted treatment, sparing of normal tissues, shorter treatment durations and better results for certain types of cancer. With rising prevalence of cancers worldwide, demand for brachytherapy treatments is increasing. The global Brachytherapy Market is estimated to be valued at US$ 1119.99 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Development of Novel Radioactive Seeds and Needles

The market opportunity lies in research and development for advancing brachytherapy techniques through innovations in brachytherapy seeds and needles. Brachytherapy provides outstanding clinical outcomes; however, current radioactive seeds and needles have limitations such as short half-life of radioactive isotopes requiring multiple implants. Developers are working on novel brachytherapy devices such as polymer-based seeds that can deliver radiation dose over longer duration with just one implant. There is also scope for developing biodegradable radioactive seeds and needles that dissolve gradually releasing radiation continuously for weeks. This will eliminate risks associated with seed migration and removal surgery. With continued innovations, brachytherapy is expected to play a major role in cancer treatment owing to its high targeting efficiency and minimal side effects as compared to other radiotherapy techniques.

Porter's Analysis

Threat of new entrants: The Brachytherapy Market requires high initial capital investments for equipment and technology which makes entry difficult for new players. Bargaining power of buyers: Individual buyers have low bargaining power due to lack of substitutes and importance of treatments. However, larger healthcare providers negotiation on price and purchase volume. Bargaining power of suppliers: A few major players dominate the Brachytherapy devices supplying creating pricing pressure. Threat of new substitutes: Substitution threat is moderate as new therapeutics and targeted therapies and external beam radiation are evolving but complement Brachytherapy applications. Competitive rivalry: The market is consolidated with major players differentiating through innovation, quality and customer support facing competition.

SWOT Analysis

Strengths: Brachytherapy provides localized treatment minimising side-effects. Targeted delivery achieves high radiation doses with minimal exposure to surrounding healthy tissues. Weaknesses: Requires specialized skills and high costs of equipment limits accessibility. Involve surgical intervention during application compared to other radiation therapies.

Opportunities: Growing incidence of cancer worldwide drives the demand. Expanding applications in prostate, cervical, breast and other cancers offer scope. Threats: Reimbursement barriers affect the technology uptake. Alternative precision treatments challenge the market share. Significant research investments are diverted to novel therapeutics.

Key Takeaways

The Global Brachytherapy Market Size is expected to witness high growth from 2024 to 2023 owing to rising prevalence of cancers worldwide.

Regionally, North America dominates currently owing to high acceptance and regulatory approvals for new applications. Asia Pacific is poised to grow at fastest rate led by China and India due to rising healthcare investments, unmet treatment needs and favorable regulations.

Key players operating in the Brachytherapy market are Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG, and iCAD. Varian Medical Systems led the sales in 2021 and expanded indications through collaborative research. Elekta offers applicator systems and afterloader technologies along with imaging. IsoRay pursues novel exposure catheter technologies to expand applications. Players focus on advancing image guidance, applicator designs and treatment planning to strengthen market share.

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