The global brachytherapy devices market is estimated to witness a massive growth rate of 8% from 2020 to 2030. The COVID-19 pandemic has had a slightly negative impact on the market. The fact that patients have reduced visits to hospitals and healthcare centers due to the pandemic is impeding market growth to some extent.
However, other factors such as increased geriatric population and rising awareness of minimally-invasive radiotherapy procedures have been a great contributor to the growth of the brachytherapy devices market. Rise in the demand for devices in newly established hospitals across underdeveloped regions is also a key aspect of market growth, especially in the Asia Pacific region.
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Key Trends of Brachytherapy Devices Market
- North America is the dominant region and accounted for US$ 363 million in market value in 2019.
- Hospitals are the leading end user segment, and will hold 60% of the total market share.
- Cervical cancer is the leading indication segment of the market, with an average of 500,000 females getting diagnosed every year.
- The applicators segment of the global brachytherapy devices market is set to expand at a growth rate of 8.4%.
- The brachytherapy devices market is in a state of consolidation, where key players account for over 70% of the market revenue.
- North America holds the largest share in the brachytherapy devices market. This is predominantly due to rise in cancer cases and convenient insurance policies laid out by healthcare sector in the region. Factors such as research & development of brachytherapy devices with new and advanced technologies also helps this regional market to do well in this space.
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Brachytherapy Devices Market: Segmentation
Fact.MR has studied the brachytherapy devices market with detailed segmentation on the basis of by type, indication, dose rate, end user, and key regions.
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Technological Advancements Key to Market Growth
Key players such as Elekta AB and Accuray are investing in the research & developments of brachytherapy devices – image-guided brachytherapy (IBT), etc., which is one of the latest technologies introduced in the market. Other competitors are also adapting and expanding their portfolios pertaining to such technologies. This has become one of the leading factors that will significantly affect market revenue and increase competition among players in the brachytherapy devices market landscape.
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