Brachytherapy is a type of radiation therapy in which a radiation emitting source is placed near the area requiring treatment. The Global Brachytherapy Market is expected to exhibit a solid 10.9% CAGR over the forecast period from 2017 to 2023, according to a new market research report from Market Research Future (MRFR). The report presents a detailed analysis of the global brachytherapy market’s projected growth rate and valuation based on the market’s historical performance figures and an analysis of the key trends moving the market.
The growing prevalence of various types of cancer is likely to be the dominant growth driver for the global brachytherapy market over the forecast period. The growing prevalence of prostate, breast, lung, and colorectal cancers in the developed and developing world is likely to lead a growing demand from the global brachytherapy market over the forecast period.
Rising awareness about cancer treatment is also likely to play a key role in the global brachytherapy market’s growth over the forecast period, as the awareness about cancer is lacking in some parts of emerging regions such as Asia Pacific, Latin America, and Africa. Growing availability and increasing affordability of cancer treatments in these relatively impoverished regions is also likely to be a major growth driver for the global brachytherapy market, as brachytherapy treatment would have been too expensive for most customers in these regions a few decades ago.
Global Brachytherapy Market – Key Players
Some of the key players in this market are:
- Modus Medical Devices Inc. (Canada)
- Varian Medical Systems, Inc. (US)
- Eckert & Ziegler (Germany)
- C. R. Bard, Inc (US)
- Argon Medical Devices, Inc. (US)
- Elekta AB (Sweden)
- IsoRay Medical, Inc. (US)
- IsoAid (US)
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Brachytherapy Market – Segments
The Global Brachytherapy Market is segmented on the basis of type, device, application, and region.
On the basis of type, the brachytherapy market is segmented into high dose-rate (HDR) brachytherapy, low dose-rate (LDR) brachytherapy, and pulse dose rate (PDR) brachytherapy.
On the bases of device, the market is segmented into brachytherapy after loaders and applicators.
On the basis of application, the brachytherapy market is segmented into prostate cancer, cervical cancer, breast cancer, skin cancer, and other cancers, including esophageal cancer, gynecologic cancers, anal/rectal tumors, and head and neck cancers.
Brachytherapy Market – Competitive Analysis
The Brachytherapy Market is experiencing growth owing to several strategies getting implemented by prominent service providers. These strategies include product innovation, merger, collaboration, acquisition and other methods that help not only companies to survive but also, the market to cement its foothold and pave in prospects. For instance, Varian Medical Systems, Inc. acquires Cooperative CL Enterprises (COOP), a leading distributor of radiotherapy equipment in Taiwan, to serve better their customers in Taiwan. C. R. Bard, Inc has been bought by Becton Dickinson in 2017 which can be considered exemplary in this regard.
Industry News:
Sunnybrook’s Cancer Ablation Therapy Program is known for precision therapies without invasive surgeries. The institute introduced MRI-brachytherapy, first-of-its-kind, that reduces discomfort and trauma from the treatment.
A report published in Elsevier reveals that 3D-printed templates can be used in target volume localization for multicatheter interstitial brachytherapy in patients with breast cancer. This can significantly reduce the technical complexity associated with the multicatheter interstitial brachytherapy.
In January 2019, Hollings Cancer Center in the Medical University of South Carolina performed the world’s first prostate cancer surgery using IsoRay’s Blu Build brachytherapy delivery system.
Varian Medical Systems, Inc. provides brachytherapy devices including brachytherapy afterloaders and applicators. Besides that, it also provides software solutions for brachytherapy. In August 2017, Varian Medical Systems signed brachytherapy applicator distribution agreement with Bionix Radiation Therapy. In December 2016, the company announced the acquisition of the Medical Imaging business of PerkinElmer, Inc. Earlier in August 2014, it had also acquired Certain Assets of Transpire, Inc., a specialized developer of radiation simulation software.
August 2017 Becton Dickinson and Company (BD) acquired Bard. The acquisition will expand its focus on disease treatment beyond diabetes, and include urology, peripheral vascular disease, cancer, and hernia.
May 2017 Eckert & Ziegler Strahlen- und Medizintechnik AG signed an agreement to acquire Gamma-Service, a specialist in manufacturing isotope technology. With this acquisition Eckert & Ziegler is expected to strengthen their market position and focus on the optimal servicing for their existing customers.
Feb 2017 Merit Medical Systems, Inc. to acquire products from Catheter Connections, Inc. and Argon Medical Devices. These product acquisitions will broaden Merit’s product portfolio and simultaneously expanding the companies’ geographic presence. The company also focuses on widening its customer base globally.
Jan 2017 Alliance Medical signed a pact to purchase Eckert & Ziegler Radio pharma GmbH (Eckert & Ziegler’s cyclotron division), a subsidiary of Eckert & Ziegler AG. The cyclotron division consist of four cyclotrons across Germany, Austria and Poland. The acquisition of Eckert & Ziegler’s cyclotron division will further extend the company’s molecular imaging presence in Europe as well as the radio pharmacy facilities in the Italy and UK.
August 2016 Eckert & Ziegler had acquired Branchy Solutions BVBA, a European prostate seed distributor. The acquisition will strengthen Eckert & Ziegler seed manufacturing position in Europe
Jan 2016 Argon Medical Devices, Inc. acquired three vascular products from Rex Medical, LLC. The product include, UltraStream Chronic Hemodialysis Catheter Option, ELITE CLEANER Rotational Thrombectomy System, and Retrievable Vena Cava Filter are wholly owned by this company. The acquisition is expected to fortify the existing interventional portfolio. It further enables the company to offer customer procedure-based comprehensive solutions.
Global Brachytherapy Market – Regional Analysis
The Global Brachytherapy Market is segmented into the Americas, Europe, the Middle East and Africa, and Asia Pacific.
The Americas segment accounts for more than 55% of the global brachytherapy market and is likely to remain the leading contender in the market in the coming years due to the increasing funding for cancer research in this region and the growing prevalence of several types of cancer. North America is the leading regional market within the Americas, with the U.S. being home to not just a growing population of cancer patients, but also to many of the major companies operating in the global brachytherapy market, thus enabling easy incorporation of technological upgradations into the workflow of the healthcare sector. Supportive government regulations for cancer research and increased adoption of advances in said research into clinical usage have also been vital for the brachytherapy market in North America.
Europe is also a leading regional market in the global brachytherapy market, accounting for around 20% of the market in 2016.
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