Global Brachytherapy Devices Market Overview
Brachytherapy is a type of radiotherapy that is used during cancer treatment. It involves a radiation procedure to kill tumors and cancer cells, especially in prostate, breast, and skin cancer.
The global brachytherapy devices market is expected to expand at a notable 8% CAGR throughout the assessment period of 2020-2030. The market is valued at US$ 900 million as of 2019.
Rising prevalence of cancer cases, increase in population, and growing demand for brachytherapy devices are key factors that will propel the expansion of the brachytherapy devices market size over the forecast period. However, worldwide impact of the COVID-19 pandemic has affected the global brachytherapy devices market in a slightly negative way.
The threat caused by the virus spread and the rise in safety precautions are leading causes that will have considerable consequences on the market.
Brachytherapy Devices Market Product Type Insights
By product, the global brachytherapy devices is segmented into three main types - brachytherapy afterloaders, brachytherapy applicators, and others. Applicators are further divided into intracavitary applicators and interstitial applicators.
The applicators segment will hold a majority market share over the forecast period, mainly due to this type being much more efficient as compared to others, besides applicators are also minimally-invasive, which is a high preference of patients.
The segment is expected to expand at a rate of 8.4% over the forecast period. Key competitors in the brachytherapy devices market, such as Elekta AB, have devoted their portfolios to the expansion of this segment by introducing more advanced types of products, which has also become a significant driver for market growth.
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Brachytherapy Devices Market Insights by End User
Based on end user, the global brachytherapy devices market is bifurcated into hospitals, cancer treatment centers, and others. Among these, hospitals account for over 60% share in the market. Key reasons for this are better treatment facilities, favorable insurance policies, and preference of people to choose well-equipped hospitals with professional doctors.
Hospitals are also subjected to government support because of the increasing prevalence of cancer. However, cancer treatment clinics will also witness steady growth in the brachytherapy devices market, owing to the rise of privacy issues and opening of specialized centers with more customized & convenient options for patients.
Brachytherapy Devices Market Insights by Indication
The indication segment of the global brachytherapy devices market is separated into prostate cancer, breast cancer, skin cancer, cervical cancer, and others. Out of these, the dominant segment holding a majority market share is cervical cancer, followed by prostate cancer, breast cancer, and skin cancer. A key factor of market growth is the steep increase in the number cancer cases across the globe, which results in significant demand for brachytherapy software and devices. According to a survey by WHO, more than 500,000 women die due to cervical cancer every year, worldwide.
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Regional Outlook of Brachytherapy Devices Market
The global brachytherapy devices market is segmented into five key regions - North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America accounts for the leading brachytherapy devices market share of 40. Key factors are technological advancements in devices, convenient insurance policies, and rise in the geriatric population in the region.
The brachytherapy devices market in Asia Pacific are set to witness one of the fastest growth rates in the market, mainly due to the high rise in population, awareness campaigns, and a rising demand for radiotherapy machines in underdeveloped countries in the region.
Brachytherapy Devices Market: Key Players
The global brachytherapy devices market is slightly fragmented in nature. The market is populated by several key players such as Boston Scientific Corporation, C.R. Bard Inc., CIVCO Medical Instruments Co. Inc., Cook Medical, BEBIG, Eckert & Ziegler, Elekta AB, Theragenics Corporation, Varian Medical Systems Inc., and iCAD Inc. These players have followed strategies such as brand mergers and acquisitions to expand their market growth. Stabilization in product costs have also intensified the competition in the brachytherapy devices market space.
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The Analyst’s Viewpoint
“Surge in demand for radiotherapy devices in underdeveloped regions due to increasing cancer cases is a key the growth of the brachytherapy devices market value during the forecast period.”
COVID-19 Impact on Brachytherapy Devices Market
The COVID-19 disease caused by SARS CoV-2 coronavirus has had a crucial impact, globally, from a business standpoint. However, the brachytherapy devices market has witnessed a nominal effect due to the pandemic. The impact is bent more towards the negative side, mainly due to people following stay-at-home rules, which has resulted in a comparatively lesser demand for brachytherapy devices across the globe.
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Brachytherapy Devices Market: About the Report
Fact.MR has published an exclusive forecast report on the brachytherapy devices market for 2020 and 2030. The foremost objective of this report on the brachytherapy devices market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the brachytherapy devices market.
Also, the study on the brachytherapy devices market addresses key dynamics that are expected to diversify the sales and future prominence of the brachytherapy devices market.
The report on the brachytherapy devices market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the brachytherapy devices market, elaborating on key segments.
Also, the report outlines visionary insights on the dynamics of the brachytherapy devices market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for brachytherapy devices.
Supply chain analysis and pricing analysis of the brachytherapy devices market, along with the difference between brachytherapy devices used as per application, have also been included in the report, to help readers clearly understand the product framework map in the brachytherapy devices market.
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.
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Brachytherapy Devices Market - Scope Of The Report
A recent study by Fact.MR on the brachytherapy devices market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the brachytherapy devices market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of brachytherapy devices. The study also provides the dynamics that are responsible for influencing the future status of the brachytherapy devices market over the forecast period.
A detailed assessment of brachytherapy devices value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the brachytherapy devices market along with their product portfolios enhances the reliability of this comprehensive research study.
Brachytherapy Devices Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the brachytherapy devices market across the globe.
A comprehensive estimate on the brachytherapy devices market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of brachytherapy devices during the forecast period. Price point comparison by region with global average price is also considered in the study.
Brachytherapy Devices Market: Analysis on Market Size Evaluation
The brachytherapy devices market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for brachytherapy devices are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent brachytherapy devices market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global brachytherapy devices market.
Brachytherapy Devices Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the brachytherapy devices market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the brachytherapy devices market during the forecast period.
Country-specific valuation on demand for brachytherapy devices has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Brachytherapy Devices Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of brachytherapy devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of brachytherapy devices has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player.
Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status and predicting the competition level in the brachytherapy devices market.
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