Novel advancement of highly localized radiation therapy as preventative, palliative or curative measure for cancer treatment with acclamatory health indemnification is driving the market growth

calendar_today 02 December, 2022 person_outline Growth Plus Reports

Global brachytherapy market size was estimated at US$ 1.08 billion in 2021 by Growth+ Reports' deep-dive market assessment study. From 2022 to 2030, the market is predicted to grow at a CAGR of 7.95 %.

A rising number of people are choosing highly localised radiation treatments over conventional ones, which is what is driving the global market for brachytherapy. Radiation has a wide range of applications, which is why doctors are employing it increasingly regularly. Recent advancements in radiation therapy allow for the delivery of a high dosage to the target area with minimum damage to the nearby healthy tissues. Because of the increased chance of localised tumour control and greater cure rates, radiation treatment is currently increasingly in demand. Therefore, reduced time spent on tasks and acclamatory health insurance create huge growth potential for the worldwide brachytherapy industry. Brachytherapy equipment is recommended over other radiation therapy equipment for cancer therapy because patients treated with this equipment have a low chance of experiencing a future relapse. Image Guided Brachytherapy (IGBT) and Pulse Dose Rate are two other contemporary brachytherapy techniques (PDR). Brachytherapy is currently enabled by programming agreements that enable the providers of medical services to legally provide and schedule brachytherapy for patients.

The demand for improving cancer treatment therapies with exact and accurate results is increasing due to the rapidly expanding prevalence of the disease. Key players in the oncology care sector are investing heavily in and developing breakthrough technologies, which are expected to fundamentally change the way cancer is treated. The market is expanding due to the constantly changing healthcare infrastructure, rising healthcare IT investment, and the opening up of new growth markets in emerging nations. Public-private collaborations are encouraged by numerous governmental organisations and agencies around the world to support product development initiatives. For example, MIM Software and Isoray, Inc. worked together to create an avant-garde one-stop shop for head and neck cancer care services in February 2020. As a result of this partnership, brachytherapy treatment options would be expanded by combining Isoray's Cesium 131 and MIM's software technology.

Government authorities all over the world are implementing a few programmes and approaches to help accelerate the creation of such goods and therapies by giving the necessary funding, grants, licences, certifications, and approvals to fulfil the demands of the healthcare sector. For example, in November 2022, National Cancer Institute sponsored a project to National Institute of Health Clinical Centre to assess the level of brachytherapy treatment quality. Additionally, Tamil Nadu Government Multi Super Speciality Hospital (TNGMSSH) at Omandurar Estate in Chennai, India reported to be the third government hospital in the city to receive the brachytherapy equipment. 
However, it is anticipated that the lack of highly skilled radiation specialists and the accessibility of slashing products, particularly in developing countries, will significantly restrain this industry. Additionally, it is projected that negative effects from brachytherapy treatments, such as short-term or intermittent urinary difficulties, swelling, soreness, bleeding, and discomfort at the treatment site, may limit market growth.

The geographical regions that make up the worldwide brachytherapy market are North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and the Rest of the World. North America was the most popular product on the world market in 2021. This can be explained by the demand of alternative less harmful advanced cancer treatment strategies over the conventional one. A few of the factors influencing the soaring use of brachytherapy for the treatment and prevention of malignant and non-malignant diseases include rapid advances in radiation oncology, an increase in the prevalence of prostate and breast cancer, the accessibility of state-of-the-art healthcare facilities and qualified medical personnel, favourable reimbursement policies, and the presence of significant corporations in the region. The North American market revenue is anticipated to increase over the forecast period due to rising cancer rates, significant R&D efforts in the healthcare sector, improved access to cutting-edge technological cancer treatment and control approaches, growing public awareness of the benefits of early-stage cancer treatment, and an increase in international corporate collaborations. The European market is expected to grow fast over the course of the projection period. The ageing population and increased cancer incidence are the main factors driving the growth. 

A few of the leading companies ruling brachytherapy market are Eckert & Ziegler BEBIG S.A., Elekta AB, iCAD Inc., Varian Medical Systems, Inc., Sun Nuclear Corporation, CIVCO Medical Solutions, Theragenics Corporation, Argon Medical Devices, Inc., C.R. Bard Inc., Huiheng Medical Inc., Isoray Medical Inc., Becton, Dickinson & Company, Carl Zeiss Meditec AG, Bard Medical Division, Best Medical International, Inc.  

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