Press Release

Global Brachytherapy Devices Market is Expected to Rise Due to Increasing Geriatric Population

The Global Brachytherapy Devices Market is projected to grow at a CAGR of around 7% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. One of the major factors responsible for the growth of the market is the constantly growing geriatric population across the globe. The global geriatric population is increasingly susceptible to carcinogenic agents, resulting in a significant rise in cancer prevalence among older individuals. Various age-related changes, such as cellular damage, DNA damage, and weakened immune response, contribute to the higher incidence of cancer in this population.

Additionally, older patients exhibit lower tolerance to conventional cancer therapies, making them more inclined towards treatments with minimal side effects and targeted outcomes, such as brachytherapy. Consequently, the growing geriatric population and the escalating cases of cancer in this demographic are positively influencing the demand for brachytherapy devices worldwide.

Further, the prevalence of cancer has witnessed a significant rise in recent years, primarily due to the escalation of cancer-causing pollutants in the environment and greater exposure to natural UV radiation. This growing number of cancer patients underscores the necessity for accurate and convenient therapeutic devices. Consequently, the utilization of brachytherapy devices has experienced a notable upsurge, particularly in regions like Asia-Pacific and North America, where the incidence of cancer is high. Additionally, the benefits offered by brachytherapy devices, such as localized treatment and the ability to reach challenging anatomical locations, have contributed to their increasing adoption over conventional radiotherapies during 2019-2023.

Moreover, an increase in life expectancy and subsequent growth of the elderly population would further contribute to the prevalence of cancer globally. As a result, the demand for brachytherapy devices is expected to be driven in the coming years, as healthcare providers seek effective and tailored treatment options for the expanding geriatric population, further states the research report, “Global Brachytherapy Devices Market Analysis, 2024.”

Applicators to Dominate the Global Brachytherapy Devices Market

Based on the product type, the market is further bifurcated into, Seeds, Applicators & Afterloaders, Imaging systems, and Others (Needles, Miniaturized X-Ray Sources, etc.). Due to ongoing developments in applicator design, which have a specific focus on delivering accurate and focused radiation therapy to improve patient outcomes, the market for brachytherapy applicators has seen considerable growth.

Notably, the emergence of multichannel applicators, equipped with multiple channels or catheters for the insertion of radiation sources within the tumor or treatment area, has significantly contributed to these advancements. Over the past few years, the landscape of applicator design has witnessed a remarkable transformation, bringing forth improved dose distribution and coverage, particularly for tumors with irregular shapes. This breakthrough has led to heightened treatment precision, bolstered patient comfort, and ultimately, superior treatment outcomes.

Leading the charge in this arena are industry giants like Varian and Elekta, who have displayed an unwavering commitment to pioneering innovative applicators aimed at enhancing treatment efficacy and elevating patient well-being. Thus, more developments in applicator design as a result of market participants' continuous investments in R&D, would drive the market growth in the forthcoming years as well.

With a Highly Developed Healthcare System, North America to Dominate the Market

Geographically, North America has witnessed significant growth within the Global Brachytherapy Devices Market in recent years. This prominence can be attributed to the region's highly developed healthcare system, which encompasses advanced hospitals, renowned academic research centers, and a skilled workforce of medical professionals. This robust infrastructure and the presence of well-trained experts have greatly facilitated the adoption and utilization of brachytherapy devices throughout the region.

Furthermore, North America, particularly the United States, has witnessed the introduction of favorable reimbursement programs aimed at improving the affordability of cancer treatments. Medicare and private insurance companies have implemented policies to provide better reimbursement for brachytherapy procedures. This development has made brachytherapy a more accessible and cost-effective treatment option for patients. Consequently, these favorable reimbursement programs are expected to further drive the growth of the brachytherapy device market in North America in the forthcoming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Varian Medical Systems, Inc., iCAD Inc., Eckert & Ziegler Medical, Merit Medical Systems, Elekta AB, Isoray Inc, Theragenics Corporation, Cook Medical, Becton, Dickinson and Company, Sun Nuclear Corporation, CIVCO Medical Solutions, Siemens Healthcare Pvt. Ltd., IsoAid, AngioDynamics, SeeDOS Ltd., and other are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the Globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?