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.
“The COVID-19 pandemic has resulted in reduced hospital visits for other ailments, which is having a slight negative impact on the growth of the brachytherapy devices market,”says a Fact.MR analyst.
Key Takeaways from Brachytherapy Devices Market Study
- 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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Global Brachytherapy Devices Market: Segmentation
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Following Questions Answers Covered in the Report are:
- How will the global Brachytherapy Devices Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Brachytherapy Devices Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Brachytherapy Devices Market?
- How will these strategies influence the market growth and competition?
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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.
More Valuable Insights on Brachytherapy Devices Market
Fact.MR, in its new offering, presents an unbiased analysis of the global brachytherapy devices market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the brachytherapy devices market on the basis of type (brachytherapy afterloaders, brachytherapy applicators {intracavitary, interstitial and others}), indication (cervical cancer, prostate cancer, breast cancer, skin cancer & others), dose rate (high dose rate, low dose rate, pulse dose rate, and others), and end user (hospitals, cancer treatment centers, and others), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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