A Look into Brachytherapy Industry……Deep Analysis…..


The global brachytherapy market size is expected to reach USD 452.3 million by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.6% over the forecast period. Technological advancements and R&D investments by key market players are some of the major growth drivers. In August 2017, Salutaris Medical Devices launched the trial of brachytherapy treatment for neovascular age-related macular degeneration. The trial is to study surgeons’ ease in using SalutarisMD system (SMD-DA system) along with the anti-VEGF treatment regimen and the safety of the same.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
According to the International Agency for Research on Cancer, in 2015, more than 15 million people suffered from cancer while 8.8 million deaths were caused by the disease worldwide. This number is expected to rise to 24 million by 2035. It is also estimated that 23.6 million new cancer cases will be diagnosed by 2030.
According to the American Brachytherapy Society, safety, and efficacy of brachytherapy treatment over other cancer treatments, such as chemotherapy and surgery, is expected to boost the market. In addition, favorable reimbursement guidelines are expected to contribute to the rising adoption of brachytherapy.
The Center for Medicare and Medicaid (CMS) implemented new High-Dose Rate (HDR) treatment delivery codes in 2016. The final rates for 2017 included an increase of approximately 5% to 6% in payments. Increasing usage of these technologies and the presence of favorable reimbursement policies in developing countries are expected to further fuel growth of the brachytherapy market.
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https://www.grandviewresearch.com/industry-analysis/brachytherapy-devices-market/request/rs1
Further key findings from the study suggest:
·         In 2017, HDR brachytherapy held the largest market share in terms of revenue. The segment is also expected to witness the fastest CAGR over the forecast period due to the growing incidence of breast cancer, unhealthy lifestyle, rising R&D investments, and the introduction of technologically improved treatment solutions
·         Application segment is further divided into prostate cancer, breast cancer, gynecological cancer, and other types of cancer. Breast cancer is expected to witness the fastest CAGR over the forecast period
·         North America held the dominant market in terms of revenue in 2017. On the other hand, Asia Pacific is expected to witness the fastest CAGR over the forecast period
·         Eckert & Ziegler BEBIG; iCAD, Inc.; IsoRay Medical, Inc.; Elekta AB; C.R. Bard, Inc.; CIVCO Medical Solutions; etc. are some of the key players in the brachytherapy market.
The global brachytherapy market size was valued at USD 348.8 million in 2017. It is expected to register a CAGR of 4.6% over the forecast period from 2018 to 2025. According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality across the globe. More than 70% of cancer-related deaths occur in low- and middle-income countries. The American Cancer Society stated that these countries have an increasing number of cancer patients and they lack access to radiation therapy. This factor is expected to offer new opportunities to the market players present in these regions.
Technological developments in the field of oncology treatment and R&D initiatives undertaken by the key players are some of the major growth drivers for this market. In addition, the companies are opting for acquisitions of smaller players to spread their regional outreach. For instance, iCAD markets the eBx system in U.S. through its subsidiary Xoft. iCAD stated with over 12,000 installation opportunities for tomosynthesis systems in U.S., there is a significant future opportunity for CAD and density assessment solutions for tomosynthesis.
According to the International Agency for Research on cancer, more than 15 million people are suffering from cancer worldwide at present. This number is expected to rise to 24 million by 2035. It is also estimated that 23.6 million new cancer cases will be diagnosed by 2030. Radiation therapy is used to palliate symptoms, cure localized cancer, and prevent cancer cells from spreading in case of incurable cancer. Demand for radiation therapy is expected to increase over the forecast period. The demand is also expected to witness growth in U.S. as radiotherapy is considered as a critical cancer treatment.
In Europe, the EU Science Hub has estimated that the number of new cancer cases in the region are anticipated to increase rapidly due to demographic changes. Radiotherapy is expected to be the most preferred treatment option in such cases. According to the EU Science Hub, by 2018 there will be 3.9 million new cases and more than 1.9 million deaths due to cancer in Europe. In addition, radiotherapy is vital for effective treatment of majority of cancers in middle- and low-income countries. These factors are anticipated to bode well for the growth of the market for brachytherapy in near future.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-brachytherapy-market
Grand View Research has segmented the global brachytherapy market on the basis of type, application:
Brachytherapy Type Outlook (Revenue, USD Million, 2014 - 2025)
·         High Dose Rate (HDR) Brachytherapy
·         Low Dose Rate (HDR) Brachytherapy
Brachytherapy Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Prostate Cancer
·         Gynecological Cancer
·         Breast Cancer
·         Other Cancers
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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