ALBANY, New York, September 14, 2017 /PRNewswire/ --
In the coming years, the Brachytherapy Device Market is expected to gain from biotechnological advancements in image guided procedures and dose delivery. Advent of 3D treatment planning is likely to enable physicians obtain results with better accuracy. This, coupled with the rising medical tourism, will enable the market exhibit positive growth in the coming years. Also, market players see significant prospects in the innovation of electronic brachytherapy devices, which constitute a novel technology. Such innovations are likely to open a plethora of opportunities offering lucrative growth prospects to the global brachytherapy market in the forthcoming years.
"Considering the rising incidence of cancer witnessed worldwide, the demand for brachytherapy devices is poised to surge in the coming years," said a lead TMR analyst. Driven by this and various other factors, the global brachytherapy market is forecast to reach US$383.7 mn by the end of 2022, from US$313 mn in 2017. If these figures hold true, the global brachytherapy devices market will rise at a moderate 4.2% CAGR between 2017 and 2022.
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Among the various techniques the market offers, the Low Dose Rate held dominance with a share of 45.7% in the market in 2017. Regionally, North America is expected to show highly lucrative prospects, exhibiting a CAGR of 4.7% during the forecast period.
Brachytherapy Localizes Effect of Radiation, which is Fueling its Demand
Brachytherapy devices is a segment within the internal radiation therapy equipment market. In brachytherapy, the radiation source is sealed and placed near or inside the body part that may require radiation. Besides treating tumors, brachytherapy is used in the treatment of break, skin, cervix, and prostate cancer. In this technique, the source of radiation is sealed or enclosed within a protective capsule. Hence ionizing radiations escape to treat the cancerous tissues alone and without affecting body fluids.
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As healthcare providers and those ailing realize the benefits of brachytherapy over other radiation therapy equipment, the demand for the former will increase. Brachytherapy devices offer high precision in radiation. This in turn limits the effect of radiation only to the diseased or local parts of the anatomy affected by tumors or cancers. The process therefore protects healthier tissues against radiation. Against this backdrop, it can be said that the advent of brachytherapy has paved the way for a safer radiation therapies even in the presence of high and localized doses of radiation.
Because of their nature, brachytherapy devices ensure more durable treatment delivery as it is rare that a patient treated with brachytherapy with have reoccurrence of cancer. In some cases brachytherapy is used in combination with surgery, external radiation therapy, or chemotherapy.
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Strong Competition from External Radiation Therapies Pose Threat
On the downside, the market is facing strong competition from external radiation therapies. Technological advancements in this field could pose threat to the market, thereby hampering its growth during the course of the forecast period. Handling of radiation sources, which are used in treatment and concerns related to storage and procurement are creating obstacles for the market as well. In addition, brachytherapy is not devoid of side effects, however, to an extent it may depend on the location of the treatment. The chances of side effects such as urinary incontinence, desquamation, and localized bleeding could have a negative impact on the global brachytherapy market.
The presence of a large number of companies has rendered the global brachytherapy devices market highly fragmented. In order to accelerate their pace of gains, these companies are therefore adopting strategies such as mergers, acquisitions, and strategic collaborations. Through this, and other strategies aimed at enabling them to expand their footprint, the companies are vying to establish a stronghold globally, finds Transparency Market Research (TMR) in a new study. Eckert and Zieglar BEBIG, Theragenics, CR Bard, Varian Medical Systems, and Elekta are some of the key vendors in the global brachytherapy devices market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research