Portland, OR, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global brachytherapy market garnered $0.83 billion in 2021, and is estimated to generate $1.6 billion by 2031, manifesting a CAGR of 7.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.83 billion |
| Market Size in 2031 | $1.6 billion |
| CAGR | 7.1% |
| No. of Pages in Report | 218 |
| Segments covered | product type, techniques, application, end user, and region |
| Drivers | Surge in adoption of radiation therapies due to rise in prevalence of cancer An increase in the number of hospitals |
| Opportunities | The emergence of technologically advanced brachytherapy techniques for treatment of cancer |
| Restraints | High cost |
Impact of Covid-19 on Brachytherapy Market:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global brachytherapy market, owing to implementation of global lockdown which resulted to disruptions in the workflows of the healthcare industry.
- Major market players witnessed a decline in sales of brachytherapy devices, which proves that the market was significantly affected by COVID-19.
- A huge number of medical colleges and hospitals across the globe were reconstructed to increase the hospital capacity for patients diagnosed with COVID-19.
- The COVID-19 and the associated restrictions and lockdowns affected the overall sales of brachytherapy products, owing to disruption in supply chain and cancellation of appointments.
The research provides detailed segmentation of the global brachytherapy market based on product type, techniques, application, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product type, the seeds segment held the highest share in 2021, accounting for more than two-fifths of the global brachytherapy market, and is expected to continue its leadership status during the forecast period. The same segment is expected to register the highest CAGR of 7.3% from 2022 to 2031.
Based on technique, the low dose rate (LDR) segment accounted for the highest share in 2021, contributing to nearly two-thirds of the global brachytherapy market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is also expected to manifest the highest CAGR of 7.2% from 2022 to 2031.
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Based on application, the prostate cancer segment accounted for the highest share in 2021, holding more than two-fifths of the global brachytherapy market, and is expected to continue its leadership status during the forecast period. This segment is also estimated to grow at the highest CAGR of 7.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to around two-fifths of the global brachytherapy market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.5% during the forecast period.
Leading market players of the global brachytherapy market analyzed in the research include Argon Medical Devices, Inc., Eckert & Ziegler BEBIG, Elekta AB, iCAD, Inc., Siemens AG, isoray medical, inc., Merit Medical Systems, Inc., Theragenics Corporation, IsoAid, Carl Zeiss AG.
The report provides a detailed analysis of these key players of the global brachytherapy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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