Brachytherapy Market Growth 2023- Size, Rising Trends, By COVID-19 Impact on Industry Share, Growing CAGR of 7.33%, Demand, Forecast Analysis Report 2033: SPER Market Research
Brachytherapy is preferred for cancer treatment over other types of radiation therapy equipment because it reduces the likelihood of relapse. Two more contemporary brachytherapy techniques (PDR) are Image Guided Brachytherapy (IGBT) and Pulse Dose Rate. There are now programming agreements in place that allow medical service providers to lawfully deliver and organize brachytherapy for patients.
According to SPER market research, ‘Brachytherapy Market Size- By Product, By Dosage Type, By Application, By End-User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Brachytherapy Market is predicted to reach USD 1.98 billion by 2033 with a CAGR of 7.56%.
The brachytherapy market is being propelled by several primary growth drivers, which are influencing its progress within the healthcare sector. The increased global prevalence of cancer, which is accompanied by a greater emphasis on tailored and targeted treatment choices, is one of the primary factors. Brachytherapy’s ability to deliver localized radiation directly to tumor sites while limiting damage to healthy surrounding tissues corresponds well with this trend, positioning it as a valuable treatment alternative.
Advances in medical imaging technologies and treatment planning software are also fueling market growth.
However, the brachytherapy market faces a number of problems. Market expansion might be hampered by regulatory approvals and reimbursement limitations. Another big problem is providing appropriate training for healthcare workers to safely and successfully perform brachytherapy surgeries. Furthermore, the initial financial outlay for required equipment and infrastructure might be significant, limiting availability in particular medical settings. Other sophisticated cancer treatments, such as external beam radiation therapy and immunotherapy, compete for market share.
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Impact of COVID-19 on Global Brachytherapy Market
The COVID-19 outbreak has had a substantial impact on both global healthcare systems and the brachytherapy equipment industry. According to a study published last year titled “The Impact of COVID-19 on Brachytherapy,” advances in radiation therapy enabled six people with unfavorable intermediate- and high-risk diseases to choose EBRT followed by a brachytherapy boost, while four others were treated with brachytherapy instead because elective surgeries within the system had to be postponed due to the pandemic. Despite the difficulties encountered by the healthcare system during the outbreak, the vast majority of cancer patients were treated successfully, with very minor delays and disruptions.
Brachytherapy Market Key Players:
Geographically, Regional dynamics of the brachytherapy market differ depending on healthcare facilities, economic growth, regulatory frameworks, and cancer incidence rates. Because of modern healthcare systems, large R&D spending, and high cancer prevalence in North America, especially the United States and Canada, the market is well-established. These locations are known for adopting cutting-edge technology and a strong focus on patient outcomes, which is boosting the use of brachytherapy as a targeted treatment option. Additionally, some of the market key players are Argon Medical Devices, Becton, Best Vascular, Carl Zeiss Meditec AG, CIVCO MEDICAL SOLUTIONS, Dickinson and Company, Eckert & Zieglet BEBIG A.G, Elekta AB, iCAD Inc, Isoray Inc, Panacea Medical Technology Pvt.
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