The brachytherapy devices market forecast can help stakeholders in this marketplace plan their growth strategies. The market is projected to grow from US$ 310.96 million in 2022 to US$ 501.75 million by 2030; it is projected to register a CAGR of 6.2% during 2022-2030.

Brachytherapy is a form of radiation treatment used to treat cancer. It involves placing radioactive materials inside the patient's body to deliver high doses of radiation to the affected areas. There are two types of brachytherapy techniques available - Low Dose Rate (LDR) and High Dose Rate (HDR), both of which are commonly used to treat prostate cancer. The increasing prevalence of cancer worldwide is expected to boost the adoption of brachytherapy treatment. Additionally, the advantages of brachytherapy over traditional treatment methods, such as shorter treatment times, greater effectiveness, and advancement in brachytherapy devices, are likely to drive growth in the global brachytherapy devices market.

Factors Affecting Brachytherapy Therapy Devices Market

Brachytherapy has undergone significant advancements in the last decade, attributed to improved applicators, imaging, treatment planning, and clinical trials. Moreover, the current research on brachytherapy technology continuously changes how this treatment modality is delivered. Combining brachytherapy with other treatments, such as external radiation therapy, chemotherapy, immunotherapy, or surgery, has become a promising trend in cancer management. For instance, in an article published by the Journal of Contemporary Brachytherapy in August 2021, studies on cancer treatment through combined modality, tumor sensitization and normal tissue protection, molecular radiation biology, and clinical investigations of brachytherapy were conducted. It was concluded that combining brachytherapy with immunotherapy can improve local tumor control and enhance non-irradiated lesion responses.

Therefore, such advancements in brachytherapy devices and treatments are anticipated to fuel the market during the forecast period.

Brachytherapy Therapy Devices Market Analysis Based on the Segmental Share:

The brachytherapy therapy devices market, by product type, is segmented into seeds, brachytherapy afterloaders and applicators, and electronic brachytherapy. The brachytherapy afterloaders and applicators segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022-2030.

The market is bifurcated based on type into high-dose rate brachytherapy implant and low-dose rate brachytherapy implant. The low-dose rate brachytherapy implant segment held a larger brachytherapy devices market share in 2022 and is anticipated to grow at a faster CAGR from 2022 to 2030.

The brachytherapy devices market, by application, is segmented into breast cancer, cervical cancer, prostate cancer, lung cancer, and others. The prostate cancer segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022-2030.

In terms of end user, the market is segmented into hospitals and specialty clinics, ambulatory surgical centers, and others. The hospitals segment held the largest market share in 2022. This can be attributed to the availability of better facilities and skilled physicians in hospitals over other surgical centers to perform minimally invasive procedures.

Regional Brachytherapy Therapy Devices Market Analysis:

Geographically, the global brachytherapy devices market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. In terms of revenue, North America dominated the brachytherapy devices market share in 2022. The brachytherapy devices market in this region is dominated by the US. This can be attributed to factors such as the increasing cases of breast cancer among women and prostate cancer among men in the region. According to the Pan America Health Organization (PAHO), in 2020, an estimated 4 million people in the Americas were diagnosed with cancer, which is predicted to increase by ~60% by 2040.

Additionally, the presence of market players, such as BD, Isoray Inc., and Elekta, and the availability of advanced brachytherapy devices present a sizable opportunity for market expansion. For instance, in July 2021, GenesisCare expanded its brachytherapy service by procuring 27 Flexitron brachytherapy afterloader systems and service agreements from Elekta. These advanced cancer treatment devices enabled GenesisCare to keep up with the latest technology and provide high-quality care to its patients across their centers in the US.