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Brachytherapy Market Is Expected to Generate USD 1.6 Billion by 2031, Says Allied Market Research

The emergence of technologically advanced brachytherapy techniques for treatment of cancer serves as a potential opportunity for the expansion of the global brachytherapy market. 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.

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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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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