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Brachytherapy Market to Generate USD 1.6 Billion by 2031 | Trends 2023 and Future Scenarios
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Key Takeaways:
Brachytherapy is a form of radiation therapy used to treat cancer, where radioactive sources are placed in or near the tumor to deliver high doses of radiation directly to the affected area.
The global brachytherapy market is expected to grow at a steady rate, driven by factors such as increasing incidence of cancer, growing demand for minimally invasive procedures, and technological advancements in brachytherapy devices.
The prostate cancer segment is expected to hold the largest share of the brachytherapy market due to the high incidence of prostate cancer and the effectiveness of brachytherapy in treating this type of cancer.
The high cost of brachytherapy treatment, coupled with the availability of alternative cancer treatment options, may hinder market growth to some extent.
North America is expected to dominate the brachytherapy market due to the presence of a large number of key market players and the high prevalence of cancer in the region.
Market Segmentation:
Type of Brachytherapy: Brachytherapy can be classified into two types - high-dose rate (HDR) brachytherapy and low-dose rate (LDR) brachytherapy.
Application: Brachytherapy is used to treat various types of cancer, including prostate, breast, cervical, skin, and others.
End User: Brachytherapy devices are used in hospitals, clinics, and ambulatory surgery centers.
Geography: The market can be segmented based on geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Source: The market can also be segmented based on the type of source used, such as iodine, cesium, palladium, and others.
Technique: The market can also be segmented based on the technique used, such as interstitial brachytherapy, intracavitary brachytherapy, and surface brachytherapy.
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Regional Growth Dynamics:
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.
Competitive Landscape:
Elekta AB
Varian Medical Systems, Inc.
Boston Scientific Corporation
CIVCO Medical Solutions
Eckert & Ziegler BEBIG SA
Huiheng Medical, Inc.
iCAD, Inc.
IsoAid LLC
Theragenics Corporation
Proxima Therapeutics, Inc.
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