Market Trends of Global Brachytherapy Devices Industry
This section covers the major market trends shaping the Brachytherapy Devices Market according to our research experts:
Breast Cancer Segment is Expected to Register a Significant Growth Over the Forecast Period
By Application, the market has been segmented into gynecologic cancer, prostate cancer, breast cancer, and others, of which the breast cancer segment is expected to register significant growth as compared to other cancer types. This is majorly attributed to the increasing prevalence of breast cancer across the world. For instance, as per estimates provided by the International Agency for Research on Cancer (IARC) 2020 report, in 2020, about 2.3 million new cases of breast cancer were diagnosed all over the world, more than any other form of cancer and by 2040, the incidence of breast cancer is projected to reach about 3 million cases and thus, with the rising burden of breast cancer, the demand for effective and advanced therapeutics is expected to increase that is expected to boost brachytherapy market over the forecast period.
In addition, intracavitary brachytherapy is one of the most common types of brachytherapy for women with breast cancer and as per the AIARC 2020 report, the Asia region was expected to have one of the highest prevalence of breast cancer over the years followed by Europe and Africa region. Therefore, the high burden of breast cancer is expected to increase the demand for breast cancer treatment, thereby contributing to the market segment growth. Further, rising government initiatives to increase awareness and technological advancements in minimally invasive surgical procedures also contribute to the growth of the brachytherapy devices market. For instance, in November 2021, the All India Institute of Medical Sciences (AIIMS) of Chhattisgarh state India started brachytherapy for cancer patients including breast cancer in the Raipur district. Therefore, owing to the above-mentioned factors, the breast cancer segment is expected to have a significant market share in the brachytherapy market over the forecast period.
North America Dominates the Market and Expected to do the Same Over the Forecast Period
North America dominates the market owing to the increasing incidences of cancer and early adoption of new technologies. The United States holds the majority of the market in the North American region due to its high patient pool and well-developed infrastructure. For instance, according to the IARC 2020 report, approximately 2.6 million new cases of cancer were recorded in the North American region and by 2040, the incidence of cancer is expected to increase to 3.5 million cancer cases. Hence, the demand for brachytherapy is expected to increase in the region which is anticipated to drive market growth.
Moreover, in the United States, breast cancer is one of the leading cancer types. According to the January 2022 update by the American Cancer Society, about 1 in 8 United States women (about 13%) will develop invasive breast cancer throughout their lifetime. The same source reports that in 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the United States, along with 51,400 new cases of non-invasive (in situ) breast cancer. As per the same source, about 2,710 new cases of invasive breast cancer are expected to be diagnosed in men in 2022. A man's lifetime risk of breast cancer is about 1 in 833. Furthermore, in October 2021, Susan G. Komen awarded USD 1.5 million for three new research projects that examine three unique areas focused on metastatic breast cancer (MBC). The grants are part of the Susan G. Komen Metastatic Breast Cancer Collaborative Research Initiative, an innovative, first-of-its-kind collaboration between Komen, Duke Cancer Institute, and the University of North Carolina Lineberger Comprehensive Cancer Center. Thus, due to the above-mentioned factors, the market is expected to witness significant growth during the forecast period.
