Brachytherapy involves placement of radioactive material near or in the tumor, leading to targeted irradiation of cancer cells while minimizing radiation exposure to surrounding healthy tissues. It helps in treating various types of cancer such as prostate cancer, breast cancer, cervical cancer, oral cancer, lung cancer, skin cancer and others. Brachytherapy treatment results in better clinical target volume coverage while reducing doses to organs at risk when compared with external beam radiotherapy.

The Brachytherapy Market is estimated to be valued at US$ 972.21 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in Global Brachytherapy Market Size is the increased usage in cancer treatment. According to World Health Organization, cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018. Rising prevalence of cancer is a major factor driving the growth of brachytherapy market. Brachytherapy provides better clinical outcomes in treating various cancers in comparison to other radiotherapy treatments. It allows delivery of higher and more precise radiation doses to tumors with better preservation of normal tissue. This increases demand for brachytherapy. Further, development of novel catheter and applicator systems for effective delivery of radioactive sources is also contributing to the market growth.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires significant capital investment, regulatory clearances and established distribution networks to enter the brachytherapy market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of alternative treatment options. However, brachytherapy provides certain advantages over other therapies.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required for brachytherapy are commonly available.
Threat of new substitutes: The threat of new substitutes is low as brachytherapy offers advantages over alternative cancer treatment methods.
Competitive rivalry: Intense due to the presence of established global players.

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