Brachytherapy Devices Market to Surpass a Valuation of US$ 2.1 Bn by 2030 end: Finds Fact.MR
Key brachytherapy devices market players are focusing on expanding their product lines and adapting novel technologies to remain ahead in the competition.
"Research and development of brachytherapy devices with advanced and new technologies complements the market to augur well in this crisis scenario," says a Fact.MR analyst.
Brachytherapy Devices Market - Key Takeaways
• Applicators product type segment will grow at a CAGR of 8.4% throughout the forecast period
• Cervical cancer will be capturing the majority of the market share, trailed by prostate cancer.
• Hospitals remain the key end-use sector, accounting for 60% of the overall market share by 2030 end.
• North America remains a lucrative market due to an increase in cancer instances and conveniently laid out insurance policies by the healthcare industry.
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Brachytherapy Devices Market - Drivers
• Increasing prevalence of cancer cases, as well as mounting geriatric population to propel the growth of the brachytherapy devices market.
• Increasing awareness of minimally-invasive radiotherapy techniques to complement overall market growth.
• Growing demand for brachytherapy devices is recently established hospitals in underdeveloped regions such as the Asia Pacific, acts as a key growth contributor.
Brachytherapy Devices Market - Constraints
• The absence of skilled radiologists acts as a growth barrier to the global market during the assessment period.
• Reimbursement issues and advanced radiotherapy facilities hinder the brachytherapy devices market growth.
• Reduced hospital visits and healthcare centers on account of the crisis is hampering market expansion to some extent.
Anticipated Market Impact by COVID-19 Outbreak
The brachytherapy devices market has experienced a nominal impact due to the COVID-19 outbreak. The effect is more towards the negative slope, chiefly due to individuals strictly following stay-at-home rules as well as reduced hospital visits for other ailments, that have ensued in relatively lower demand for brachytherapy devices all over the world.
Major companies in the brachytherapy devices market include C.R. Bard Inc., Boston Scientific Corporation, CIVCO Medical Instruments Co. Inc., BEBIG, Cook Medical, Eckert & Ziegler, Theragenics Corporation, Elekta AB, iCAD Inc., and Varian Medical Systems Inc. Companies have followed techniques, for instance, brand mergers & acquisitions to boost their market growth.
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