Global Brachytherapy Isotopes Market – Industry Trends and Forecast to 2029

Global Brachytherapy Isotopes Market, By Type (Iodine (I-125), Cesium (Cs-131), Iridium (Ir-192), Palladium (Pd-103), Others), Application (Prostate Cancer, Thyroid Cancer, Liver Cancer, Gastro-Entero-Pancreatic-Neuroendocrine Tumors, Metastatic Bone Cancer, Breast Cancer, Others), End-User (Hospitals, Ambulatory Centers, Diagnostic Centers, Others) – Industry Trends and Forecast to 2029.

Brachytherapy Isotopes Market arket Analysis and Size

According to the international agency for research on cancer (IARC), the number of cancer patients is expected to reach around 24.6 million by 2030. It is estimated that around 19.3 million new cases will be diagnosed as cancer cases in 2020 and 10 million deaths recorded in 2020. One of the main factors fuelling the market's expansion is the growing use of brachytherapy by physicians to treat a variety of malignancies, including those of the prostate, skin, breast, stomach, cervix, brain, neck, and lung, among others. Growing adoption of minimally invasive surgeries, an increase in the number of cancer patients worldwide, and a rise in the demand to treat cancer in its early stages are all anticipated to boost market growth over the course of the forecast period. Brachytherapy is also anticipated to see increasing technological advancements. The effectiveness of brachytherapy in treating cancer, its high degree of accuracy, and its high likelihood of successfully curing cancer all contribute to the market's growth.

Data Bridge Market Research analyses that the brachytherapy isotopes market which was USD 785 million in 2021, would rocket up to USD 1182.98 million by 2029, and is expected to undergo a CAGR of 5.26% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Brachytherapy Isotopes Market Scope and Segmentation      

Market Definition

Internal radiation therapy, also known as brachytherapy. It is a type of radiotherapy in which radiation is delivered right to the cancerous tumour in the body from a source that has been implanted nearby. Gamma rays are produced by the source, which are concentrated on the cancer cells to minimise harm to the surrounding healthy tissue. Depending on the severity of the disease and the damage it causes, either low dose rates (LDR) or high dose rates (HDR) of brachytherapy are used. In LDR, tiny radioactive seeds are implanted permanently in or around the tumour, but in HDR, which is utilised in situations of high-risk tumours, radioactive sources are removed from the patient's body at the end of each session.

Brachytherapy Isotopes Market Dynamics

Drivers

• Rising use of radiopharmaceuticals for treatment purposes

Rising funding levels for the development of cutting-edge technology, rising use of radiopharmaceuticals, and adoption of various treatments and diagnosis are some of the factors that are predicted to boost the growth of the brachytherapy isotopes market during the projected period of 2022–2029.

• Rising demand of brachytherapy isotopes

On the other hand, growing demand for brachytherapy isotopes in emerging regions combined with increased radiopharmaceutical manufacturing will create a number of favourable prospects throughout the course of the forecast period.

• Technological advancements

The market growth has also been significantly boosted by technological developments in oncology therapies and considerable research and development (R&D), such as trials for treating neovascular age-related macular degeneration. The market is also being considerably driven by expanding medical tourism around the world, as well as increased knowledge of the benefits of brachytherapy, its cost-effectiveness, and its rising cure rate when compared to surgery or external beam therapy (EBT).

Opportunities

• Increase in the number of research and development activities 

The market's growth is fuelled by as increased knowledge of the benefits of brachytherapy, its cost-effectiveness, and its rising cure rate when compared to surgery or external beam therapy (EBT). This will provide beneficial opportunities for the market growth.

Restraints/Challenges

• High cost

On the other hand, the high cost along with reduced supply of isotopes, lack of skilled professionals will obstruct the market's growth rate.

However, the possibility of side effects to the area being treated and the availability of alternative cancer treatment methods are major restraining factors that could hamper the growth of the market.

This brachytherapy isotopes market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the brachytherapy isotopes market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Brachytherapy Isotopes Market

A global economic crisis was brought on by the 2019 coronavirus disease (COVID-19), particularly in the healthcare industry. Due to the COVID-19 pandemic's suspension of exports and imports, there are now shortages of resources. Due to the disease's susceptibility to spread in the current situation, surgical operations are avoided, which results in a loss of revenue. Since March, the COVID-19 pandemic has had a negative effect on the brachytherapy isotopes, causing income to decline by 50% to 70%. There are a lot of tiny hospitals and nursing homes that must close. Additionally, visa cancellations have halted medical tourism and may have a detrimental effect on the expansion of the healthcare services business.

Global Brachytherapy Isotopes Market Scope

The brachytherapy isotopes market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Iodine (I-125)
• Cesium (Cs-131)
• Iridium (Ir-192)
• Palladium (Pd-103)
• Others

 Application

• Prostate Cancer
• Thyroid Cancer
• Liver Cancer
• Gastro-Entero-Pancreatic-Neuroendocrine Tumors
• Metastatic Bone Cancer
• Breast Cancer
• Others

End-User

• Hospitals
• Ambulatory Centers
• Diagnostic Centers
• Others

Brachytherapy Isotopes Market Regional Analysis/Insights

The brachytherapy isotopes market is analysed and market size insights and trends are provided by country, type, application and end user as referenced above.

The countries covered in the brachytherapy isotopes market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the brachytherapy isotopes market due to the prevalence of improved healthcare reforms and healthcare system.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the increasing occurrences of cancer and adoption of advanced technology.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Brachytherapy Isotopes Market Share Analysis

The brachytherapy isotopes market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to brachytherapy isotopes market.

Some of the major players operating in the brachytherapy isotopes market are:

• Bayer AG (Germany)
• GENERAL ELECTRIC (U.S.)
• Cardinal Health (U.S.)
• Jubilant Life Sciences Ltd (India)
• Lantheus (U.S.)
• Novartis AG (Switzerland)
• Siemens (Germany)
• Isoray Inc. (U.S.)
• Eckert & Ziegler (Germany)
• iCAD Inc. (U.S.)
• Transcend Services (U.S.)
• Global Medical Transcription LLC (U.S.)
• nThrive Revenue Systems, LLC (U.S.)
• CareCloud, Inc. (U.S.)
• MediScript (India)
• Transtech Medical Solutions LLC (U.S.)