The Brachytherapy Devices Market is anticipated to expand at a CAGR of 8.1% from 2018 to 2026 and reach US$ 1,613.6 Mn by the end of the forecast period. Inclination toward minimally invasive procedures, wide usage of radiotherapy application to treat cancer, and rise in acceptance of epimacular brachytherapy are expected to augment the growth of the global market from 2018 to 2026.
Rise in incidence of cancer across the world is anticipated to propel the global brachytherapy devices market during the forecast period. Brachytherapy is used in treatment of different types of cancer, such as prostate cancer, cervical cancer, lung cancer, and others. The cervical cancer segment is likely to grow at a significant CAGR during the forecast period, thereby leading the global brachytherapy devices market, followed by the prostate cancer and others segments.
Brachytherapy plays a major role in the diagnosis of gynecological cancer, especially cervical cancer. Brachytherapy is mandatory during cervical cancer treatment, especially in the U.S and Europe. According to the World Health Organization (WHO), cancer incidences across the globe are expected to rise by 70% in the next 20 years, with an estimated 8.3 million deaths every year.
The brachytherapy devices market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. Increase in incidence of lung and cervical cancer is the primary contributor of the growth of the market in the region. Presently, in China, 700,000 people have been diagnosed with lung cancer, leading to anticipated rise in the death rate.
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Hospitals and clinics in developing countries are underequipped to treat cancer effectively, which has led to health care organizations expand their internal radiation therapy facilities. In the past few years, the health care industry has grown rapidly, creating better treatment options for patients. 60% of the new cancer cases reported globally are from the developing countries of Asia, Africa, and South America regions. Growth in geriatric population, exposure to carcinogens, and increase in prevalence of HPV and hepatitis B are known to be the leading causes of cancer. Unique treatment offered through brachytherapy and rising recommendation of personalized medicines are likely to propel the global market.