Asia-Pacific Brachytherapy Devices Market - Segmented by Technique, Application, End-User and Geography - Growth, Trend and Forecast (2018 - 2023)
The Asia-Pacific Brachytherapy is expected to register a CAGR of 5.5% during the forecast period, 2018 to 2023. Japan is expected to dominate the market with highest market share followed and India is expected to be the fastest growing market in this region. Brachytherapy related to the implementation of radioactivity within the body to ablate or kill cancer or tumour cells within or in close proximity to the target area in the body. It is typically used in high precision treatment of small tumors, mostly found in early stages.
Increased Cancer Patients Population
The rising number of cancer patients have been the major driving factor for this market. Asia alone constitutes around 56% of the world population and contributes to approximately 44% of all cancer cases and 51% of cancer deaths globally. China accounts for largest cancer burden in this region followed by India. With gradual rise in the economic situations in Asia-Pacific region would provide ear access of medications to the patients which drives this market. Other factors such as rise in the number of the minimally invasive surgeries, short treatment time and improved efficiency of these devices provides growth of the market. Further, the growth of medical tourism in this region is having a positive impact on this market such as electronic brachytherapy devices.
Concerns Regarding Side Effects
The brachytherapy market is expected to have restraints in terms of a range of side-effects such as localized bleeding within implant region, urinary incontinence, desquamation, etc. Also this market is expected to face significant competition from external radiation therapy equipment’s market which would hamper the growth of brachytherapy devices.
Japan is Dominating in Asia-Pacific Market
The Asia-Pacific Brachytherapy market is segmented by technique, application, end-user and geography. By geography, it is segmented into China, India, Japan, Australia and Rest of Asia-Pacific.
Japan is expected to dominate the market with highest market share followed and India is expected to be the fastest growing market in this region. Japan is one of the most developed countries in Asia-pacific region and is attributed to the high per-capita healthcare expenditure and the availability of high-end healthcare infrastructure in this country. Apart from that, treatment of cancer is one of the top priorities for the Japanese healthcare system. India is the upcoming country with its rising economic growth has big market of cancer therapy which presents high opportunities of growth in this market as several multinational companies such GE healthcare are providing their high-end treatment.
Major Players: VARIAN MEDICAL SYSTEMS, ELEKTA, BOSTON SCIENTIFC CORPORATION, C.R. BARD inc, COOK MEDICAL INCORPORATED, GE HEALTHCARE, PANACEA MEDICAL TECHNOLOGIES and ARGON MEDICAL DEVICES inc.
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