The Anti Radiation Drugs market is estimated to be valued at US$ 587.4 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti radiation drugs are used to protect healthy cells from getting damaged by radiation during radiation therapy for cancer treatment. These drugs protect normal cells from damage caused by radiation while radiation therapy treats cancer cells. Some key anti radiation drugs include amifostine, potassium iodide, pentostatin, and topical dimethyl sulfoxide.
Market Dynamics:
Rising prevalence of cancer around the world is a key factor driving growth of the global anti radiation drugs market. According to the World Health Organization (WHO), cancer burden rose to 19.3 million cases and 10 million cancer deaths in 2020. Technological advancements in radiation therapy such as proton therapy and stereotactic radiosurgery are also expected to boost the market growth. These advanced techniques provide targeted radiation to cancer cells with minimal damage to surrounding healthy tissue. Hence, demand for anti radiation drugs is increasing with growth of advanced radiation therapies. Moreover, growing geriatric population globally also fuels the market growth, as elderly people are more prone to develop cancer. However, high research and development costs associated with anti radiation drugs hampers market growth.
SWOT Analysis:
Strength: The anti radiation drugs market is witnessing steady growth due to increasing prevalence of cancer cases worldwide. The rising awareness among people regarding the health impacts of radiation exposure is also boosting the market growth. Further, ongoing research and clinical trials to develop more effective anti radiation drugs is one of the key strength of this market.
Weakness: High costs associated with drug development and regulatory approvals is one of the major challenges for market players. Moreover, long timelines required from research to sales is another weakness as it delays revenue generations for companies.
Opportunity: Increasing investment by public and private players in the research of anti radiation drugs presents lucrative growth opportunities. Additionally, growing healthcare expenditure in emerging nations provides new markets to tap.
Threats: Strict regulatory framework and safety concerns associated with these drugs poses major threats. Moreover, presence of alternative treatment methods like radiotherapy can hinder the anti radiation drugs market growth.
Key Takeaways:
The Global Anti Radiation Drugs Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing incidences of cancer cases globally. According to WHO, cancer is the second leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Thus, rapid growth in cancer prevalence is driving the demand for anti radiation drugs.
Regional analysis North America is expected to dominate the global anti radiation drugs market during the forecast period. This is primarily attributable to growing geriatric population, rising healthcare spending, and robust presence of key market players in the region. According to Cancer Research Institute, the U.S accounts for more than 50% of cancer patients globally. Moreover, easy availability of advanced treatment options further propels the market in North America.
Key players operating in the anti radiation drugs market include RxBio Inc., Annova Chem Inc., Medicom Healthcare Ltd., Onconova Therapeutics, Genome Protection Inc., Grace Therapeutics LLC, Amgen Inc., Partner Therapeutics Inc., Jubilant Life Sciences Ltd., Cipla Inc., Stium Inc., Soligenix Inc., Aeolus Pharmaceuticals, PharmaIN Corp, and Immune Modulators Inc. Major players are focused on new product launches, acquisitions, and collaborations with biotech companies to strengthen their market position.
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