Anti-radiation drugs are pharmaceuticals used to protect normal human cells and tissues from harmful effects of ionizing radiation during radiation therapy for cancer treatment. These drugs prevent damage to healthy cells caused by high doses of radiation used to kill cancer cells. Radiation therapy utilizing radiation technology such as X-rays, gamma rays, neutron beams, and protons beams plays a major role in the management of various cancers. However, radiation can potentially damage surrounding normal tissue. Anti-radiation drugs help enhance the safety and efficacy of radiation therapy by protecting normal cells from radiation damage, allowing higher doses of radiation to be used for better tumor control.
The global Anti Radiation Drugs Market is estimated to be valued at US$ 587.4 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing incidence of cancer cases globally presents a major market opportunity for anti-radiation drugs. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The growing cancer burden has led to increasing use of radiation therapy for cancer treatment. However, radiation therapy can damage healthy tissues and cause several side effects. This is where anti-radiation drugs play a crucial role by protecting normal cells and tissues from radiation-induced damages, allowing doctors to use optimum radiation doses. Therefore, the large and growing cancer patient pool renders lucrative prospects for anti-radiation drugs in reducing adverse effects of radiation therapy and improving survival outcomes for cancer patients.
Porter's Analysis
Threat of new entrants: Low capital requirements and threat of counterfeit drugs pose threat of new entrants to the market.
Bargaining power of buyers: Large number of buyers and availability of substitutes increase the bargaining power of buyers in the market.
Bargaining power of suppliers: Established supply networks and strategic partnerships of key players reduce the bargaining power of suppliers.
Threat of new substitutes: Development of alternative medical therapies and advances in cancer treatment can pose threat of substitutes.
Competitive rivalry: Large number of players focus on new product innovation and expansion to emerging markets.
SWOT Analysis
Strength: Rising cancer incidence rates and increasing R&D investments in oncology drive the market growth. Supportive government policies promote anti radiation drug development.
Weakness: High costs associated with drug development and clinical trials remain major challenges. Limited medical reimbursements hamper market growth.
Opportunity: Untapped potential in developing countries presents lucrative opportunities. Growing geriatric population prone to cancers augments demand.
Threats: Stringent regulatory approvals and safety concerns over long-term use restrict the market. Threat of substitute therapies and treatments also impacts the market.
Key Takeaways
The Global Anti Radiation Drugs Market Size is expected to witness high growth in the forecast period 2023 to 2030. The market size for 2023 is US$ 587.4 Mn and expected to reach over US$ 1 Bn by 2030, growing at a CAGR of 9.6%.
Regional analysis of the anti-radiation drugs market shows North America dominates the global market with over 40% share in 2023. This is attributed to presence of advanced healthcare facilities and increasing cancer incidence in the US. Asia Pacific emerges as the fastest growing market owing to growing medical awareness, rising healthcare expenditure, and improving access to cancer treatment in China and India.
Key players operating in the anti radiation drugs market are DIC Corporation, Dow Chemical Company, BASF SE, Arkema Group, Celanese Corporation, Trinseo, The Lubrizol Corporation, Wacker Chemie AG, Synthomer Plc, and Asahi Kasei Corporation. These established players focus on portfolio expansion through strategic partnerships and new product launches to strengthen their market position.
For More Insights, Read: https://www.newswirestats.com/anti-radiation-drugs-market-demand-growth-and-regional-outlook-by-2030/
