Anti Radiation Drugs Market is Estimated to Witness High Growth Owing to Increased Usage Post Cancer Treatment
Anti radiation drugs play a pivotal role in the protection of healthy tissues and cells from the damaging effects of radiation during cancer treatment through radiation therapy. They help reduce the side effects of radiotherapy such as nausea, vomiting, loss of appetite and fatigue. With rising cancer prevalence worldwide, the demand for radiotherapy as an effective treatment method is increasing consequently driving the need for anti radiation drugs.
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:
Increased adoption of radiotherapy post cancer treatment presents a key opportunity for the anti radiation drugs market size. According to studies, over 50% of cancer patients undergo radiotherapy during or after their primary treatment. However, side effects of radiotherapy can reduce quality of life even after successful treatment. Anti radiation drugs helps minimize such effects and enable faster post treatment recovery. With growing acceptance of radiotherapy worldwide, the demand for anti radiation drugs from hospitals and cancer care facilities is expected to rise significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: Anti Radiation Drugs require extensive R&D and high capital investments for manufacturing drug development and production facilities which act as entry barriers for new players.
Bargaining power of buyers: The global anti radiation drugs market has significant buyers in the form of hospitals, specialty clinics and ambulatory surgery centers. However, the need for anti radiation drugs is driven by demand rather than price making the buyer power relatively weak.
Bargaining power of suppliers: The key raw materials used in anti radiation drugs are easily available due to presence of numerous global suppliers. However, compliance with stringent regulations ensures suppliers have moderate bargaining power.
Threat of new substitutes: Currently there are no cost-effective substitutes for anti radiation drugs available. Development of new biologics requires sizable investments and time, limiting threat from substitutes.
Competitive rivalry: The global anti radiation drugs market comprises numerous international and regional players. However, the market is characterized by high entry barriers and need for specialized expertise keeping competitive rivalry moderate.
SWOT Analysis
Strength: Growing cancer prevalence especially due to rising pollution levels and adoption of unhealthy lifestyles. Extensive R&D efforts by key players have led to development of innovative anti radiation drug formulations.
Weakness: High costs associated with drug development and production. Requirement of specialized storage and distribution infrastructure increases operational expenses.
Opportunity: Increasing healthcare expenditure in emerging nations presents sizeable market potential yet to be tapped. Growing medical tourism in Asia Pacific and Latin America offering lucrative opportunities.
Threats: Stringent regulatory framework for pharmaceutical approval delays market access. Significant dependence on reimbursement policies impact sales.
Key Takeaways
The global anti radiation drugs market is expected to witness high growth over the forecast period on account of rising cancer incidence globally. 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.
Regional analysis related content:
The North American region accounted for the largest share of over 35% of the global anti radiation drugs market in 2023. This was majorly driven by presence of advanced healthcare infrastructure, growing prevalence of cancer and regulatory support for new drug approvals. Availability of adequate health insurance coverage facilitated higher adoption of premium anti radiation drugs in the region. However, Asia Pacific region is expected to witness the fastest CAGR during the forecast period supported by improving access to healthcare services in emerging nations such as China, India and South Korea. Rising medical tourism particularly in Thailand, Singapore and Malaysia is enhancing demand for anti radiation drugs in Asia Pacific. Governments across several Asia Pacific countries are providing subsidies and incentives to boost local pharmaceutical manufacturing fostering market growth during the coming years.
Key players in the anti radiation drugs market are DIC Corporation, Dow Chemical Company, BASF SE, Arkema Group and Celanese Corporation among others. Dow Chemical Company dominated the global market in 2023 supported by proprietary drug formulations and widespread distribution network across major countries.
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