Anti Radiation Drugs Market Estimated To Witness Exponential Growth Owing To Rising Cancer Incidences
Anti-radiation drugs offer effective protection against adverse effects of radiation exposure during medical imaging procedures or cancer treatments such as radiotherapy. They help protect healthy cells from DNA damage caused by radiation exposure and reduce risks of short-term and long-term side effects. The global anti-radiation drugs market spans a wide range of products including radioprotectors, myelosuppressors, antiemetics, and others that are widely used across hospitals, clinics, research institutes and other healthcare settings. With growing adoption of precision radiation-based techniques for cancer diagnosis and management, the demand for anti-radiation drugs is surging significantly.
The global anti radiation drugs market is estimated to be valued at US$ 676.69 Bn in 2023 and is expected to exhibit a CAGR of 26.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising incidences of cancer is a key factor driving growth of the anti radiation drugs market. It is estimated that cancer burden has risen to 19.3 million new cases and 10 million cancer deaths globally in 2020. With increasing use of radiotherapy and nuclear medicine procedures for cancer management, the need for radioprotection is growing rapidly. According to research, approximately 50-60% of all cancer patients undergo some form of radiotherapy during their treatment regimen. This high dependence on radiation-based therapies is propelling demand for anti-radiation protection drugs. Furthermore, increased adoption of medical imaging technologies is another major driver. Continual technological advancements are allowing healthcare providers to deploy newer and more precise radiation techniques like IMRT, IGRT, SRS and SBRT for improved outcomes. However, risks of side effects also increase with these specialized procedures, creating ongoing need for anti-radiation drugs.
SWOT Analysis
Strengths:
- Anti Radiation Drugs have high demand as radiation exposure is increasing due to various sources.
- Several new drugs are in pipeline which can treat radiation exposure effectively with minimal side effects.
- Major pharmaceutical companies are focusing on developing more effective anti radiation drugs.
Weaknesses:
- Development of new anti radiation drugs is costly and time consuming process.
- Clinical trials and approval process for these drugs can further delay their availability in market.
Opportunities:
- Increasing investments in drug development by companies and governments worldwide.
- Growing prevalence of cancer which requires radiation therapy can boost the market.
Threats:
- Stringent regulations for approval of anti radiation drugs.
- High prices of newly launched anti radiation drugs can limit their adoption.
Key Takeaways
The global Anti Radiation Drugs Market Demand is expected to witness high growth at a CAGR of 26% during forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 676.69 Bn .
Regional analysis: North America dominates currently due to advanced healthcare facilities and increasing adoption. Asia Pacific shows high growth potential due to growing medical tourism and investments in drug development initiatives.
Key players: Key players operating in the Anti Radiation Drugs market are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others.
Explore more related article on this topic: https://www.ukwebwire.com/anti-radiation-drugs-market-demand/
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