Market Is Estimated To Witness High Growth Owing To Increase In Radiation Exposure And Rising Cancer Incidence

The anti-radiation drugs market is estimated to be valued at US$ 587.4 million 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 help protect cells and tissues from damage caused by ionizing radiation. They find application in pre-treatment and post-treatment of patients undergoing radiation therapy for cancer treatment. Common anti-radiation drugs include Amifostine, Pegfilgrastim, and Others.

Market Dynamics:
Anti-radiation drugs market is primarily driven by increasing instances of radiation exposure from diagnostic procedures and nuclear disasters. Growing prevalence of cancers requiring radiation therapy is also spurring demand for anti-radiation drugs globally. According to WHO, cancer burden is expected to grow by ~60% in the next 20 years. This will significantly increase demand for radiation therapy and associated anti-radiation drugs for effective cancer treatment management. Furthermore, ongoing research activities for development of novel anti-radiation drugs with higher efficacy and fewer side effects are expanding potential opportunities in the market. RxBio Inc., a leader in this domain, recently launched Amifine-Plus, which provides enhanced radioprotection for hematopoietic syndrome. Such product innovations are elevating the anti-radiation drugs market growth trajectory over the forecast period.

SWOT Analysis

Strength: The anti radiation drugs market has strong pipeline drugs in clinical trials which can treat radiation exposure in case of any radiological disaster. Early approval of pipeline drugs will strengthen the market. Researchers are developing new drug formulations with less toxic effects and improved efficacy. Growing funding from government and non-profit organizations is driving research activities in this market.

Weakness: High costs associated with drug development and clinical trials may deter small players to develop new anti radiation drugs. dependence on limited number of key players increases supply risk. Many countries lack adequate monitoring and response systems in case of a radiological event hampering market growth.

Opportunity: Increasing instances of radiation accidents and rising threat of nuclear disasters creates huge market potential. Growing awareness about management of acute radiation syndrome will drive the demand. Favorable regulatory frameworks for expedited review of pipeline drugs offer lucrative opportunities. Development of generic versions of existing approved drugs ensure affordable treatment options.

Threats: Stringent regulatory approvals for safety and efficacy delay market access of new molecules. High failure rate of pipeline drugs in clinical trials poses risks. Dependence on government funds and grants for research creates uncertainty. Economic slowdowns can negatively impact funding availability.

Key Takeaways

The global Anti Radiation Drugs Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing instances of radiation contamination and nuclear disasters.

Regional analysis

North America currently dominates the anti radiation drugs market, accounting for over 35% revenue share in 2023, owing to presence of major players and availability of research funds. Asia Pacific is projected to witness fastest growth during the forecast period with CAGR of around 8%, driven by increasing investments in nuclear energy sector in countries like China and India.

Key players

Key players operating in the anti radiation drugs market are 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, Immune Modulators Inc. Major players are focusing on partnerships and collaborations for co-development of advanced drugs.

Read More,

https://www.trendingwebwire.com/the-burgeoning-anti-radiation-drugs-market-trends-size-and-share-analysis/

 

8 thoughts on “Market Is Estimated To Witness High Growth Owing To Increase In Radiation Exposure And Rising Cancer Incidence”

Leave a Comment