Anti Radiation Drugs help protect cells and tissues from harmful effects of radiation exposure. They help protect healthy cells and tissues from radiation damage during exposure to ionizing radiation for diagnostic or therapeutic procedures like cancer treatment. The rising use of imaging technologies like CT scans and rising cancer incidence rates globally have increased the need for radiation exposure during diagnosis and treatment. This has propelled the demand for anti radiation drugs that help minimize side effects of radiation exposure on normal cells and tissues.
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 key trends:
The rising adoption of ionizing radiation procedures for diagnosis and cancer treatment has been a major trend driving the anti radiation drugs market size. Ionizing radiation finds wide usage in diagnostic imaging techniques like CT scans, fluoroscopy, nuclear medicine and therapeutic radiology for cancer treatment. According to World Health Organization (WHO), around 50 million CT scans are performed globally every year. Similarly cancer incidence rates have been rising worldwide with an estimated 19.3 million new cancer cases and 10 million cancer deaths in 2022. The rising diagnostic and therapeutic radiation exposure has increased the clinical need for radioprotective drugs to minimize side effects of radiation on normal tissues and promote better treatment outcomes. This growing dependence on radiation technologies in healthcare is expected to further propel the demand for anti radiation drugs over the forecast period.
SWOT Analysis
Strength: Anti Radiation Drugs are specifically developed to counter the harmful effects of radiation exposure. They help protect cells and DNA from further damage.
Weakness: Development of resistance is a possibility with prolonged use of these drugs. Compliance can also be an issue as treatment often requires long-term usage.
Opportunity: Growing incidence of cancer worldwide due to various environmental factors is presenting growth opportunities. Increasing radiation therapy procedures also aid market growth.
Threats: Stringent regulations regarding drug approval can delay market entry. Cost of R&D also poses threats. Stiff competition from alternative treatment options acts as a challenge.
Key Takeaways
The global Anti Radiation Drugs market is expected to witness high growth. It is projected to rise at a CAGR of 9.6% during the forecast period of 2023 to 2030. The anticipated market size for 2023 is US$ 587.4 Mn.
North America currently dominates the market due to growing awareness and increasing healthcare expenditure. However, Asia Pacific region is expected to provide lucrative growth opportunities owing to rising disposable incomes, expanding clinical trials and presence of leading pharmaceutical companies in the region.
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 key players are focused on new product launches and facility expansions to strengthen their market presence. For instance, in 2021, DIC Corporation unveiled radiation protective ingredients for personal care applications such as sunscreens.