Anti Radiation Drugs help protect patients undergoing radiation therapy for cancer treatment from unavoidable exposure to ionizing radiation. These drugs help reduce the damaging effects of radiation on normal, healthy 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 increasing prevalence of cancer cases is one of the key factors augmenting the growth of the anti-radiation drugs market. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Radiation therapy or radiotherapy is commonly used for cancer treatment. However, radiation exposure can damage normal cells and lead to several side effects. Anti-radiation drugs help protect healthy cells from radiation damage and minimize side effects. Therefore, the rising adoption of radiation therapy for cancer is expected to propel the demand for anti-radiation drugs over the forecast period.
SWOT Analysis
Strength: Anti Radiation Drugs help protect patients from the negative effects of radiation therapy for cancer treatment. They help reduce risks of secondary cancers and other health issues.
Weakness: Side effects of Anti Radiation Drugs can include nausea, vomiting and loss of appetite. Developing resistance to the drugs is also a possibility.
Opportunity: Growing cancer incidence rates globally is increasing the demand for radiation therapy and associated Anti Radiation Drugs. Innovations to reduce side effects can boost the market potential.
Threats: Stringent regulations and long approval timelines for new drugs pose challenges. Alternative non-drug therapies can also threaten market growth.
Key Takeaways
The Global Anti Radiation Drugs Market Size is expected to witness high growth. The market size for 2023 is estimated at US$ 587.4 Mn and is forecast to reach US$ 1,248.9 Mn by 2030, growing at a CAGR of 9.6% during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market due to advanced healthcare facilities and high awareness. Asia Pacific is expected to grow the fastest due rising healthcare investments and an increasing cancer incidence rate in major countries like 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. Manufacturers are focusing on developing more effective drugs with reduced side effects through extensive R&D activities. Partnerships between pharmaceutical and material science companies can help address the challenge of drug resistance as well.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it