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 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 are used to treat or prevent potential health issues arising due to radiation exposure or cancer treatments involving radiation therapy. These drugs help protect healthy cells from toxic effects of radiation. They include a variety of drugs such as amifostine, xanthines, statins and antiemetics. Anti radiation drugs are crucial for cancer patients undergoing chemotherapy or radiation therapy to kill cancer cells and manage side effects. They help combat stress and damage caused by radiation exposure on normal cells and tissues. This reduces complications and improves patient outcome and quality of life.
Market key trends:
The global anti radiation drugs market is driven by rising cancer incidence rates worldwide and increasing use of radiation therapy for cancer treatment. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Rising awareness about radiation protection during diagnostic radiology and nuclear medicine procedures is also spurring demand for anti radiation drugs. Furthermore, ongoing R&D focus on development of novel and targeted anti radiation drugs with improved efficacy is expected to present lucrative growth opportunities. However, high costs associated with drug development and commercialization remains a key challenge.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in terms of capital requirements favor new companies entering the market. However, the presence of well-established market leaders decreases opportunities for new entrants.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of alternative treatment options and lack of product differentiation between players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and differentiation in raw materials.
Threat of new substitutes: Low threat of substitutes existing as radiation therapy is often the only treatment option available for certain types of cancer.
Competitive rivalry: Intense competition exists between major players to develop novel therapies and gain higher market shares.
Key Takeaways
The Global Anti Radiation Drugs Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing incidence of cancer cases worldwide. Radiation therapy is a major treatment option for various cancer types, which is driving the demand for anti radiation drugs.
The North America region currently dominates the anti radiation drugs market, with the highest market value share. Growing healthcare expenditure, presence of key players, and rising public awareness about cancer treatment are fueling the growth of the regional market. However, the Asia Pacific region is expected to witness the highest growth over the forecast period owing to rapidly increasing cancer patient pool, availability of low-cost treatments, and improving healthcare infrastructure in developing countries.
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, and Immune Modulators Inc. Major companies are focusing on developing effective and novel anti radiation therapies through partnerships and collaborations to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
