February 21, 2024
Anti Radiation Drugs Market

The Development Of Innovative Radiation Screening Technologies Is Anticipated To Open Up New Avenue For The Anti Radiation Drugs Market

The 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 protect healthy cells from the damaging effects of radiation exposure during medical imaging procedures and cancer therapy. Some common anti radiation drugs include Amifostine, Potassium Iodide and others. These drugs work by neutralizing free radicals released during radiation exposure and limiting cell death. With rising cases of cancer and increasing use of radiation therapies and scans, the anti radiation drugs market is experiencing significant growth.

Market Dynamics:

The growth of the anti radiation drugs market is attributed to two major drivers:

Increasing incidence of cancer – According to WHO, cancer is one of the leading cause of deaths worldwide with over 10 million new cases reported annually. Radiation therapies using X-rays, gamma rays and others are widely used in cancer treatment. This widespread use of radiation therapies is driving the demand for anti radiation drugs to minimize side effects on healthy cells and tissues.

Rising medical imaging procedures – Medical imaging diagnostic procedures such as CT scans, mammography and fluoroscopy that use ionizing radiation have increased substantially over the past few decades. As these procedures expose healthy tissues to secondary radiation, anti radiation drugs are increasingly being prescribed to provide protection. This increasing dependency on medical imaging for diagnosis is boosting the anti radiation drugs market.

Segment Analysis

The anti-radiation drugs market is segmented into radiation sickness and myelosuppression. Radiation sickness segment dominates the market owing to the growing use of radiations in cancer treatment therapies across the globe. Radiation therapy is widely used in cancer treatment which often leads to radiation sickness post therapy among patients due to over exposure to radiation doses. This drives the growth of radiation sickness segment in the market.

PEST Analysis

Political: Regulations supporting the use of radiation in medicine have enabled growth in diagnostic and treatment procedures involving exposure to radiation. This is expected to drive demand for anti-radiation drugs.

Economic: Rising healthcare budgets and expenditures on cancer care are major factors contributing to market growth. High treatment costs of advanced anti-cancer therapies involving use of radiation further boosts demand.

Social: Increasing incidence of cancer cases globally is a key factor influencing demand positively. Support groups raising awareness about anti-radiation drugs benefits also impact the market.

Technological: Advancements in radiation oncology, targeted drug delivery systems and increased availability of personalized medicines are likely to offer new opportunities over the forecast period.

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 prevalence of cancer cases globally. As per WHO, cancer burden is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. This is expected to significantly drive the anti-radiation drugs market.

Regional analysis shows that North America dominates the market currently owing to advanced healthcare facilities, favorable reimbursement policies for cancer treatment and presence of key regional players. Asia Pacific is projected to be the fastest growing market over the forecast period due to increasing healthcare spending, growing cancer awareness and rising patient pool in the region.

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. Majority of these players are focusing on developing innovative products through collaborative research and expanding geographically.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it