by The Anti-Radiation Drugs Market consists of drugs that help protect the body from harmful effects of radiation exposure during medical imaging procedures and cancer therapy. Anti radiation drugs such as Amifostine act as a radioprotector by reducing side effects caused by chemotherapy and radiotherapy. The increasing prevalence of cancer and rising adoption of precision medicine for targeted treatment have boosted the demand for anti radiation drugs globally.
The Global Anti-Radiation Drugs Market is estimated to be valued at US$ 676.69 Bn in 2024 and is expected to exhibit a CAGR of 26.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the anti radiation drugs are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others. These players are focusing on developing advanced therapeutics through collaborations and clinical trials to expand their market share.
The rising incidence of cancer globally presents significant growth opportunities in the Anti-Radiation Drugs Market . According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Moreover, increasing investment by governments and private organizations in development of targeted cancer therapies will further aid the market growth.
Regionally, North America dominates the Anti-Radiation Drugs Market Size followed by Europe. However, Asia Pacific is expected to witness highest growth during the forecast period owing to growing healthcare expenditure, rising disposable income, and increasing awareness about cancer treatment. Moreover, several market players are expanding their presence in emerging countries of China, India, Japan and South Korea to tap the growth opportunities.
Market Drivers
Rising prevalence of cancer is a major factor driving the growth of the Anti-Radiation Drugs Market . According to GLOBOCAN 2020, cancer burden has risen to 19.3 million cases and 10 million cancer deaths worldwide. Radioprotectors help reduce undesirable side effects of radiation exposure in both cancer patients and medical practitioners. Growing application of radioprotectors in precision oncology will continue aiding the market expansion over the forecast period.
PEST Analysis
Political: Regulations regarding health and safety are becoming more stringent especially regarding radiation exposure and prevention. Government initiatives in different countries are encouraging research and development in this field.
Economic: Rising healthcare expenditure and growing GDP in developing countries is driving demand for advanced anti-radiation drugs. Increased awareness about ill-effects of radiation and rising disposable income also contributing to market growth.
Social: Growing health consciousness among general population. People are more aware about diseases caused due to radiation exposure from various sources and precautious about the same.
Technological: Advancements in drug delivery mechanisms, biologics and targeted therapies helped in developing more effective anti-radiation drugs with minimal side effects. Artificial intelligence and big data analytics are supporting research and development in Anti Radiation Drugs Market.
The market in terms of value is highly concentrated in regions like North America and Europe owing to high awareness, stringent regulations and advanced healthcare facilities. The United States represents the single largest market globally due to large healthcare expenditure and presence of major players. Significant market also exists in countries like Germany, France, United Kingdom and Japan.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, growing incidences of cancer, increasing urbanization and improving access to modern healthcare facilities. China and India are emerging as lucrative markets due to huge patient pool, favourable regulations and increasing collaborations of domestic pharmaceutical players with global innovators. Latin America and Middle East & Africa also expected to offer promising opportunities for market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
