by Anti-radiation drugs help protect healthy cells from the harmful effects of radiation therapy used in cancer treatment. They help decrease side effects of radiation such as fatigue, skin irritation, inflammation and nausea. Anti-radiation drugs containing antioxidant properties counter damage from reactive oxygen species generated during radiotherapy. Their anti-inflammatory and immunomodulating effects enhance healing of normal tissues. With increasing prevalence of various cancers worldwide, demand is rising for efficient therapeutic approaches. Radiation therapy remains an important cancer treatment option. Anti-radiation drugs complement this therapy by decreasing side effects and toxicities on other cells, improving patient compliance and quality of life.
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:
One of the key trends in the anti-radiation drugs market size is the increasing demand for drugs with multifunctional properties. Patients undergoing radiation therapy often require drugs that can provide protection against various effects of radiation such as DNA damage, oxidative stress, and inflammation. Multifunctional drugs containing antioxidant, anti-inflammatory and DNA repair properties are more effective in protecting healthy cells. They are gaining popularity owing to their enhanced efficacy. Various molecules exhibiting diverse protective mechanisms are under clinical trials. Their approval and launch will further fuel the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Low threat due to large capital requirements needed to establish manufacturing facilities and market brand recognition.
Bargaining power of buyers: Moderate bargaining power due to availability of substitutes but switching costs and buyer’s need for specialized products.
Bargaining power of suppliers: Moderate bargaining power as key raw materials have few substitutes but market has access to multiple suppliers.
Threat of new substitutes: Low threat as Anti Radiation Drugs have few viable substitutes available for protection against radiation hazards.
Competitive rivalry: High competition due to presence of numerous global and regional players offering similar product profiles and properties.
Key Takeaways
The global Anti Radiation Drugs market is expected to witness high growth. 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.
North America region currently dominates the market and is expected to maintain its leading position over the forecast period owing to high prevalence of cancer cases and rising demand for advanced cancer treatment options. The Asia Pacific region is anticipated to exhibit fastest growth due to growing awareness regarding health hazards of radiation exposure, improved healthcare facilities and increasing healthcare spending.
Europe region holds a significant share in the Anti Radiation Drugs market. Presence of major players, developed healthcare infrastructure and high demand for radiation protection drugs are some of the factors contributing to large market size of Europe.
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. Rising investment in R&D of advanced anti-radiation solutions is encouraging market players to launch new and improved offerings to gain competitive advantage.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
