May 22, 2024
Anti Radiation Drugs

Anti Radiation Drugs Market Poised to Grow Owing to Rising Incidences of Cancer

The Anti Radiation Drugs market comprises drugs that help protect cells and tissues from the harmful effects of radiation. Anti Radiation Drugs minimize the damage done to healthy tissues during radiotherapy for cancer treatment. The growing prevalence of cancer across the globe has fueled the demand for innovative radiation protection drugs.

The global anti radiation drugs market is estimated to be valued at US$ 676.69 billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period of 2024 to 2031.

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. Key players are focusing on developing novel anti radiation drugs through heavy investments in R&D.

The rising awareness about personalized cancer care and radioprotective therapies present significant opportunities for players in this market. Furthermore, advancements in radiation oncology such as proton beam therapy and stereotactic body radiation therapy are increasing the need for effective anti-radiation medications.

Geographically, North America dominates the Anti Radiation Drugs Market Size . However, Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to improving healthcare facilities, rising healthcare expenditure, and increasing prevalence of cancer in the region.

Market Drivers

The increasing incidence of cancer globally is a key driver spurring market growth. According to WHO, cancer is the second leading cause of death worldwide, with about 10 million deaths in 2020. Radiotherapy also known as radiation therapy is one of the most commonly recommended treatments for cancer. However, radiation therapy can damage healthy tissues surrounding tumors requiring protective anti-radiation drugs. Thus, the rising cancer burden worldwide is boosting demand for anti-radiation drugs for providing radioprotection during cancer treatment.

PEST Analysis
Political: Regulations on manufacturing and distribution of anti-radiation drugs are becoming more stringent in several regions to ensure patient safety and drug efficacy. For example, the FDA in the US has stringent approval process for new anti-radiation drugs.

Economic: Rise in disposable income levels is enabling increased healthcare spending globally. Growing cases of cancer due to radiation exposure is driving demand for effective anti-radiation drugs. High R&D investments by key players to develop novel formulations will further aid market growth over the forecast period.

Social: Growing health awareness regarding ill effects of radiation exposure and availability of treatment options is supporting demand for anti-radiation drugs especially in developed markets. However, social stigma still remains in some developing nations regarding diseases like cancer.

Technological: Continuous innovations to develop advanced anti-radiation drugs with minimal side effects is witnessed. Developers are focusing on repurposing existing drugs which can reduce costs and expedite clinical trials. Stem cell therapy is also evolving as a promising treatment option.

In terms of value, North America dominates the global anti-radiation drugs market led by the US which accounts for a major share. This can be attributed to the growing prevalence of cancer, advanced healthcare infrastructure and high spending on healthcare. The market in Asia Pacific is projected to witness fastest growth during the forecast period led by China, India and countries in Southeast Asia. This growth can be accredited to rising patient pool, increasing healthcare investments and expanding medical insurance coverage in emerging Asian economies.

As per the report projections, MEA region especially GCC countries will register highest CAGR over the forecast timeline among other geographical regions globally. This exponential growth can be ascribed to improving healthcare standards, rising healthcare spending by GCC governments and growing medical tourism from African countries.

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