According to a recent Future Market Insights (FMI) market report, the global Radiation Toxicity Treatment Market size was valued at US$ 3.76 billion in 2022 and is expected to reach US$ 5.58 billion by 2029.
Over the last decade, the installed base of internal radiation therapy machines has grown dramatically. Improving reimbursement scenarios and favourable government policy framework in the field of cancer care are increasing radiation therapy accessibility, consequently favouring the growth of the Radiation Toxicity Treatment market.
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According to the survey, major businesses in Asia Pacific will continue to invest extensively in the development of new radiation therapies, in response to the region’s rising cancer prevalence and better rate of diagnosis.
The rising incidence of radiation toxicity in the healthcare and chemical industries drives the need for appropriate therapy. Another key factor contributing to market expansion is the recent FDA approval of various orphan medications that have been shown to effectively boost the survival rate in adult and paediatric radiation sickness patients. These application areas continue to provide prospects for growth in the Radiation Toxicity Treatment market.
Key Takeaways – Radiation Toxicity Treatment Market Study
- Increased use of colony stimulating agents, such as Amgen’s Neulasta, will account for more than 75% of revenue share in the Radiation Toxicity Treatment market by 2029.
- Non-ionizing radiation is expected to provide a lucrative opportunity to market participants due to high incidences of radiation toxicity caused by gamma radiation emission from positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scanners installed in hospitals and diagnostic centres.
- North America continues to lead the Radiation Toxicity Treatment market, while South Asia is expected to rise rapidly in the near future.
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Who Is Winning?
Some of the key players operating in the Radiation Toxicity Treatment market include Amgen Inc., Partner Therapeutics, Mylan N.V., and Novartis AG. Leading players of the Radiation Toxicity Treatment market are focusing on acquiring smaller companies to enhance their product portfolio and improve regional market positioning.
For instance, Siegfried Group announced the acquisition of drug product manufacturing facility together with all related employees and contracts from Arena Pharmaceuticals GmbH in Zofingen, Switzerland. Also, in 2018, Partner Therapeutics (PTx) acquired global rights to develop, manufacture, and commercialize Leukine (sargramostim) from Sanofi.
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North America is expected to dominate the radiation toxicity market due to the high incidence of cancer in the region, favorable reimbursement policies, and a well-established healthcare infrastructure. Europe is also expected to witness significant growth in the radiation toxicity market due to increasing government initiatives to promote radiation therapy and rising investments in research and development activities.
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Radiation Toxicity Treatment Market by Category
By Product:
- Colony Stimulating Factors
- Potassium Iodide
- Prussian Blue
- Diethylenetriamine Pentaacetic Acid
- Others
By Indication:
- Acute Radiation Syndrome
- Bone Marrow Syndrome (Hematopoietic)
- Gastrointestinal Syndrome (GI)
- Cardiovascular (CV)
- Chronic Radiation Syndrome
By Radiation Type:
- Ionizing Radiation
- Alpha Radiation
- Beta Radiation
- Gamma Radiation
- Non-ionizing Radiation
By End-User:
- Hospitals
- Government Hospitals
- Private Hospitals
- Research & Academic Institutes
- Government Research and Academic Institutes
- Private Research and Academic Institutes
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