The Global Radiation Toxicity Treatment Industry is poised for significant growth, fueled by a confluence of factors. According to a new report by Future Market Insights (FMI), the market is currently valued at US$3.76 billion in 2022. Projecting forward, it is expected to exhibit a steady growth trajectory, reaching an impressive US$5.58 billion by 2029. This expansion translates to a Compound Annual Growth Rate (CAGR) of 5.8% over the forecast period.
The past decade has witnessed a remarkable expansion in the installed base of internal radiation therapy machines, emerging as a key driver behind the industry’s surge. This growth can be attributed to the significant improvement in reimbursement scenarios and a favorable government policy framework in the field of cancer care. These advancements have enhanced the accessibility of radiation therapy, contributing significantly to the flourishing landscape of the Global Radiation Toxicity Treatment Industry.
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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 pediatric radiation sickness patients. These application areas continue to provide prospects for growth in the Global Radiation Toxicity Treatment Industry.
Key Takeaways – Global Radiation Toxicity Treatment Industry 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 centers.
- North America continues to lead the Radiation Toxicity Treatment market, while South Asia is expected to rise rapidly soon.
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Who Is Winning?
Some of the key players operating in the Global Radiation Toxicity Treatment Industry include Amgen Inc., Partner Therapeutics, Mylan N.V., and Novartis AG. Leading players in the Global Radiation Toxicity Treatment Industry are focusing on acquiring smaller companies to enhance their product portfolio and improve regional market positioning.
For instance, Siegfried Group announced the acquisition of a 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 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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Global Radiation Toxicity Treatment Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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