by Radiation therapy is a cancer treatment that utilizes high-energy radiations to destroy cancer cells. It is commonly used to treat different cancers types such as breast cancer, lung cancer, prostate cancer, cervical cancer, and others. However, excessive use of radiation therapy may lead to harmful side effects like radiation sickness, DNA damage, and cell death. The growing adoption of radiation devices for diagnostic and therapeutic purposes is increasing the instances of unwanted exposure to radiation. This factor is driving the demand for anti-radiation drugs that help counter the toxic effects of radiation exposure. Anti-radiation drugs provide protection against radiation exposure by targeting cellular pathways involved in DNA repair, cell death, and oxidative stress. They are either administered prior, during, or after radiation therapy to mitigate side effects.
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:
The anti-radiation drugs market is witnessing considerable growth due to increasing instances of radiation accidents worldwide. As per the International Atomic Energy Agency, over 7,000 radiation accidents have been reported globally between 1947–2016. Around 5% to 15% of such instances led to acute radiation sickness requiring medical intervention. Anti-radiation drugs are increasingly administered to victims of such mishaps. Another key trend is the use of nanoparticles to facilitate targeted delivery of radio-protective agents. Researchers are exploring possibilities to encapsulate drugs inside nanoparticles that can concentrate in target organs and tissues experiencing radiation injury. This enhances efficacy and reduces systemic toxicities. Nanoparticulate formulations improve therapeutic index of radio-protectants.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the anti radiation drugs market requires high technical expertise and R&D. However, low entry barriers can attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various treatment options. Buyers can switch to alternatives easily if pricing is not competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material suppliers hold a significant share. However, the threat posed by supplier substitution is low.
Threat of new substitutes: The threat of new substitutes is high as alternatives like radiotherapy and protective gear are increasingly being used for radiation protection.
Competitive rivalry: The competition in the anti radiation drugs market is high owing to the presence of numerous global and regional players.
Key Takeaways
The Global Anti Radiation Drugs Market Size is expected to witness high growth over the forecast period supported by the increasing prevalence of cancers and growing use of radiation therapy. 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.
Regional analysis: North America holds the major share of the global anti radiation drugs market and is expected to dominate supported by advanced healthcare infrastructure and increasing healthcare expenditure. Asia Pacific is anticipated to witness the fastest growth over the forecast period due to large patient pool and improving access to healthcare facilities.
Key players: Key players operating in the anti radiation drugs market include DIC Corporation, Dow Chemical Company, BASF SE, Arkema Group, Celanese Corporation, Trinseo, The Lubrizol Corporation, Wacker Chemie AG, Synthomer Plc, and Asahi Kasei Corporation. The major players are focusing on new product launches and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
