The global Radiation Toxicity Treatment industry was valued at US$ 3.76 billion in 2022 and is predicted to reach US$ 5.58 billion by 2029, according to a recent Future Market Insights (FMI) industry report.
The installed base of internal radiation therapy machines has increased considerably over the previous decade. Improving reimbursement situations and a favourable government policy framework in the field of cancer treatment are expanding radiation therapy accessibility, which is positively impacting the Radiation Toxicity Treatment market.
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According to the report, big corporations in Asia Pacific will continue to invest heavily in the development of novel radiation therapies in response to the region’s increased cancer prevalence and improved rate of detection.
The increasing prevalence of radiation poisoning in the healthcare and chemical industries necessitates the development of effective therapies. Another important factor driving market growth is the recent FDA clearance of many orphan drugs that have been found to significantly improve survival rates in adult and paediatric radiation sickness patients. These application areas continue to offer potential opportunities in the Radiation Toxicity Treatment market.
Key Takeaways – Radiation Toxicity Treatment Market Study
- By 2029, the increased usage of colony boosting medicines, such as Amgen’s Neulasta, will account for more than 75% of revenue in the Radiation Toxicity Treatment market.
- Because of the 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, non-ionizing radiation is expected to provide a lucrative opportunity for market participants.
- North America remains the market leader in Radiation Toxicity Treatment, but South Asia is predicted to grow fast 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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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