The fight against cancer involves powerful treatments, but these can sometimes come with challenging side effects. The Radiation Toxicity Treatment Market is on the rise, reflecting the growing need for effective solutions to manage these side effects. According to a recent industry report by Future Market Insights (FMI), the global market for Radiation Toxicity Treatment was valued at USD 3.76 billion in 2022. This market is poised for significant growth, projected to reach a staggering USD 5.58 billion by 2029.
The installed base of internal radiation therapy machines has increased considerably over the previous decade. Improving reimbursement situations and a favorable 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 the 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 the market growth is the recent FDA clearance of many orphan drugs that have been found to significantly improve survival rates in adult and pediatric 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 centers, 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 shortly.
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 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
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 clients face 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 is 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 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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