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| Anti Radiation Drugs Market |
The anti-radiation drugs market is estimated to be valued at US$ 587.4 million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti-radiation drugs help protect cells and tissues from damage caused by
ionizing radiation. They find application in pre-treatment and post-treatment
of patients undergoing radiation therapy for cancer treatment. Common
anti-radiation drugs include Amifostine, Pegfilgrastim, and Others.
Market Dynamics:
Anti-radiation drugs market is primarily driven by increasing instances of
radiation exposure from diagnostic procedures and nuclear disasters. Growing
prevalence of cancers requiring radiation therapy is also spurring demand for
anti-radiation drugs globally. According to WHO, cancer burden is expected to
grow by ~60% in the next 20 years. This will significantly increase demand for
radiation therapy and associated anti-radiation drugs for effective cancer
treatment management. Furthermore, ongoing research activities for development
of novel anti-radiation drugs with higher efficacy and fewer side effects are
expanding potential opportunities in the market. RxBio Inc., a leader in this
domain, recently launched Amifine-Plus, which provides enhanced radioprotection
for hematopoietic syndrome. Such product innovations are elevating the
anti-radiation drugs market growth trajectory over the forecast period.
SWOT Analysis
Strength: The anti radiation drugs market has strong pipeline drugs in clinical
trials which can treat radiation exposure in case of any radiological disaster.
Early approval of pipeline drugs will strengthen the market. Researchers are
developing new drug formulations with less toxic effects and improved efficacy.
Growing funding from government and non-profit organizations is driving research
activities in this market.
Weakness: High costs associated with drug development and clinical trials may
deter small players to develop new anti radiation drugs. dependence on limited
number of key players increases supply risk. Many countries lack adequate
monitoring and response systems in case of a radiological event hampering
market growth.
Opportunity: Increasing instances of radiation accidents and rising threat of
nuclear disasters creates huge market potential. Growing awareness about management
of acute radiation syndrome will drive the demand. Favorable regulatory
frameworks for expedited review of pipeline drugs offer lucrative
opportunities. Development of generic versions of existing approved drugs
ensure affordable treatment options.
Threats: Stringent regulatory approvals for safety and efficacy delay market
access of new molecules. High failure rate of pipeline drugs in clinical trials
poses risks. Dependence on government funds and grants for research creates
uncertainty. Economic slowdowns can negatively impact funding availability.
Key Takeaways
The global Anti
Radiation Drugs Market Share is expected to witness high growth,
exhibiting CAGR of 6.8% over the
forecast period, due to increasing instances of radiation contamination and nuclear
disasters.
Regional analysis
North America currently dominates the anti radiation drugs market, accounting
for over 35% revenue share in 2023, owing to presence of major players and
availability of research funds. Asia Pacific is projected to witness fastest
growth during the forecast period with CAGR of around 8%, driven by increasing
investments in nuclear energy sector in countries like China and India.
Key players
Key players operating in the anti radiation drugs market are RxBio Inc., Annova
Chem Inc., Medicom Healthcare Ltd., Onconova Therapeutics, Genome Protection
Inc., Grace Therapeutics LLC, Amgen Inc., Partner Therapeutics Inc., Jubilant
Life Sciences Ltd., Cipla Inc., Stium Inc., Soligenix Inc., Aeolus
Pharmaceuticals, PharmaIN Corp, Immune Modulators Inc. Major players are
focusing on partnerships and collaborations for co-development of advanced
drugs.
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