VALLEY COTTAGE, N.Y. – A rise in cases of acute radiation syndrome due to continuous exposure to ionizing radiations from nuclear power plants, and from certain devices used in cancer therapy has been contributing to demand for radiation toxicity treatment. In order to stay ahead of the curve, a growing number of pharmaceutical companies are investing in R&D activities for developing effective therapies for radiation toxicity.
According to Future Market Insights (FMI), the global radiation toxicity treatment market was valued at US$ 3 Bn in 2018. The market is poised to bolster at a CAGR of 5.7% during the forecast period 2019-2029.
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“With an increase in the number of patients suffering from chronic and acute diseases, researchers and regulatory bodies are investing in R&D activities for effective therapies and treatment. Furthermore, key pharmaceutical companies in East Asia are focusing on developing more orphan drugs for acute radiation syndrome, thereby fueling the growth of the radiation toxicity treatment market,” says FMI analyst.
Market Gains Upheld by Rising Prevalence of Cancer
According to the American Cancer Society, more than 1.7 million patients are expected to be diagnosed with cancer by the end of 2019. The use of radiation techniques in cancer treatment is associated with several side effects, leading to damage of certain internal organs. This, in turn, potentially raises the demand for radiation toxicity treatment products, especially diethylenetriamine pentaacetic acid (DTPA).
Preview Analysis of 2019 Analysis and Review of Radiation Toxicity Treatment Market by Product – Colony Stimulating Factors, Potassium Iodide, Prussian Blue, and Diethylenetriamine Pentaacetic Acid for 2019 – 2029:https://www.futuremarketinsights.com/reports/radiation-toxicity-treatment-market
DTPA exhibits anti-cancer effects and is considered an important aspect of radiation toxicity treatment. FMI finds that demand for DTPA is set to grow at a CAGR of 8% over the forecast period. However, colony stimulating factors will continue to significantly influence market players’ growth strategies, accounting for around 79% of total market revenue.
Increasing installation of positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scanners in diagnostic centers and hospitals and subsequent emission of gamma radiation during cancer treatment is set to provide lucrative growth opportunities to market players.
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North America Captures 40% of Market Share
As of 2018, North America dominated the radiation toxicity treatment market, followed by Europe and East Asia. This dominance is attributed to significant technological advancements and growing awareness amongst patients about the available treatment options. Governments in the region are supporting pharmaceutical companies in the development of medicines for rare diseases and patients suffering from several chronic and acute diseases. The Food and Drug Administration (FDA)’s approval of 600 orphan drugs and biological products under the Orphan Drug Act, continues to drive innovations in development of medicines for treating rare diseases. Moreover, in 2018, the U.S. FDA approved the use of Leukine and Mylan and Biocon’s Fulphila to increase the survival rate in adults and pediatric exposed to acute myelosuppressive doses of radiation and patients suffering from nonmyeloid cancers respectively. These factors will instrumental to the growth of the radiation toxicity treatment market in North America.
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