The Radiodermatitis Market is estimated to be valued at US$ 407.2 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Radiodermatitis Market is projected to witness high growth owing to increasing prevalence of cancer. Radiotherapy is one of the major treatment options for cancer which require prolonged exposure to radiation causing radiodermatitis.
Radiodermatitis is a skin condition caused due to exposure to ionizing radiation during cancer treatment through radiotherapy. Symptoms include redness, itching, blistering, peeling, and ulceration of the skin. It affects the quality of life in cancer patients. Radiodermatitis products such as topical, dressings and sprays are used to prevent and treat symptoms of radiodermatitis. These products create protective barriers on skin and help in accelerated wound healing.
Market key trends:
One of the key trends in the radiodermatitis market is the rising prevalence of cancer globally. According to Globocan, there were 19.3 million new cancer cases reported in 2020 globally. Radiotherapy is one of the key treatment methods for more than 50% of all cancer patients. Prolonged exposure to ionizing radiation leads to development of radiodermatitis in almost all patients undergoing radiotherapy. Growing cancer burden and rising use of radiotherapy is expected to drive the demand for radiodermatitis treatment products over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as a substantial capital requirement is required in order to operate in the Radiodermatitis market. However, lack of IP protection and established brands pose a threat.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several players operating in the market offering similar products. However, availability of substitutes provides buyers with alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is low given the commodity nature of raw materials used in manufacturing radiodermatitis products. Suppliers have limited influence over pricing.
Threat of new substitutes: The threat of new substitutes is low as radiodermatitis products have few close substitutes. However, alternative therapies may pose a threat.
Competitive rivalry: Competition in the market is high due to presence of numerous established as well as new players offering similar products.
Strengths: Growing incidence of cancer, increasing use of radiotherapy for treatment. Well-established distribution network of key players.
Weaknesses: High costs associated with R&D of new products. Risk of substitutes emerging.
Opportunities: Rising healthcare expenditure in emerging nations. Collaborations with hospitals for marketing new products.
Threats: Stringent regulatory approval process. Reimbursement issues affecting product adoption.
The global Radiodermatitis market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing incidence of cancer and use of radiotherapy. The rising healthcare expenditure in emerging nations will also support market growth.
Regionally, North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to rising cancer cases, presence of major market players, and growing awareness about disease management.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period owing to increasing healthcare spending, large patient pool and growing medical tourism in the region.
Key players operating in the Radiodermatitis market Growth are Acelity, Inc. (3M)BMG Pharma S.r.l., ConvaTec Group PLC, DermaSciences Inc. (Integra LifeSciences Holdings Corporation), Intermed Pharmaceuticals, M�lnlycke Health Care, Smith & Nephew Plc, Stratpharma AG, Kannalife, Inc., McKesson Corporation.