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IN THE NEWSMarch 2022: KeraNetics Inc. was awarded a contract of USD 3.5 million from the Biomedical Advanced Research and Development Authority (BARDA), to conduct the required pivotal studies to expand the product indications in Cutaneous Radiation Injury or CRI management.
March 2022: BioCurity Pharmaceuticals, Inc., a biopharmaceutical company announced the launch of supportive cancer drug designed for the prevention of radiation therapy side effects.
The global cutaneous radiation injury treatment market is estimated to garner significant revenue by growing at a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2031. The market’s growth can be attributed to growing prevalence of cancer and rising adoption of radiation therapy for the treatment of cancer patients. For instance, as per the statistics by GLOBOCAN, the (5-year) prevalence of cancer was 50,550,287 globally in 2020. Along with this, rising availability of topical creams, increasing healthcare awareness among population, growing geriatric population, and emergence of various online pharmacies is expected to drive the market growth in the upcoming years.
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Based on product, the global cutaneous radiation injury treatment market is segmented into topical, dressings, and oral drugs. The topical segment accounted for the largest market size in value in 2021 on account of increasing product launch by various manufacturers across the globe coupled with rising risks of developing radiation burns. On the other hand, the dressing segment is anticipated to grow with the highest CAGR during the forecast period.
On the basis of exposure, the market is segmented into contamination and irradiation, out of which the irradiation segment captured a significant share of the market in 2021. Further, the segment is projected to grow during the forecast period on account of factors, such as increasing number of patients diagnosed with cancer and rising use of radiation therapy for cancer treatment.
Based on stage, the market is classified into prodromal stage, latent stage, manifest illness stage, third wave of erythema, and late effects. Among them, the third wave of erythema segment is anticipated to grab a significant share by 2031 owing to discomforts experienced by the exposed persons during this stage and increasing number of people affected by high grade radiations.
Based on distribution channel, the global cutaneous radiation injury treatment market is segmented into online pharmacy, and offline pharmacy, of which the offline pharmacy segment held the highest share in 2021 on account of growing retail pharmacy and increasing availability of products as offline pharmacy is easily accessible to people.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global cutaneous radiation injury treatment market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia-Pacific region is estimated to witness highest growth over the forecast period owing to increasing awareness among the population about available treatment for radiation injuries, rising healthcare awareness, and growing cancer incidence. Furthermore, in 2021, the market in North America occupied the largest revenue share, owing to the high prevalence of cancer and presence of leading healthcare service providers in the region. Along with this, North America has an increasingly aging population, which is expected to contribute to the market growth in the upcoming years. As per the Data released by the World Bank, in 2020, the total geriatric population in the USA was 55,131,698.
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The global cutaneous radiation injury treatment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cutaneous radiation injury treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing adoption of radiation therapies for the treatment of cancer patients and growing awareness regarding radiation-induced skin damage.
The market is anticipated to attain a garner significant revenue by growing at a ~4.5% CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are 3M Company, Stratpharma AG, Intermed S.A., Helsinn Healthcare SA, Mölnlycke Health Care AB, BMG PHARMA S.p.A., Convatec Inc., AceTech, Meabco A/S, KeraNetics, Inc. and others
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, exposure, stage, distribution channel, and by region.
By product, the topical segment held the largest market size in value in the year 2021 while the dressing segment is estimated to grow at the highest CAGR over the forecast period.
Lack of proper health facilities in developing countries is estimated to hamper the market growth.
Asia-Pacific region is anticipated to display significant opportunities for the market growth owing to increasing awareness amongst the population about the availability of treatment for radiation-induced injuries in the region.
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