The global radiodermititis market exhibits a high degree of consolidation at top, with the leading five players holding over 47% of the market in 2015. These companies are Smith & Nephew plc, 3M Healthcare, Acelity, Molnlycke Health Care, and Convatec, Inc. Success of the global radiodermatitis market is often determined by the ability of pharmaceutical and medical device companies to develop novel products aimed at catering to the prevalent consumer demand, finds Transparency Market Research (TMR) in a new study.
For instance, Stratpharma AG launched StrateXRT in 2016. This comes under the category of class 1 wound dressing listed with the US FDA. It is also a medical device registered with the European CE mark. This is a novel wound dressing, designed for the effective treatment of radiation dermatitis.
As per TMR, the global radiodermatitis market, which was worth US$299.6 mn in 2015, is expected to reach a valuation of US$421.5 mn by the end of 2024, exhibiting a CAGR of 3.9% between 2016 and 2024. By product, topical agents constituted the most preferred product segment, accounting for just under 70% of the market in 2015. Regionally, Asia Pacific emerged dominant in 2015, accounting for a market share of 45% in that year.
Absence of Proper Standards Provides Opportunities for Market to Gain from
The radiodermatitis market exhibits lucrative opportunities owing to the presence of widespread untapped needs. The market is also set to grow rapidly in the near future due to the rising incidence of cancer and the subsequently increasing uptake of radiation therapy for better treatment. As pharmaceutical companies focus on discovering a pertinent treatment for the chronic ailment, the demand for radiodermatitis will increase in response. Hence the absence of proper standard care products, especially across emerging nations, makes a significant opportunity for players to innovate novel products and set the same on the path of commercial success.
Rising Incidence of Cancer to Fuel Demand for Radiodermatitis
According to the World Health Organization, the number of cancer cases reported worldwide is likely to increase from 14 million a year to 22 million by the end of 2032. Since cancer patients have to frequently undergo radiation treatments, they are more likely to develop radiation-induced dermatitis. Besides the prevalence of unhealthy lifestyle practices such as smoking and sedentary lifestyle, which aggravate the incidence of obesity will bolster opportunities for the global radiodermatitis market.
As per TMR, the radiodermatitis market is gaining impetus from the rising innovations and increased product offerings. “With companies focusing on the development of novel products in order to cater to the unmet demand, the radiodermatitis market is projected to grow at a higher pace in the near future,” said a lead TMR analyst. Moreover, in underdeveloped economies patients are further compelled to opt for novel radiodermatitis treatment methods due to their painful condition and poor quality of life. This also acts as a key factor driving the global radiodermatitis market.
The study is based on a TMR report, titled “Radiodermatitis Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The report segments the global radiodermatitis market as:
Global Radiodermatitis Market, by Product
- Hydrophilic Creams
- Others (topical antibiotics)
- Oral Medication
- Other (oral analgesics, antibiotics, etc.)
- No Sting Barrier Film
- Honey Impregnated Gauze
- Silicone Coated Dressing
- Others (GM-CSF gauze, silver leaf dressing, etc.)
Global Radiodermatitis Market, by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy Store
- Online Store
Global Radiodermatitis Market, by Geography
- North America
- Asia Pacific
- Rest of APAC
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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