Over the coming years, the unmet medical needs of consumers in emerging regions is expected to open a plethora of growth opportunities for market players, leading to a substantial rise in this market. Expanding at a CAGR of 3.90% over the period from 2016 to 2024, the market, which stood at US$299.6 mn in 2015, is anticipated to increase to US$421.5 mn by the end of the forecast period.
Global Radiodermatitis Market: Snapshot
The global radiodermatitis market has been witnessing a significant progress over the last few years on the grounds of the rising prevalence of cancer and the growing uptake of radiation therapy for its treatment. Thanks to the increasing focus on product innovations and advancements in existing products, the market is also showing high potential for future growth.
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Asia Pacific to Retain Leadership in Global Radiodermatitis Market
Spread across Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe, the market for radiodermatitis boasts of a robust presence across the world. Asia Pacific, among all, has been leading the global radiodermatitis market, thanks to a higher percentage of patients eligible for radiotherapy.
The increasing pool of cancer patients is expected to drive the Asia Pacific radiodermatitis market further, ensuring its dominance over the next few years. Since a number of Asian economies, situated in the tropical region, have humid weather conditions, the severity of radiation dermatitis is significantly high in this geographical segment, which is also expected to boost the market for radiodermatitis in Asia Pacific in the near future.
Amongst other regional markets for radiodermatitis, Europe also possesses a considerable share in the global market on account of the increase in research and development activities in life sciences, upswing in academic research in radiation dermatitis, and the escalating number of product launches in this region. The market in North America has been driven by the presence of a large pool of well-established pharmaceutical enterprises, research organizations, and several government institutes, which actively work on developing a standard treatment solution for radiodermatitis.
Latin America and the Middle East and Africa are likely to gain considerably from the increasing attention of multinational companies on them. The large base of the unprivileged population, particularly in the Middle East and central Africa, and the implementation of new policies encouraging the uptake of radiotherapy in these regions are anticipated to boost the radiodermatitis markets in Latin America and the Middle East and Africa.
Topical Agents to Continue Being Most Valued Radiodermatitis Products
Topical, oral medication, and dressings are the main products available in the global market for radiodermatitis. Topical agents witness a higher demand from end users than other radiodermatitis products and are anticipated to continue doing so over the next few years.
The ease of availability and cost benefits of topical products have fueled their demand among all strata of consumers, which is likely to reflect positively on their sales in the near future.
Corticosteroid creams, hydrophilic creams, and topical antibiotics are most preferred topical products across the world. Hydrophilic creams report a much higher demand than the other two.
Analysts expect this scenario to remain so over the years to come.
Stratpharma AG, Smith & Nephew Plc, Molnlycke Health Care, Intermed Pharmaceuticals, Derma Sciences Inc., ConvaTec Inc., BMG Pharma S.r.l., Acelity LP Inc., and 3M are the key participants in the global Radiodermatitis market.
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