Radiation Dermatitis Treatment Market Surging at 5% CAGR; Rising Prevalence of Skin Cancer Drives Growth: Fact.MR Study
Fact MR: The global radiation dermatitis treatment market will surpass US$ 700 million by end of 2031. As per a report by Fact.MR, the global radiation dermatitis treatment market is expected to expand at 5% CAGR over forecast period of 2021-2031.
According to the American Society for Radiation Oncology (ASTO), over 95 % of patients undergoing radiation therapy suffer from some degree of radiation dermatitis, prompting treatment for radiation dermatitis. This is creating growth opportunities in radiation dermatitis treatment market.
According to the International Agency for Cancer Research (IARC), number of skin cancer cases increased to 19.3 million, with 10 million deaths in the past 10 years. By 2040, this number will reach to 29 million, while deaths caused due to skin cancer will reach more than 16 million.
With skin cancer cases forecast to increase in the coming years, the demand for radiation dermatitis treatment will continue rising.
According to the Skin Cancer Foundation, more than 9,500 individuals in the U.S. are diagnosed with skin cancer every day, with more than two people of those diagnosed succumbing within an hour. It is also estimated that over 3.3 million people received treatment out of 5.4 million non-melanoma skin cancer individuals in the year 2012.As a result, the United States has emerged as a lucrative growing market for radiation dermatitis therapy.
"In the coming years the sales of topical agents are likely to increase. Increasing use of topical agents in hydrophilic creams and corticosteroids will create opportunities for growth. Hydrophilic creams are used globally to offer soothing relief from itching and other symptoms associated with radiation dermatitis," said a Fact. MR analyst.
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- Topical hydrophilic creams are expected to emerge as a top-selling products with demand forecast to increase in coming years.
- Due to growing popularity of Traditional Chinese Medicine (TCM), China is projected to provide appealing development potential in market.
- Skin cancer prevalence has surged in India, as the country's ozone layer has been considerably decreased. This will create prospects for radiation dermatitis treatment in India.
- The U.S. is dominating the radiation dermatitis treatment due to high awareness among patients and increasing willingness to spend on advanced healthcare.
- Manufacturers are bolstering research and development activities in wound dressings that are highly elastic and flexible fueling radiation dermatitis treatment market.
- Radiation therapy accounts for nearly 40% of all cancer cures. Hence, uptake of radiation dermatitis dressings and treatment products will propel market growth.
- Increase in prevalence of radiation induced skin disorders will boost radiation dermatitis treatment products market.
- High costs of diagnosis might hamper the global market growth.
- Radiation treatment often eliminates moisture from the skin, leaving it extremely dry and irritated. This could hinder market growth.
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Key Questions Answered in Report
- Which are the most lucrative radiation dermatitis treatment markets?
- Which factors will impact the growth of the radiation dermatitis treatment market?
- How will changing trends impact the strategies of radiation dermatitis treatment market players?
- How can radiation dermatitis treatment market players capture the low-hanging opportunities across regions?
- Which companies are leading the radiation dermatitis treatment market?
- What are the winning strategies of stakeholders in the radiation dermatitis treatment market?
Expansion strategies by key radiation dermatitis treatment product manufacturers involve introducing new products, acquiring and collaborating with existing players, and securing regulatory approvals. For instance:
- In January 2021, Integra Lifesciences Holdings Inc. collaborated with ACell Inc. and its proprietary Matri Stem UBMTM technology to advance in complex wound management solutions.
- In 2019, Molnlycke Health Care AB collaborated with Zuellig Pharma to develop advanced wound care solutions across South East Asia.
Some prominent players operating in the market are 3M Company, Molnlycke Health Care AB, Smith & Nephew Plc, and Integra Lifesciences Holdings Corporation, Intermed S.A.,ConvaTech Group Plc, and BMG PHARMA S.p.A.
More Insights into Radiation Dermatitis Treatment Market
Fact.MR offers unbiased analysis of the radiation dermatitis treatment market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (oral medication-based, topical-based, and dressing-based) on the basis of distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), and on the basis of region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
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