Radiodermatitis Market Like to Touch $610 Million by 2027
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:The growth of the global Radiodermatitis market is majorly driven by increase in prevalence of cancer and rise in adoption of radiotherapy for treatment globally. In addition, increase in geriatric population further fuels growth of the radiodermatitis market.
According to a new report published by Allied Market Research, titled, “Radiodermatitis Market by product, distribution channel, and region: Opportunity Analysis and Industry Forecast, 2019-2027,”
The global radiodermatitis market size was valued at $477.48 million in 2019, and is projected to reach $609.68 million by 2027, registering a CAGR of 4.1% from 2020 to 2027.
Radiodermatitis, also known as radiation dermatitis, is a rare condition caused by radiation therapy for cancer and non-cancer care and has a major negative effect on physical health and quality of life of a patient. In addition, about half of patients undergoing cancer treatment have received radiation therapy during the disease and experienced a degree of skin reaction in almost all of them. Moreover, development and severity of radiodermatitis is associated with multiple treatment factors such as total radiation dose, duration of radiotherapy, and treatment in combination with chemotherapy. Furthermore, radiodermatitis can be classified as acute and chronic. Acute radiodermatitis have been classified into four levels; grade 1 (mild erythema), grade 2 (dry desquamation), grade 3 (severe moist desquamation), and grade 4 (life threatening and chronic).
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This pandemic has disrupted growth in many economies across various domains. During the COVID-19 pandemic, leading cancer institutions reported that radiotherapy has proved to be the most appropriate and safe treatment option. Whereas, radiation dermatitis is a common side effect of radiotherapy, which can damage skin cells as it fights cancer cells. Hence, demand for radiodermatitis products is anticipated to increase simultaneously, which further boosts growth of the market. In the latter half, radiodermatitis market is expected to register a certain decline during the forecast period, owing to various manufacturers in radiodermatitis are facing issues in supply of their products.
Major factors that contribute to the market growth include increase in prevalence of cancer and rise in adoption of radiotherapy for treatment globally. In addition, increase in geriatric population further fuels growth of the radiodermatitis market. However, high cost associated with radiodermatitis treatment is anticipated to restrict growth of the market. On the contrary, increase in demand for reduction of side effects associated with radiation therapy is expected to offer lucrative opportunities for the market expansion during the forecast period.
By product, the topical segment dominated the market in 2019, and is expected to maintain its dominance during the forecast period, owing to easier application, cost-effectiveness, and its bioavailability. However, the dressing segment is projected to grow with the highest CAGR of 4.3% from 2020 to 2027, owing to presence of a wide range of dressing products in the market and rise in demand of modern wound care options. These products include hydrogel & hydrocolloid, foam-based, silicone-coated, and silver-leaf dressings. This is attributed to the advantages associated with it, hydrogel & hydrocolloid dressings are commonly used in treatment of radiation burns.
On the basis of distribution channel, the retail pharmacy was the largest revenue generating segment in the market in 2019, owing to availability of affordable product options, near store locality, and availability of generic form of drugs, which are cost effective and are relatively cheaper than branded drugs. However, the online pharmacy segment is anticipated to be the highest growing segment with the highest CAGR from 2020 to 2027, owing to increase in convenience for patients, in terms for home delivery of products and who are not willing to purchase medicines from retail or hospital pharmacy. In addition, patients can get discounts on radiodermatitis products via online pharmacies, which further boosts growth of the market.
Asia-Pacific is estimated to dominate the market throughout the analysis period, owing to the rise in disposable income, increase in expenditure on healthcare, rise in prevalence of cancer patients, and growth in adoption of advanced healthcare products. However, North America is expected to register highest CAGR during the forecast period, owing to inclusion of radiodermatitis products in reimbursement healthcare policy, rise in number of cancer patients, surge in demand for radiation therapy, and high expenditure in the healthcare sector.
The global radiodermatitis market is segmented into product, distribution channel, and region. On the basis of product, the market is fragmented into topical, oral drugs, and dressings. The topical products segment is further divided into corticosteroids, hydrophilic creams, topical antibiotics, and others. The dressings segment is divided into hydrogel and hydrocolloid dressings, no sting barrier film, honey impregnated gauze, silicone coated, and others. By distribution channel, it is categorized into hospital pharmacy, retail pharmacy, and online pharmacy. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings Of The Study
By product, the topical segment accounted for the largest radiodermatitis market share in 2019.
By on distribution channel, online pharmacy segment is expected to grow at the highest CAGR during the forecast period
Asia-Pacific held the major share of the radiodermatitis market at CAGR of 3.3%.
U.S. accounted for one-fifth share of the global radiodermatitis market in 2019.
The report provides some of the key players operating in the market include 3M Company, Bausch Health Companies Inc, Bayer Ag, BMG Pharma SPA, Convatec Group Plc, Glaxosmithkline Plc, Helsinn Healthcare SA, Molnlycke Health Care, Mylan N.V., Smith & Nephew Plc, and Stratpharma Ag.
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