Radiation Toxicity Treatment Market Witnesses Downturn During Covid-19 Outbreak, as Healthcare Resources are Redirected to Coronavirus Patients
Leading market players for radiation toxicity treatment are pushing their resources towards the production and distribution of affordable portable treatment devices to sustain operations during the pandemic
The global radiation toxicity treatment market is expected to surpass a valuation of US$ 5.5 Bn by the end of the projection period in 2029. The ongoing coronavirus crisis has moderately impacted operations in the market, as healthcare facilities are increasingly redirecting their resources towards handling the unprecedented influx of covid-19 patients, with radiation toxicity treatments being delayed, save in urgent cases. In addition, supply chain disruptions of critical raw materials will hinder market growth during this period.
“The growing number of cancer cases around the world has resulted in increased adoption of radiotherapy treatments. Consequently, the cases of radiation toxicity have also been on the rise in recent years. Prevailing orphan drug regulations encourage the development of new radiation toxicity treatments, aiding market growth for the foreseeable future,” says the FMI analyst.
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Radiation Toxicity Treatment Market – Key Takeaways
- Ionizing radiation processes are highly sought after for radiation toxicity, owing to lower risks of side effects.
- Acute radiation syndrome applications are key to revenue streams, aided by the large number cancer cases, which use radiotherapy.
- North America remains a lucrative market for radiation toxicity treatment owing to access to PET and SPECT devices in hospitals and diagnostic centers.
Radiation Toxicity Treatment Market – Key Driving Factors
- Concerns over nuclear arsenals and nuclear power infrastructure around the world are a key factor supporting government programs for radiation toxicity treatments.
- The growing applications of nuclear medicine and radiation therapy for multiple ailments generates lucrative opportunities.
- Higher prevalence of cancer cases and rising patient awareness about healthcare options will aid market growth.
Radiation Toxicity Treatment Market – Key Constraints
- High costs associated with the processes of radiation toxicity treatment is a key factor hindering adoption.
- Additional risk of health complications from the administration of radiation toxicity treatments is a challenge for market players.
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The Anticipated Impact of Coronavirus
The rapid and wide spread of the coronavirus has resulted in an unprecedented influx of patients into the healthcare system. The burden of these cases is likely to be felt on the radiation toxicity treatment market as resources are being directed towards covid-19 cases, resulting in radiation toxicity treatment interruptions, lack of adequate healthcare practitioners, and postponed resumption of treatment. However, the market will witness a steady recovery post the end of the pandemic, driven by the vast pool of cancer patients.
Prominent manufacturers in the radiation toxicity treatment market include but are not limited to Upsher-Smith Laboratories, Amgen Inc., Avondale Pharmaceuticals, Partner Therapeutics, Mylan NV, and Novartis AG. Manufacturers are investing in product innovation and inorganic growth strategies. For instance, U.S. based researchers have come up with new radiation measuring devices which require only a single drop of blood for an accurate diagnosis.
COVID -19: Impact Analysis@ https://www.futuremarketinsights.com/covid19/rep-gb-10724
More About the Report
The FMI’s market research report offers detailed insights on radiation toxicity treatments market. The market is scrutinized on the basis of product (colony stimulating factors, potassium iodide, Prussian blue, diethylenetriamine pentaacetic acid, and others), indication (acute radiation syndrome and chronic radiation syndrome), radiation (ionizing radiation and non-ionizing radiation), and end user (hospitals and research & academic institutes), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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