The Global Radiodermatitis Market Anticipated to Generate a Revenue of $561.7 Million, Growing at a CAGR of 4.1% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
According to the global radiodermatitis market forecast, the market is projected to surpass $561.7 million by 2028, growing from $412.4 million in 2020, at a healthy CAGR of 4.1%.
Covid-19 Impact on Radiodermatitis Market
The communal transmission of coronavirus has disrupted each aspect of business worldwide including cancer treatment industry. In addition to this, the global radiodermatitis market has also been negatively impacted from the ongoing pandemic. Multiple hospitals across the globe have decreased radiotherapy treatment and sent staff to support the COVID-19 departments. On the other hand, key players operating in the field are coming up with novel strategies in order to sustain in the global radiodermatitis industry. For example, on July 2020, AMERI Holdings, Inc., US based IT service Management Company, announced the official partnership with Jay Pharma Inc., an Indian authorized distributor of pharmaceutical products. As per this agreement, Jay Pharma Inc. may file 2 new investigational new drug (IND) applications for the treatment of radiodermatitis and other diseases. Such strategic steps may further create stable condition in the global radiodermatitis market, post COVID-19 pandemic.
Global Radiodermatitis Market Analysis
The extensively growing number of patients suffering from radiodermatitis owing to notable expansion of radiation therapy to treat cancer is giving a boost to the radiodermatitis industry. Further, according to the data published by Centers for Disease Control and Prevention (CDC), the national public health organization of the United States (US), in 2019, cancer was the 2nd cause of death, after heart disease, in the U.S. In 2019, there were around 599,601 cancer deaths. Also, the awareness regarding the radiodermatitis medicine in various health establishments such as hospitals and medical institutions is rapidly growing. Owing to the above-stated factors, the global radiodermatitis market is expected to have exponential growth, throughout the analysis period.
Contrary to this, high cost associated with radiodermatitis treatments/products is projected to restrain the growth of the global market, throughout the projected period. Moreover, lack of information about the chronic and acute radiodermatitis throughout the pharmacies in low-income economies may obstruct the global radiodermatitis market growth.
Radiodermatitis products have experienced a massive surge in demand within healthcare establishments owing to the growing awareness regarding the adverse effects of radiation therapy. In addition to this, recent launches of radiodermatitis products may create positive impact on the global market. For example, in January 2021, SanMelix Laboratories, a bioactive skin & wound care firm, announced the official launch of its ‘BEECure R’, an effective laser & radiation skin care product. This product effectively heals the harmful skin reactions of cancer patients undergoing radiation therapy. Such novel innovations may further create opportunities in the global radiodermatitis market.
Global Radiodermatitis Market, Segmentation
The global radiodermatitis market is segmented based on product, distribution channel, and region.
The product segment is further classified into topical, oral, and dressings. Among these, the topical radiodermatitis market size was valued at $274.6 million in 2020 and is expected to reach $380.2 million by 2028.
Topical agents namely hydrophilic creams, corticosteroids, and topical antibiotics play crucial role in the treatment of radiodermatitis. Topical products mainly help in reducing the risk of microbial transmission along with protecting the skin against abrasive materials. Topical products have been found as effective treatment of multiple grades of radiation burns, which is projected to drive their adoption in the forecasted period.
The distribution channel sub-segment is further divided into hospital pharmacy, retail pharmacy, and online pharmacy. The online pharmacy sub-segment is anticipated to have a lucrative growth in the global market and register a revenue of $148.3 million during the analysis timeframe.
The massively increasing internet penetration along with the notable growth in awareness of online over the counter (OTC) benefits are key elements contributing to the growth of the online pharmacy sub-segment. Also, innovative players such as SanMelix Laboratories, a bioactive skin & wound care firm, are preferring online platform in order to strengthen their customer reach. For instance, in January 2021, SanMelix Laboratories announced the official release of its ‘BEECure R’, an effective radiation skin care product on Amazon and Wallmart.com. Such company initiatives may propel the sub-segment’s growth, in the analysis period.
The radiodermatitis market for the Asia-Pacific region is projected to have dominating share. This market generated a revenue of $134.9 million in 2020 and is further projected to reach up to $170.8 million by 2028.
Asia-Pacific holds the largest Radiodermatitis market share in 2020 owing to the extensive demand from the emerging nations, particularly China, India, Singapore, and Japan. Furthermore, soaring healthcare coverage in the region combined with the rising patient of breast and skin cancer may lead to drive the demand for radiodermatitis products, in the APAC region.
Key Players in the Global Radiodermatitis Market
Some of the leading global radiodermatitis market players are –
- 3M Company
- KeraNetics, Inc.
- Smith & Nephew Plc.
- Charles River Laboratories
- The Jackson Laboratory
- InterMed S.A.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Radiodermatitis Market
- Bargaining Power of Suppliers: The cost of switching from one distributor to other is significantly low.
Hence, the bargaining power suppliers is low.
- Bargaining Power of Buyers: Global radiodermatitis market has moderate number of consumers across the globe which slightly decreases the negotiation power of buyers. Also, less knowledge about the radiodermatitis, combined with unorganized radiodermatitis market severely create impact on the bargaining power of buyer.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: Startups coming in the global radiodermatitis industry are following effective strategies like heavy expense on product promotions and collaborations.
So, the threat of the new entrants is high.
- Threat of Substitutes: There is no alternative product for radiodermatitis products.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competition among existing firms is rather intense, particularly between the key companies such as HARTMANN and Mölnlycke. These companies are launching their value-added products & services in the global market to strengthen their position across the globe.
Therefore, competitive rivalry in the market is high.