Radiodermatitis Market is Estimated to be Worth US$ 421.5 Million by 2024

The global radiodermatitis market is characterized by consolidation, according to a recent report by Transparency Market Research (TMR). A small pool of vendors is participating in the business landscape of the global radiodermatitis market. However, several small-scale, domestic players are gaining success in this market by pursuing several growth strategies.

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The leading schemes leveraged by vendors in the global radiodermatitis market include geographical expansion, launch of innovative products, raising patient awareness, and increasing promotional and marketing activities. The competition is expected to highly intensify in the upcoming years with increase in the number of players. Most firms are pouring extensive money into various projects aimed at improving the technology.

Domestic and local vendors are seen focusing on offering low-cost, generic product, which are in demand and relevant regionally. These vendors are further expected to invest in product differentiation in order to gain momentum in the global radiodermatitis market in coming years.

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Leading vendors in the global radiodermatitis market are Acelity, 3M Healthcare, Convatec, Inc., Smith & Nephew PLC, and Molnlycke Health Care.

TMR projects that the global radiodermatitis market is expected to rise at a CAGR of 3.93% over the forecast period 2017 to 2024. The market was estimated to be worth US$321.9 million in 2017, and is prognosticated to reach US$421.5 million by 2024.

In terms of the product type, the segment of topical is expected to be responsible for the highest revenue in coming years. The segment is anticipated tom grow at a 4.2% CAGR over the forecast tenure.

Geographically, Asia Pacific is expected to demonstrate high potential for growth in the global radiodermatitis market in the course of prediction. This could be on account of the region's large patient pool suffering from cancer. Asia Pacific is predicted to generate 46% of the overall market revenue over the forecast period.

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High Adoption to Bolster Radiodermatitis Market

According to stats from the U.S. Radiation Oncology Association, roughly 95% of patients who receive radiation therapy have radiodermatitis in some degree, while the overall base of patients experience serious to mild intensive radiodermatitis. The use of radiodermatitis products is anticipated to grow world-wide.

This has led to an unprecedented demand for radiodermatitis treatment products and increased the high clinical urgency to counter this adverse effect. As a result, the use of radiodermatitis products has shown an important rise, improving the quality of life and thus leading to fast market growth. Furthermore, new products and innovative product introduction are expected to offer substantial opportunities for growth in the radiodermatitis market over the next few years.

Growing Awareness to Boost Radiodermatitis Market Opportunity

Increasing numbers of organizations that have been established to raise government knowledge about adequate radiation dermatitis management and prevention will provide huge growth possibilities in future. The ENS has issued guidelines and recommendations for symptoms, risk factors and clinical measurement tools to promote the care of patients around the world, for example.

In addition, developing instruments used to define levels of skin response and to determine the seriousness of the radiation dermatitis, such as the Radiation Therapy Oncology Group (RTOG) and the National Cancer Institute (NCI), are driving the demand for topical creams and gel and dressings. In the forecast years, an ever increasing number of clinical research and development activities are to be implemented to develop innovative products for the treatment of adverse effects from radiation therapy.

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This release was published on openPR.