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Radiodermatitis Market to Expand at a CAGR of 3.90% over the period from 2016 to 2024
Stratpharma AG, for instance, launched the StrateXRT in 2016 – a class 1 wound dressing listed with the US FDA and a medical device registered with the European CE mark. This novel and flexible wound dressing is designed for the prevention as well as treatment of radiation dermatitis.
The opportunity in the global radiodermatitis market was worth US$299.6 mn in 2015 and, registering a CAGR of 3.9% from 2016 to 2024, will be worth US$421.5 mn by 2024.
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Multichannel Distribution an Effective Approach in Radiodermatitis Market
Topical agents are the most preferred and prescribed products in the radiodermatitis market. Accounting for a share of just under 70% in 2015, the revenue generated by this segment is projected to cross US$300 mn by 2024. The topical segment is anticipated to register a 4.2% CAGR during the forecast period, higher than any other product segment. The oral medication segment holds a negligible share in the global radiodermatitis market and is anticipated to further lose market share by 2024.
By distribution channel, the retail pharmacy store segment led the radiodermatitis market in 2015, closely followed by the online store segment. TMR finds that on the whole, a multichannel approach works increasingly well in the radiodermatitis market owing to the nature of the onset of radiodermatitis, which can occur either during or after radiation therapy.
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Geographically, Asia Pacific led the global radiodermatitis market in 2015, accounting for a share of over 45% that year. This region, along with Latin America, are both anticipated to register a CAGR of 4.0% from 2016 to 2024, emerging as two of the most lucrative markets for radiodermatitis treatment.
Innovation in Product Offerings a Key Growth Driver for Radiodermatitis Market
The World Health Organization states that the number of new cancer cases worldwide is projected to rise from 14 million per year in 2012 to 22 million by 2032. Cancer patients are more likely to develop radiation-induced dermatitis owing to frequent radiation treatments. “Unhealthy lifestyle factors, such as obesity and smoking, aggravate the rate of cancer incidence and this will further boost the prevalence as well as market for radiodermatitis,” the author of the study finds.
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The global market for radiodermatitis is also fueled by the rising innovation in product offerings. “Companies have been increasingly focused on churning out innovative products in order to fill the gap of unmet needs in the radiodermatitis market,” the lead analyst observes. The painful condition of the patient and poor quality of life has been compelling patients to opt for as many new and different radiodermatitis treatment options as possible and this acts as a driving factor for drug and device manufacturing companies.
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