The Radiodermatitis Market is estimated to be valued at Us$ 407.2 Mn in 2023 and is expected to exhibit a CAGR Of 4.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiodermatitis is a skin reaction caused due to radiotherapy treatment for cancer. The signs and symptoms include redness, soreness, blistering and peeling of the skin within the area being treated. Various products such as topical, dressings and spray are used for prevention and treatment of radiodermatitis. These products provide moisturizing, healing and protective barrier to the irritated skin.
Market Dynamics:
The growth of the radiodermatitis market is majorly driven by advancements in radiodermatitis treatment products. For instance, in February 2018, 3M launched Mepilex Border Post-Acute dressings for prevention and management of mild to moderate exudating wounds including radiodermatitis. The dressings help protect and manage radiodermatitis with its 3D fiber technology that absorbs exudate and maintains a moist wound environment. Similarly, in February 2021, Stratpharma AG launched Stratpharma Radiation Protectant, a CE marked medical device for radiation dermatitis prevention. The product forms an invisible protective film on skin and protects it from radiation damage. Furthermore, increasing cancer cases requiring radiotherapy further propels the demand for radiodermatitis treatment, thereby fueling the market growth over the forecast period.
SWOT Analysis
Strength: Radiodermatitis market has strong R&D capabilities with continuous new product launches. Presence of major market players with strong distribution network globally. Increasing awareness among patients regarding skin care during and post radiation therapy.
Weakness: High cost associated with radiodermatitis treatment products limits its adoption in low and middle-income countries. Possible side effects associated with few prescription drugs hampers revenue growth.
Opportunity: Untapped growth opportunities in emerging Asian and Latin American countries due to increasing healthcare expenditure. New product innovations targeting specific skin conditions opens new revenue streams.
Threats: Threat from substitutes like homemade herbal remedies and ointments limits revenue potential of established brands. Stringent regulatory approvals and clinical trials delays market entry of new players.
Key Takeaways
The global Radiodermatitis Market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing cancer patients undergoing radiation therapy. According to American Society of Clinical Oncology, around 1.8 million new cancer cases will be diagnosed in 2023 in the US.
Regional analysis North America dominates the global radiodermatitis market owing to increasing healthcare expenditure and early technology adoption. Asia Pacific exhibits fastest growth due to rising medical tourism and growing cancer incidence in major countries like India and China.
Key players operating in the radiodermatitis include Acelity, Inc. (3M), BMG Pharma S.r.l., ConvaTec Group PLC, DermaSciences Inc. (Integra LifeSciences Holdings Corporation), Intermed Pharmaceuticals, Mölnlycke Health Care, Smith & Nephew Plc, Stratpharma AG, Kannalife, Inc., McKesson Corporation. The players are focused on new product launches and facility expansion strategies to strengthen their market share.
