- Rise in investment in R&D by pharma and biotech companies for the development of effective drugs for acute radiation syndrome or ARS propels market growth
- Increase in efforts by pharmaceutical companies to develop innovative radiopharmaceutical products augments industry development
WILMINGTON, Del., Dec. 13, 2022 /PRNewswire/ -- The global anti-radiation drugs market was valued at US$ 3.4 Bn in 2021 and is anticipated to grow at a CAGR of 9.9% from 2022 to 2031. Increase in demand for drugs, such as Prussian Blue, Diethylenetriamine pentaacetate or DTPA, and potassium iodide or KI, to block the concentration and absorption of radioactive iodide in the human thyroid gland propels market growth. Moreover, the threat of nuclear disaster looms over humanity owing to the increasing number of nuclear weapons and warheads in the world. Therefore, rise in efforts by countries to be prepared for nuclear or radioactive disasters by developing radiation countermeasures is augmenting market development.
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Anti-radiation Drugs Market - Key Findings of the Report
- Rise in Prevalence of Acute Radiation Syndrome: As per market research, the acute radiation syndrome (ARS) segment dominated the industry in 2021. ARS, at present, is considered the most crucial and challenging aspect regarding public health and well-being in a likely case of radiological or nuclear incidence. Apart from ARS, increasing incidence of cancer is boosting market growth.
- Growing Demand for Potassium Iodide Products: Based on type of compound, the potassium iodide (KI) segment led the global market in 2021. Tablets and drug formulations manufactured using potassium iodide compounds offer excellent protection against certain cases of exposure to harmful radiations. Furthermore, being a highly soluble form of iodine, KI compounds are the widely used active pharmaceutical ingredients in the radiopharmaceuticals industry. Apart from this, owing to its recorded effectiveness and safe nature in treating patients suffering from radiation exposure in the Chernobyl disaster, KI compounds are considered to be safest in treating ARS, even in small children.
Anti-radiation Drugs Market - Growth Drivers
- Surge in incidence of cancer propels demand for anti-radiation drugs
- Rise in prevalence of acute radiation syndrome or ARS
- Increase in concerns pertaining to usage of nuclear weapons in global conflict is anticipated to augment market growth in the next few years
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Anti-radiation Drugs Market - Key Players
Key players and manufacturers assessed in this market research are Arco Pharmaceuticals LLC, Cellphire, Inc., Darnitsa, Humanetics Corporation, Myelo Therapeutics GmbH, Pluri, Inc., Anbex Inc., BTG Pharmaceuticals LLC, Chrysalis BioTherapeutics, Inc., Enzychem Lifesciences Corporation, Mission Pharmacal Company, and Partner Therapeutics. The global market is consolidated, with the presence of a relatively small number of leading and tier 1 players. These players adopt growth strategies, such as merger & acquisition, and launch of new products, to increase market share. Manufacturers are also focused on increasing research & development initiatives and projects in order to design, develop, and test new compounds and drug formulations that display enhanced anti-radiation properties.
Anti-radiation Drugs Market - Regional Growth Assessment
North America is anticipated to lead the global industry in the next decade. Key factors driving the market in the region are increase in the number of radiation treatment facilities and rise in investment by stakeholders in the anti-radiation medical devices industry. Furthermore, growing participation and significant role played by the U.S. Government for developing biologically produced medical countermeasures for acute radiation syndrome are expected to propel the market demand.
Anti-radiation Drugs Market: Segmentation
Anti-radiation Drugs Market, by Compound
- Potassium Iodide (KI)
- Prussian Blue
- DTPA (Diethylenetriamine Pentaacetate)
- Others
Anti-radiation Drugs Market, by Application
- Acute Radiation Syndrome (ARS)
- Cancer Treatment
- Radiation Exposure
- Others
Anti-radiation Drugs Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
Anti-radiation Drugs Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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