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Wednesday, 21 December 2016
Topical Agents to Remain Most Widely Used Product Type for Treatment of Radiodermatitis Market
Radiodermatitis Market: Snapshot
The radiodermatitis market exhibits high potential due to untapped needs and is set to grow rapidly in the near future due to a rise in the incidence of cancer and the growing adoption of radiation therapy. An increasing focus on research to find a standard pertinent treatment is also expected to propel the radiodermatitis market. The lack of standard care products in the market makes it a highly opportune condition for players to set their innovative product ideas on the path of commercial success.
The nuances of product usage, effectiveness, and patient comfort are often best understood by oncologists and skin specialists. Hence, partnering with such specialists to bridge the existing need gap is set to be a lucrative opportunity during the forecast period. The global radiodermatitis market was valued at US$299.6 mn in 2015 and is projected to expand at a CAGR of 3.9% from 2016 to 2024 to reach US$421.5 mn by 2024.
Topical Segment Leads Radiodermatitis Market by Product Type
The topical products segment accounted for a significant share in the global radiodermatitis market in 2015. Their ease of availability off-the-shelf as well as their affordability makes topical products a convenient purchase option for all strata of consumers. Topical agents comprise corticosteroid creams, hydrophilic creams, and topical antibiotics. Hydrophilic creams are extensively used across the globe as these provide hydration and relief from itching. These are often the first purchase option at the commencement of symptoms of radiation dermatitis for patients undergoing radiation therapy.
Dressings also form a key segment in the radiodermatitis market in terms of growth. These products are expensive in comparison to topical applicants; however, they present necessary purchase options for patients who have progressed to the RTOG grade 3 or moist desquamation stage post the onset of radiodermatitis. Positive results of academic and clinical research pertaining to the benefits of dressings such as Cavilon no-sting barrier film and Mepitel film have paved the way for these products, which are now prescribed by several institutions. Such research is likely to propel the dressings segment.
Introduction of Favorable Policies Driving Radiodermatitis Market in MEA
TMR states that Asia Pacific is expected to lead the global radiodermatitis market throughout the forecast period. A large population suffering from cancer translates to a higher percentage of patients eligible for radiotherapy and this is expected to drive the market in the region. The population in this region is not yet well acquainted with the practice of routine hygiene-based preventive measures. This augments the chance of developing more severe inflammation compared to people in North America or Europe. Moreover, several countries in Asia Pacific fall in the tropical region, where the severity of radiation dermatitis increases during humid weather conditions.
Global companies are increasingly focusing on emerging economies such as Latin America and the Middle East and Africa as these appear to be bright spots in the global radiodermatitis market. Key attractive features in these regions include a large underserved population, especially in central Africa and the Middle East, and the advent of favorable policies toward the growth of radiotherapy in the region. Moreover, the changing disease profile in the Middle East is resulting in an increased focus on studies pertaining to cancer care in this region.
Europe’s significant share in the radiodermatitis market can be attributed to the high volume of R&D activities in life sciences, superior product launches by companies headquartered in the region, and the rise in academic research in radiation dermatitis. The North America market for radiodermatitis is fueled by the presence of highly renowned pharmaceutical companies, research organizations, and government institutes in the region, which are focused on devising a standard treatment solution.
Key companies in the radiodermatitis market include 3M Health Care, BMG Pharma, Molnlycke Health Care, Smith & Nephew plc, Derma Sciences, Inc., Alliqua Biomedical, Acelity LP, Intermed Pharmaceuticals, and Stratpharma AG.
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