The number of new cancer cases across the globe is estimated to rise from 14 mn each year in 2012 to 22 mn by 2032, as per the World Health Organization. Due to frequent radiation treatments, cancer patients are more likely to develop radiation-induced dermatitis and this is driving the radiodermatitis market. Unhealthy lifestyles, smoking, and obesity are aggravating the rate of cancer and in turn driving the global radiodermatitis market. According to a report, the opportunity in the global radiodermatitis market was worth US$299.6 mn in 2015 and is expected to reach US$421.5 mn by 2024, registering a CAGR of 3.9% from 2016 to 2024.
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Companies in Radiodermatitis Market to Focus on Innovation
The players in global radiodermatitis market are striving to achieve product innovation so as to enhance their product portfolio. A high amount of focus is on innovation so as to fulfil the unmet needs of patient population. The painful condition of patients and the poor quality of life led by them on account of radiodermatitis are pushing them to try different treatment options, leading to a growth of the market. This is also compelling manufacturers to develop effective and technologically advanced drugs or devices to treat radiodermatitis.
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One of the trends seen in the radiodermatitis industry is the partnering of market players with oncologists and skin specialists. The fact that oncologists and skin specialists have more knowledge about the effectiveness, patient comfort, and product usage is encouraging radiodermatitis market players to partner with these specialists to overcome the existing gap. This bridging is expected to act as an opportunity for growth in the radiodermatitis industry.
Future Growth Potential Still Lies Within Asia Pacific
Geographically, the radiodermatitis industry is expected to be led by Asia Pacific. In 2015, Asia Pacific represented 45% of the market and is expected to continue its dominance over the next few years. The increasing number of cancer patients is making the region lucrative for the radiodermatitis market. What adds to the higher rate of radiodermatitis among people in the region is the lack of acquaintance with routine hygiene-based preventive measures. Europe also holds significant share in the market on account of high level of research and development activities in life science and various product launches by companies headquartered in the region. The radiodermatitis North America market is boosted by the presence of a large number of renowned pharmaceutical companies and initiatives by government to devise a treatment solution.
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The Middle East and Africa and Latin America are also likely to experience robust growth between 2016 and 2024. The large pool of untreated patients and the emergence of favorable policies are expected to make these regions, lucrative markets for radiodermatitis. Moreover, the increasing focus on cancer care studies in the Middle East and Africa will also aid the growth of the market.
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