New York, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global radiodermatitis market is envisioned to garner a revenue of $561.7 million and grow at a CAGR of 4.1% over the analysis timeframe from 2021 to 2028.
As per our analysts, with the increasing pervasiveness of cancer all across the globe, the radiodermatitis market is expected to experience a remarkable growth during the estimated period. Moreover, the significant expansion of healthcare establishments across the Asia-Pacific region is predicted to fortify the growth of the market over the forecast period. However, the lower product penetration in the low-income regions may hinder the growth of the market during the analysis period.
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Segments of the Radiodermatitis Market
The report has divided the market into segments based on product, distribution channel, and region.
Product: Topical Product Sub-Segment to be Most Productive
The topical product sub-segment is projected to generate a revenue of $380.2 million over the forecast timeframe. This is mainly due to the bioavailability, easier application, and cost-effectiveness of topical products. Moreover, the presence of a wide range of topical products such as corticosteroids, topical antibiotics, and many more along with the increasing demand for modern wound care options is predicted to uplift the growth of the market sub-segment during the analysis period.
Distribution Channel: Hospital Pharmacy Sub-Segment to be Most Profitable
The hospital pharmacy sub-segment is expected to garner a revenue of $243.6 million over the estimated period. This is majorly due to the strategic developments between leading players and hospitals together with the increasing geriatric population. Further, the hospital pharmacy is considered the most important healthcare infrastructure that provides enhanced outpatient services with improved patient satisfaction which is expected to augment the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the radiodermatitis market is predicted to generate a revenue of $170.8 million during the analysis period. This is mainly due to the surge in the prevalence of cancer cases, increase in disposable income among individuals, and increasing investment in healthcare infrastructure in this region. Moreover, the rising demand for radiation therapy along with the inclusion of radiodermatitis medicines in healthcare reimbursements in this region is expected to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Radiodermatitis Market
The outbreak of the Covid-19 pandemic has had a negative impact on the global radiodermatitis market, likewise various other industries. Due to the stringent lockdown and transportation regulations imposed by the government of many nations, many manufacturers in radiodermatitis faced challenges in the supply of their products. These factors have declined the growth of the market during the pandemic period. However, some leading cancer institutions reported that radiotherapy has proven to be the most appropriate and safest cancer treatment, this factor may create growth opportunities for the market post-Covid-19 crisis.
Key Players of the Radiodermatitis Market
The major players of the radiodermatitis market include
- Charles River Laboratories
- Smith & Nephew Plc
- The Jackson Laboratory
- KeraNetics Inc
- Stratpharma
- HARTMANN
- InterMed S.A.
- Mölnlycke
- AceTech.
- 3M Company
These players are broadly working on the development of new business strategies such as mergers and acquisitions, product development, partnerships, and collaborations to acquire a leading position in the global industry.
For instance, in July 2020, KeraNetics Inc., a leading biomaterials company that develops and manufactures keratin-based products for use in therapeutic and regenerative medical applications, announced that its new product named “KeraStat® Cream” received approval from the US Food and Drug Administration for indications of radiation dermatitis. This product was specifically designed for reducing the painful ulceration and skin damage that occurs during radiation therapy.
Further, the report also presents other important aspects such as product portfolio, the latest strategic development, SWOT analysis, and the financial performance of the key players.
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More about Radiodermatitis Market:
- All-Inclusive Acumens on the Most Prevalent Condition of Radiodermatitis
- Company Collaborations and Product Launches to Fuel the Growth of the Global Radiodermatitis Market by 2028
