Radiodermatitis Market to Hit $609.68 Mn, Globally, by 2027 at 4.1% CAGR, Says Allied Market Research

Rise in the geriatric population, surge in prevalence of cancer, and increase in adoption of radiotherapy have boosted the growth of the global radiodermatitis market

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Allied Market Research

Oct 05, 2020, 09:00 ET

PORTLAND, Ore., Oct. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Radiodermatitis Market by Product (Topical, Oral Drugs, and Dressings) and Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Opportunity Analysis and Industry Forecast, 2019–2027". As per the report, the global radiodermatitis industry was pegged at $477.48 million in 2019, and is anticipated to reach $609.68 million by 2027, growing at a CAGR of 4.1% from 2020 to 2027.

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Drivers, restraints, and opportunities

Rise in the geriatric population, surge in prevalence of cancer, and increase in adoption of radiotherapy have boosted the growth of the global radiodermatitis market. However, higher radiodermatitis cost hampers the market growth. On the contrary, reduction of side effects associated with radiation therapy is expected to create lucrative opportunities for the market players in the coming years.

Covid-19 scenario:

After the Covid-19 outbreak, the patients with cancers are regarded as a high-risk group as they require hospital visits for radiation therapy.
However, the demand for radiodermatitis is expected to decline during the pandemic, due to various manufacturers in radiodermatitis have been facing issues in the supply of their products.

The topical segment dominated the market

By product, the topical segment held the lion's share in 2019, accounting for more than four-fifths of the global radiodermatitis market, owing to easier application, cost-effectiveness, and its bioavailability. However, the dressing segment is expected to register the highest CAGR of 5.0% during the forecast period, due to presence of a wide range of dressing products in the market and rise in demand for advanced wound care options.

The online pharmacy segment to portray the highest CAGR through 2027

By distribution channel, the online pharmacy segment is expected to manifest the highest CAGR of 5.0% during the forecast period, due to inconvenience for patients, in terms of home delivery of products to purchase medicines from retail or hospital pharmacy. However, the retail pharmacy segment held the largest share in 2019, contributing to more than three-fifths of the global radiodermatitis market, owing to availability of affordable product options, near store locality, and availability of the generic form of drugs.

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North America to manifest the highest CAGR during 2020–2027

By region, the market across North America is expected to register the highest CAGR of 5.1% during the forecast period, owing to the inclusion of radiodermatitis products in reimbursement healthcare policy, rise in number of cancer patients, surge in demand for radiation therapy, and high expenditure in the healthcare sector. However, the global radiodermatitis market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market, due to rise in disposable income, increase in expenditure on healthcare, rise in prevalence of cancer patients, and growth in adoption of advanced healthcare products.

Major market players

Bausch Health Companies Inc
3M Company
BMG Pharma SPA
Bayer Ag
Glaxosmithkline Plc
Convatec Group Plc
Molnlycke Health Care
Helsinn Healthcare SA
Smith & Nephew Plc
Mylan N.V.
Stratpharma Ag.

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