May 21, 2024
Anti Radiation Drugs

Anti Radiation Drugs Market Poised to Grow Owing to Advancements in Augmented Reality Technology

Anti radiation drugs are commonly used in cancer treatment to minimize the harmful effects of radiation therapy on the patient’s body. They act by protecting healthy cells from damage caused by radiation exposure during cancer treatment. The rising prevalence of cancer and increasing demand for radiation therapy are the primary drivers augmenting the growth of the anti radiation drugs market.

The global anti radiation drugs market is estimated to be valued at US$ 676.69 billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the Anti Radiation Drugs Market Size  are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others. Augmented reality technology offers several opportunities in the healthcare sector such as remote surgeries, enhanced medical training, and virtual appointments which is expected to drive the demand for anti radiation drugs. Advancements in augmented reality technology enable higher precision and accuracy during radiation therapy which helps minimize side effects and reduce the need for anti radiation drugs.

Market Drivers

The increasing adoption of augmented reality technology in radiation therapy is a major market driver. AR technology allows real-time integration of a patient’s anatomy with radiation therapy planning software. This helps physicians deliver extremely precise radiation doses to cancer cells with minimal damage to surrounding healthy tissues. As a result, the need for anti radiation drugs to reduce side effects is reduced significantly.

Current Challenges in Anti Radiation Drugs Market
The anti radiation drugs market is currently facing challenges due to high cost associated with drug development and lengthy approval process. Developing effective anti radiation drugs requires enormous investment in R&D. Further, drugs need to undergo rigorous preclinical and clinical testing to prove their safety and efficacy for human use. This overall process from discovery to approval can take 10-15 years, posing major challenge.

SWOT Analysis
Strength: Presence of large established players with strong R&D capabilities. Weakness: High costs involved and lengthy drug development process. Opportunity: Growing incidence of cancer cases worldwide drives demand. Threats: stringent regulations can delay drug approval.

Geographical Regions
North America accounts for the largest share of the anti radiation drugs market, in terms of value. This is attributed to rising awareness about carcinogenic effects of radiation and easy availability of advanced treatment facilities. Asia Pacific is poised to be the fastest growing regional market during the forecast period. Increasing healthcare spending, rising cancer prevalence and growing medical tourism industry influence market growth in Asia Pacific.

The United States represents the major market for anti radiation drugs globally, accounting for over 30% share. This is due higher spending on cancer care and widespread availability of superior drugs and treatment options for radiation exposure. Moreover, ongoing R&D to develop novel therapeutic agents is driving the US market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it