The Global Radiodermatitis Market is expected to reach USD 442.1 million by 2025, according to a new report by Hexa Reports. The global radiodermatitis market is expected to grow at an unprecedented rate owing to the growing prevalence of cancer patients undergoing radiation therapy. The demand for radiodermatitis treatment is also accentuated by unmet medical needs of consumers in emerging as well as developed regions. Increasing focus of government healthcare organizations for promoting awareness about available treatment products for radiodermatitisis predicted to present the market with high potential growth opportunities.
In addition, increasing R&D activities in the area of life sciences is presumed to be one of the significant factors contributing toward growth of this market. For instance, in December 2016, Molnlycke Health Care AB entered into a licensing agreement with a Texas-based R&D company Rochal Industries. This agreement was carried out to reinforce its position as a prevention solutions firm. In addition, they have signed a joint agreement to enhance their R&D capabilities and commercialize new patented technological platforms.Other factors such as escalating number of product launches with respect to radiodermatitis treatment and increasing demand for these products are expected to boost the overall market growth.
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Further key findings from the report suggest:
- Topical products captured the largest share in the product segment in 2016. The dominant share is attributable to ease in availability, greater convenience, and superiority over oral products
- Topical products are also anticipated to grow at an exponential rate owing to their availability in various formulations such as creams, gels, and ointments according to the requirement of the patient
- In 2016, retail pharmacy accounted for the substantial share of the distribution channel segment as a consequence of ease in availability and high convenience associated with it.
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- Asia Pacific held the largest share of the radiodermatitis market owing to presence of a large cancer patient base present across this region
- North America held the secondlargest share owing to extensive R&D activities that have fueled high potential growth opportunities
- In addition, availability of therapeutically advanced products across North America is one of the major factors contributing toward itshighshare
- The competition is marked by major players undertaking strategies such as product launches, distribution agreements, and strategic collaborations that haveled to significant growth in their respective market share
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