Award-winning consulting firm Fact.MR’s radiation proctitis treatment market report forecasts a positive growth trajectory for 2021 and beyond, majorly attributed to increasing frequencies of radiation therapy for various types of pelvic cancers. As per the report, the market is poised to reach nearly US$ 750 million by 2031, expanding at approximately 7% CAGR over the next ten years.
The market posted significant gains in the past, valued at over US$ 300 million in 2019. According to the International Agency for Research on Cancer, 1 in 5 people develop cancer during their lifetime, with breast cancer topping the list (~25%). Simultaneously, incidence of prostate and cervical cancer is also rising, prompting patients to seek powerful radiation treatment.
Key Takeaways from Market Study
- By indication, acute radiation proctitis treatment remains dominant, with chronic radiation proctitis treatment to expand swiftly
- Anti-inflammatory drug-based oral therapy to remain the most preferred treatment for radiation proctitis
- Incorporation of hyperbaric oxygen therapy to fuel radiation proctitis treatment prospects across the U.S.
- The market in the U.K. experiencing high growth amid increasing cervical cancer treatment procedures
- Broadening cancer research funding to bolster sales of radiation proctitis treatment solutions in the German market
Key market players are majorly emphasizing on developing new treatment approaches, including potential drug candidates in the oncology segment, as well as concentrating on capacity expansion by virtue of collaborations and acquisitions.
- For instance, in 2019, Sun Pharmaceutical Industries Ltd. entered into a licensing agreement with AstraZeneca UK Ltd. to introduce certain novel ready-to-use (RTU) infusion oncology products in China. As per the agreement, Sun Pharma is responsible for the development, regulatory filings, and manufacturing of the products, while AstraZeneca will exclusively distribute them across China.
- Regarding product offerings, Sechrist Industries Ltd. offers a wide range of hyperbaric oxygen chambers, including the Monoplace Hyperbaric Chamber Gurney Storage, the Model 4100 Hyperbaric Oxygen Chamber, the Model 3600H Hyperbaric Oxygen Chamber, the Model 3300H Hyperbaric Chamber, and the Model 2800 Hyperbaric Classic Pneumatic Chamber.