The global Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 8011.15 Mn in 2023 and is expected to exhibit a CAGR of 11.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Metastatic melanoma is a type of skin cancer that has spread beyond the original site to other parts of the body. It is generally considered an advanced stage of skin cancer with poor prognosis. Currently available treatment options for metastatic melanoma includes targeted therapies, immunotherapy and chemotherapy. Targeted therapies work by blocking specific molecules involved in tumor growth and spread. Immunotherapies work by enhancing the body’s natural immune response against cancer cells. Chemotherapy involves use of drugs to destroy cancer cells. Early detection and treatment at metastatic stage is key to improve patient outcomes in melanoma.
Market key trends:
One of the key trends in the metastatic melanoma therapeutics market is the rising adoption of targeted therapies. Targeted therapies such as BRAF and MEK inhibitors have significantly improved clinical outcomes in patients with BRAF mutation positive metastatic melanoma. Drugs such as vemurafenib, dabrafenib and encorafenib are the first line targeted treatment options. Rising approvals and launch of newer targeted therapies such as trametinib and cobimetinib has further expanded treatment options for patients. Additionally, combination targeted therapies involving BRAF and MEK inhibitors have shown superior efficacy over monotherapies. This is expected to drive greater adoption of targeted therapies for metastatic melanoma treatment over the forecast period.
Threat of new entrants: The metastatic melanoma therapeutics market is consolidated with high capital requirements and regulatory barriers, limiting the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the metastatic melanoma treatment options are limited.
Bargaining power of suppliers: A few global players dominate the market, increasing supplier bargaining power.
Threat of new substitutes: There are limited treatment alternatives for metastatic melanoma currently, reducing the threat of substitutes.
Competitive rivalry: The competitive rivalry is high due to the presence of major players and large market size.
The Global Metastatic Melanoma Therapeutics Market Size is expected to witness high growth, exhibiting CAGR of 11.6% over the forecast period, due to increasing prevalence of melanoma and approvals of novel drug candidates.
North America is expected to dominate the global market owing to the increasing incidence of melanoma and availability of advanced treatment options in the region. The market in Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period due to rising awareness about melanoma diagnosis and treatment.
Key players operating in the metastatic melanoma therapeutics market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it