by The Skin Cancer Drugs Market is estimated to be valued at Us$ 8 Bn in 2023 and is expected to exhibit a Cagr OF 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Skin cancer drugs are used for the treatment of various skin cancer types such as non-melanoma skin cancer (NMSC) and melanoma. NMSC includes squamous cell carcinoma (SCC) and basal cell carcinoma (BCC). Drugs for NMSC treatment include fluorouracil, imiquimod, ingenol mebutate. For melanoma treatment, drugs include immunotherapy drugs, targeted therapy drugs, chemotherapies.
Market Dynamics:
Increasing prevalence of skin cancer globally is expected to drive the growth of the market over the forecast period. According to the American Academy of Dermatology, over 5 million cases of NMSC are diagnosed in over 3.3 million people in the U.S. each year. Furthermore, around 100,000 new cases of melanoma are diagnosed in the U.S. each year. Growing geriatric population is another factor anticipated to aid market growth as risk of skin cancer increases with age. Additionally, rising awareness regarding early diagnosis and available treatment options of skin cancer is further expected to fuel the market growth during the forecast period.
Segment Analysis
The global skin cancer drugs market is dominated by the melanoma segment, which accounted for around XX% market share in 2023. Melanoma is considered as the most dangerous type of skin cancer that begins in melanocytes cells which produce melanin pigment. Factors such as increasing incidence of melanoma cancer worldwide primarily drives growth of this segment.
PEST Analysis
Political: Governments across various countries are undertaking various initiatives to spread awareness about skin cancer. For instance, the ‘Skin Cancer Awareness Month’ is observed in many countries to educate people about the disease.
Economic: The global rise in healthcare expenditure is driving the market growth. Additionally, presence of favorable reimbursement policies for cancer treatment supplements the market growth.
Social: Changing lifestyles and increased exposure to UV radiations are some of the key social factors responsible for the rising incidence of skin cancer. Furthermore, the growing health consciousness is also boosting the adoption of skin cancer drugs.
Technological: Significant advancements in drug development and genome sequencing techniques have helped in development of targeted therapies which exhibit high efficacy and fewer side effects.
Key Takeaways
The Global Skin Cancer Drugs Market Size is expected to witness high growth, exhibiting 11% CAGR over the forecast period, due to increasing incidences of skin cancer worldwide. The global market size for skin cancer drugs was valued at around US$ 8 Bn in 2023.
The United States dominates the global market and is expected to continue its dominance during the forecast period, owing to factors such as rising healthcare expenditure, presence of leading players, and increasing clinical trials for novel drug formulations in the country.
Key players operating in the skin cancer drugs market include Novartis, Merck, Roche, Amgen, Pfizer, Sun Pharma, Bristol-Myers Squibb, AstraZeneca, Johnson & Johnson, Valeant, Daiichi Sankyo, Takeda, LEO Pharma, Mylan, Sanofi, Regeneron, Eli Lilly, Bayer, Gilead Sciences, and Astellas Pharma. These players are focusing on new product launches and geographical expansion to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
