Recent drug approvals and growing prevalence drive the global skin cancer treatment market

calendar_today 07 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global skin cancer market was valued at ~ US$ 9.20 billion in 2021. The market is expected to witness a CAGR of ~7.4% from 2022 to 2030  

Skin cancer treatment is a developing market expected to experience significant growth in the forecast period. The market's growth can be attributed to various reasons, such as the growing prevalence of skin cancer, the developing healthcare system in emerging economies, growing government initiatives, and recent novel treatment approvals. Additionally, increasing awareness about skin cancer and a strong product pipeline will open new growth opportunities soon. Moreover, the constant launch of advanced drugs and enhanced treatment procedures further accelerates the market expansion.

The growing incidence of skin cancer around the globe is one of the significant factors for market growth. According to the 2022 press release from the WHO (World Health Organization), more than 1.5 billion new cases of skin cancer were diagnosed worldwide in 2020. Moreover, increased exposure to UV (Ultraviolet) radiation because of rising global warming can also cause skin cancer. The people inhabiting the ozone depletion areas are more prone to developing skin cancer because of high UV radiation exposure, indicating high skin cancer treatments in such regions.

Due to the growing prevalence of skin cancer, the demand for advanced and effective drugs has increased product approval rates. Hence, the growing need for novel treatments and corresponding approvals have proportionately increased the involvement of the market players, thereby improving the skin cancer treatment market expansion. The U.S. FDA (Food and Drug Administration) approved "Opdualag" (a combination of nivolumab and relatlimab-rmbw), which is the first LAG-3-Blocking Antibody drug. This drug can be used to treat a patient suffering from metastatic melanoma.

Because of the side effects of chemotherapy or radiotherapy, there is a significant shift towards immunotherapy and targeted therapy for skin cancer treatment. The patient's immunity is augmented with immunotherapy to fight against cancer cells. At present, immunotherapy is recommended only in severe cases. Additionally, targeted therapy provides a suitable outcome with better efficacy. Thus, better efficacy and safety profiles of new treatment methods are responsible for the rising demand for such medicines.

Side effects of chemo/radiotherapy and alternative options, such as surgical procedures for skin cancer treatment, are some of the key challenges in the market. Some of the side effects of this therapy are infertility, severe damage to the heart, kidney problems, fatigue, anemia, prone to infections, and many more. Thus, these factors can harm the market. Furthermore, adopting surgical procedures as an alternative option for regular drug therapies can also prove to be a major restrain in this market. 

North America holds the largest revenue share in the global skin cancer market. The expanding targeted patient population and increasing penetration of the market players are responsible for developing the skin cancer treatment market in North America. Rapid use of advanced technologies and therapies and the ongoing approval of cancer medications is also a key trend observed in North America. Europe also holds a prominent position in the skin cancer treatment market. European market growth is due to skilled specialists' availability and rapid approval of novel therapies. Demographics also play a vital role in the high prevalence of skin cancer in North America and Europe. 

Additionally, the skin cancer treatment industry is rapidly expanding in Asia. The region is witnessing a rising incidence of skin cancer, developing healthcare infrastructure, and supportive reimbursement policies cumulatively contributing to the market growth in the Asia Pacific. Additionally, the penetration of skin cancer therapies in this region is accelerated by increasing awareness, growing government initiatives, and the burgeoning medical tourism industry.

Some prominent global skin cancer treatment market players are Regeneron Pharmaceuticals, Inc., Amgen Inc., Pfizer Inc., Bristol-Myers Squibb Company, CRS Holdings LLC., Sun Pharmaceutical Industries Ltd., Merck & Co., F. Hoffmann-La Roche Ltd., Novartis AG, and GlaxoSmithKline plc. among others.

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