Number of pages: 100 | Report Format: PDF | Published date: October 07, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global skin cancer treatment market was valued at US$ 9.20 billion in 2021 and is expected to witness a CAGR of 7.4% during the forecast period from 2022 to 2030
Skin cancer is one of the highly prevalent medication conditions that occur in humans. Skin cancer occurs due to abnormal growth of the skin cells. It is classified into various types: melanoma, squamous, and basal cell carcinoma. Different treatments are used, such as chemotherapy, radiotherapy, phototherapy, etc. are deployed for the treatment of skin cancer. The increasing patient pool of skin cancer and improving rates of novel treatment approvals are majorly driving the global skin cancer treatment market.
The growth of the global skin cancer treatment market can be attributed to various factors, such as the increasing prevalence of skin cancer, growing awareness, and rising government initiatives about early diagnosis and treatment, along with recent approvals of novel therapies. Furthermore, a strong product pipeline and continuous launch of advanced drugs or medicines contribute to market development. But some challenges in this market can obstruct growth. These market restraints include the side effects of chemotherapy and radiotherapy and the consequent preference for surgical procedures to eliminate cancer.
The global skin cancer treatment market has been analyzed from four perspectives: type, therapy type, end-users, and region.
Skin Cancer Treatment Market by Type
Different skin cancers include basal cell carcinoma, squamous cell cancer, melanoma, and others (lymphoma, Kaposi sarcoma, etc.). Melanoma is the most common type of skin cancer found worldwide and thus dominates the market with the largest revenue share. The abnormal growth of melanocytes (in melanin cells) leads to this condition. It can occur due to exposure to ultraviolet radiation, tanning beds/lamps, or genetic factors. Additionally, basal cell carcinoma occupies the second-largest revenue share in the market because of the growing prevalence rate.
Skin Cancer Treatment Market by Therapy Type
Based on the therapy type, the global skin cancer treatment market has been categorized into immunotherapy, targeted therapy, radiotherapy, chemotherapy, and others (photodynamic therapy, biological therapy, cryotherapy, etc.). Chemotherapy occupies the largest revenue share in the global skin cancer treatment market. This therapy has been providing better results with reduced reoccurrence risk. Chemotherapy uses drugs that travel throughout the body and avoid metastasis by destroying the cancer cells that may have spread in different body parts.
In addition, immunotherapy has gained notable popularity in the global market for skin cancer treatment. Immunotherapy boosts the immune system's ability to recognize, target, and eliminate cancerous cells, thus making it a more compatible and convenient method for treating cancer.
Skin Cancer Treatment Market by End User
The global skin cancer treatment market has been segmented based on end-users into hospitals, cancer research centers, and specialty clinics. Hospitals hold the highest revenue share in the market. The growth of this segment can be attributed to the increased preference rate of hospitals as it is considered the primary healthcare facility with a large footfall of patients. Also, advanced infrastructure and the availability of better physicians and treatment facilities make this segment a preferred treatment avenue, thus helping the market expand.
Skin Cancer Market by Region
The global skin cancer treatment market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global market mainly due to the rising target patient base and increasing penetration of market players. Furthermore, evolution in technologies/treatments and continual approval of cancer drugs also contribute to market growth in North America. Europe holds the second-largest revenue share in the skin cancer treatment market. This is due to the developed healthcare infrastructure and the rapid adoption of advanced technologies and drugs.
The Asia Pacific is the fastest-growing region in the skin cancer treatment market. The fast pace of the Asia Pacific market is attributed to the growing prevalence of skin cancer, rapidly evolving healthcare infrastructure, and improving availability of new treatments. In addition, the increasing approvals of drugs and medicines and growing government initiatives further accelerate skin cancer treatment expansion in the Asia Pacific.
Some prominent players operating in the global skin cancer treatment market are:
The Asia Pacific is the fastest-growing region in the skin cancer treatment market.
The estimated market size of the skin cancer treatment market in 2030 is US$ 17.49 billion.
The global skin cancer treatment market is estimated to grow at a CAGR of 7.4 from 2022 to 2030.
The key players in the skin cancer treatment market 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, GlaxoSmithKline plc., etc.
*Insights on financial performance is subject to availability of information in public domain