Published Date : 02 Jan 2024
The global melanoma therapeutics market size was exhibited at USD 5.5 billion in 2022 and is anticipated to reach around USD 14.59 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.
Melanoma is a type of skin cancer that arises from melanocytes. Melanoma is usually caused by excessive UV light exposure or genetics in some cases. Excessive ultraviolet (UV) exposure from sunlight and tanning beds significantly increases melanoma risk. Melanoma is life-threatening and dangerous as it develops quickly in nearly less than six weeks. It can harm the internal organs very quickly, which makes metastatic melanomas harder to treat.
In the early stage, the treatment of melanomas includes surgical removal of the cancerous tissue. The therapy required if melanoma has spread beyond the skin includes surgery to remove affected lymph nodes, immunotherapy, targeted therapy, radiation therapy, and chemotherapy.
The growth of the global melanoma therapeutics market is driven by several factors, including growth in healthcare infrastructure, funding from both public and private sectors, rise in drug discovery and development, technological advancements, increasing ageing population, growing government-supportive initiatives for early detection and skin cancer treatment, increase in drug approvals, increasing demand for personalized medicine, development of early detection tools, and the robust growth in the production of cost-effective drugs.
In addition, the rising investment in research and development activities and the increase in clinical trials have positively impacted the melanoma therapeutics market. Furthermore, the market is growing as a result of the increasing prevalence of melanoma, which has propelled the demand for advanced melanoma therapies.
North America is expected to hold the largest market share over the forecast period owing to the presence of well-established healthcare infrastructure, rising investment in research and development, favorable government initiatives, increasing geriatric population, high burden of skin cancer, rising demand for personalized medicine, increasing awareness for early detection skin cancer treatment, rising strategic initiatives and high healthcare expenditure facilitating in increasing adoption of advanced melanoma treatments.
The presence of major companies operating in the region, including Pfizer Inc., Mylan N.V., Lilly, Merck & Co., Inc., AbbVie Inc., Amgen Inc., Bristol-Myers Squibb Company, AgonOX, Abbott Laboratories, Johnson & Johnson, Bausch Health Companies Inc., and others is expected to fuel the market’s expansion.
The United States is the biggest supporter of the market owing to the significant healthcare expenditures, increasing demand for advanced therapies, an emerging pipeline for skin cancer treatment, ongoing clinical trials, a rise in drug approvals by regulatory bodies, and a rising prevalence of melanoma. With the rapidly rising melanoma cases in the U.S., the market’s growth is expected during the forecast period. According to the American Cancer Society, in the United States, it is also estimated that about 7,990 people are expected to die of melanoma. In addition, the rising approval for drugs by the U.S. Food and Drug Administration that help in the management of melanoma is likely to bolster the market’s growth.
|Market Revenue in 2023
|USD 6.04 Billion
|Projected Forecast Revenue by 2032
|USD 14.59 Billion
|Growth Rate from 2023 to 2032
|CAGR of 10.3%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Increasing prevalence of melanoma
The rising cases of melanoma across the globe have led to the increasing adoption of melanoma therapeutics for the treatment of the disease. Melanoma is the most hazardous and aggressive type of skin cancer. Several factors increase the risk of developing melanoma, such as constant exposure to UV radiation, multiple moles, fair skin, a history of sunburns, and genetic factors. According to the data provided by WHO, it is estimated nearly 132,000 cases of skin cancer occur annually. As per the report published by The Skin Cancer Foundation, in recent years, the number of new diagnoses annually rose by 27% in the US. The report also claimed that one in every five US citizens will develop skin cancer by the age of 70. This is anticipated to serve as an opportunity for drug companies to develop effective drugs and therapies to treat melanoma disease.
Rising geriatric population
The surge in the geriatric population is expected to fuel the expansion of the global melanoma therapeutics market in the coming years. As the susceptibility to melanoma increases with age, the average age of diagnosis being around 66, the growing aging population has amplified the demand for melanoma drugs. This, along with advancements in treatment, underscores the potential for market growth.
Stringent government regulations
Implementing rigid compliance with regulations is expected to hamper the development of the melanoma therapeutics market. Regulatory authorities of various regions impose different guidelines regarding the approval of melanoma drugs. Over the projected period, the melanoma therapeutics market's expansion is anticipated to be constrained by stringent regulatory framework.
The high cost associated with the treatment of melanoma is likely to restrain the market’s growth. In addition, lack of awareness and unavailability of appropriate treatment, particularly in underdeveloped countries. In such countries, there are limited healthcare resources unavailable in hospitals and clinics. Therefore, it hinders the market growth.
Rising drug approvals
The rapid rise in the adoption of immunotherapy as an effective treatment for melanoma is projected to boost the global melanoma therapeutics market. Immunotherapy helps to enhance a person's immune system to destroy cancer cells. There are various types of immunotherapies available that can be used for the treatment of melanoma conditions. In addition, the rise in the approval of immunotherapy for melanoma by the Food and Drug Administration is one of the primary growth stimulants for the market.
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