February 25, 2024

Actinic Keratosis Market is Driven by Increasing Geriatric Population

Actinic keratosis, also known as solar keratosis, refers to rough, scaly patches that develop on sun-exposed areas of skin including the face, lips, ears, back of hands, forearms, scalp or bald areas. Actinic keratoses are precancerous skin lesions that are caused by long-term sun exposure and develop due to cumulative damage from ultraviolet radiation, primarily from the sun. As the global population ages, the incidence of actinic keratosis is increasing as well. The global elderly population is projected to reach 1.5 billion by 2050. Moreover, rising awareness regarding skin care is further propagating the demand for actinic keratosis treatment products.

The global Actinic Keratosis market is estimated to be valued at US$ 8,070.0 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.

Market Key Trends: One of the key trends in the actinic keratosis market is the growth of topical treatment products. Topical medicines including drugs, lotions, creams and solutions prescribe by dermatologists offer less invasive treatment options for actinic keratosis compared to surgical procedures. Popular topical treatment products include diclofenac gel, fluorouracil cream, imiquimod cream and ingenol mebutate gel. Growing preference for convenient and less painful treatment options is propelling the demand for topical medication for actinic keratosis.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the actinic keratosis market is moderate as the market requires extensive R&D and clinical trials for new product development and approval which makes the setup costs high for new players.

Bargaining power of buyers: The bargaining power of buyers in the actinic keratosis market is moderate as several established brands are available and buyers can easily switch between brands.

Bargaining power of suppliers: The bargaining power of suppliers in the actinic keratosis market is low due to the presence of many suppliers and raw material providers.

Threat of new substitutes: The threat of new substitutes in the actinic keratosis market is low since currently there are no major substitute treatment options available.

Competitive rivalry: The competitive rivalry in the actinic keratosis market is high due to the presence of many global and regional players offering similar treatment options.

Key Takeaways
The global actinic keratosis market is expected to witness high growth.

Regional analysis: The North America region holds the highest market share currently due to high awareness about actinic keratosis and related skin disorders. Europe and Asia Pacific are also lucrative markets due to increasing healthcare expenditure.

Key players operating in the actinic keratosis market are Almirall, S.A., Bausch Health Companies Inc., Perrigo Company plc., Sun Pharmaceutical Industries Ltd., Hill Dermaceuticals, Inc., Spear Pharmaceuticals, Tolmar Pharmaceuticals, Inc., Bioforntera AG, Cipher Pharmaceuticals Inc., Vidac, Athenex, Inc., 3M, and Mayne Pharma Group Limited. These key players are focusing on product development and launches, mergers & acquisitions and collaborations to strengthen their market presence.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it