June 22, 2024
Skin Cancer Drugs Market

Skin Cancer Drugs Market Is Estimated To Witness High Growth Owing To Increased Incidence Of Skin Cancer

The skin cancer drugs market is estimated to be valued at US$ 8 Bn in 2023 and is expected to exhibit a CAGR of 8.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Skin cancer is one of the most common forms of cancer in the United States. It includes basal cell carcinoma, squamous cell carcinoma, and melanoma. Skin cancer drugs work by blocking the growth and spread of skin cancer cells. The commonly used drugs for treating skin cancer include chemotherapy drugs, targeted therapy drugs, immunotherapy drugs and radiation therapy.

Market Dynamics:
The growth of the skin cancer drugs market is driven by increasing incidence of skin cancer cases globally. According to American Cancer Society, around 1.8 million new non-melanoma skin cancer cases and 106,110 new melanoma cases will be diagnosed in 2021 in United States alone. Further, increasing awareness regarding early diagnosis and treatment of skin cancer is also expected to aid in market growth during the forecast period. Moreover, rapidly growing geriatric population, which is more prone to skin cancer, is expected to boost the demand for skin cancer treatment drugs. However, high costs associated with skin cancer treatment drugs may hinder the market growth.

SWOT Analysis

Strength: The skin cancer drugs market has a large customer base due to the high prevalence of skin cancer diseases globally. The increasing government initiatives to spread awareness regarding various skin cancer treatments have boosted the demand for skin cancer drugs. The advancements in drug development have led to more effective skin cancer treatment options.

Weakness: High costs associated with drug development and clinical trials increases the overall costs of skin cancer drugs. Side effects of certain drugs hamper patient compliance.

Opportunity: Untapped growth opportunities in developing regions of Asia Pacific and Latin America due to rising healthcare spending and growing medical tourism are driving drug manufacturers to focus on these regions. Increased focus of pharmaceutical companies on development of combination therapies to treat various skin cancer types.

Threats: Price erosion due to increase in generic drugs. Strong pipeline of biosimilars threatens the established drugs losing patent exclusivity.

Key Takeaways:

The global Skin Cancer Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing incidence of skin cancer cases globally. According to WHO, approximately 1.04 million cases of non-melanoma skin cancers are diagnosed worldwide each year.

Regional analysis: North America currently dominates the global skin cancer drugs market owing to developed healthcare infrastructure, high prevalence of skin cancer, and increased adoption of advanced skin cancer treatment options in this region. Asia Pacific is estimated to be the fastest growing market due to growing medical tourism, rising healthcare spending, and presence of untapped opportunities in emerging countries of this region.

Key players operating in the skin cancer drugs market are 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, Astellas Pharma. Key players are focusing on new product innovations and strategic collaborations with regional players to strengthen their presence across different geographies.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it