July 24, 2024

The UPTAKE OF IMMUNOTHERAPY DRIVING THE GROWTH OF Skin Cancer Drugs Market

The global Skin Cancer Drugs Market is estimated to be valued at Us$ 8 Bn in 2023 and is expected to exhibit a Cagr OF 11 % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Skin cancer refers to malignant growths that occur on the skin. There are mainly three types of skin cancer including basal cell carcinoma, squamous cell carcinoma, and melanoma. Skin cancer drugs help in treating skin cancer tumors by stopping or slowing their growth. These drugs are available in different forms including pills, capsules, creams, gels, and liquids that help in preventing and destroying cancer cells. The drugs are known to exhibit minimal side effects and help patients maintain their quality of life.

Market key trends:

One of the major trends in the skin cancer drugs market is the rising adoption of immunotherapy. Immunotherapy helps activate a person’s immune system to fight cancer cells. It includes monoclonal antibody therapy, immune checkpoint inhibitors, and cancer vaccines that are majorly used for treating melanoma. These drugs work by blocking certain proteins made by some types of immune system cells or produced by tumor cells that turn off the immune system. The efficacy and success rate of immunotherapy in treating various cancer types including skin cancer is contributing to its increased demand. Further, the completion of various clinical trials showcasing positive results is also fueling the interest of biopharmaceutical companies in immunotherapy for skin cancer treatment.

Porter’s Analysis

Threat of new entrants: The threat of entry for new companies is moderate. The skin cancer drugs market requires huge investments for research and development of new drugs. Bargaining power of buyers: The buying power of the customers is low as the treatment of skin cancer depends a lot on the availability of effective drugs. Bargaining power of suppliers: A few major companies dominate the supply of skin cancer drugs. This gives them a higher bargaining power over buyers. Threat of new substitutes: Currently, there are limited treatment substitutes available for skin cancer. Thus, threat from substitutes is low. Competitive rivalry: The competitive rivalry in the skin cancer drugs market is high owing to presence of many global as well as local players.

Key Takeaways

The Global Skin Cancer Drugs Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period of 2023 to 2030, due to increasing incidence of skin cancer worldwide. North America market is expected to dominate the market during the forecast period owing to high prevalence of skin cancer in the US and Canada.

The global skin cancer drugs market size for 2023 is estimated to be US$ 8 Bn. The market is expected to grow multi-fold during the forecast period due to increasing adoption of targeted drug therapies for treatment of skin cancer.

Key players operating in the skin cancer drugs market include 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, and Astellas Pharma.

*Note:

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