The 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 drugs are used to treat various forms of skin cancer including basal cell carcinoma, squamous cell carcinoma, and melanoma. Basal cell carcinoma is the most common form of skin cancer which usually appears as a persistent bump on the skin that may bleed. Squamous cell carcinoma usually forms scaly red patches, nodules or platelike lesions that may turn into ulcers. Melanoma usually first appears as a moles that change color, shape or size. These drugs are available in the form of pills, topical creams and gels that can be applied on the affected skin area.
Market Dynamics:
The growth of the skin cancer drugs market is majorly driven by the increasing prevalence of skin cancer worldwide owing to rising exposure to UV radiation from sunlight. According to the statistics provided by Skin Cancer Foundation, over 5.4 million cases of basal cell carcinoma and over 3.3 million cases of squamous cell carcinoma are diagnosed in the US each year. Also, more than 100,000 new cases of melanoma are diagnosed annually. Furthermore, rising awareness regarding early diagnosis of skin cancer and availability of advanced treatment options is also fueling the market growth. However, high cost associated with branded drugs and side effects associated with chemotherapy drugs may hamper the market growth over the forecast period.
SWOT Analysis
Strength: The skin cancer drugs market has witnessed consistent research and development activities over the past few years leading to the approval of new drugs to treat skin cancer. Major players operating in the market have a strong product pipeline which is expected to drive revenue growth. Further, increasing awareness among people about various skin cancer treatment options available is driving the adoption of skin cancer drugs.
Weakness: High cost of skin cancer targeted therapies poses a major challenge for the widespread adoption of such drugs. Further, lack of medical reimbursement policies related to skin cancer treatment in various developing nations limits the revenue potential of drug manufacturers in these regions.
Opportunity: Increasing incidence of melanoma worldwide presents lucrative growth opportunities for players. Further, rising healthcare spending in emerging economies of Asia Pacific is expected to boost the demand for skin cancer treatment drugs over the forecast period.
Threats: Presence of alternative treatment options like surgery and radiation therapy poses competition to drug makers. Stringent regulatory framework for the approval of new drugs is a major challenge faced by market players.
Key Takeaways
The Global Skin Cancer Drugs Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of skin cancer globally. As per estimates, over 5 million cases of non-melanoma skin cancer and over 100,000 melanoma cases are diagnosed annually in the US alone.
Regional analysis:
North America currently dominates the global skin cancer drugs market, with the US accounting for the major share. This is attributed to high awareness regarding skin cancer and supportive reimbursement structure in the region. Meanwhile, Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising healthcare spending and increasing incidence of skin cancer in the 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, and Astellas Pharma. Novartis and Roche have a robust skin cancer drug portfolio and are leaders in the market. Meanwhile, Amgen and Merck also have a significant presence with their skin cancer drug offerings.
