The Metastatic Melanoma Therapeutics Market Is Witnessing High...

The Metastatic Melanoma Therapeutics Market Is Witnessing High Growth Owing To Rising Awareness About Early Diagnosis Of Melanoma

Posted 2023-12-01 05:18:55

The Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 8011.15 Mn 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.

Metastatic melanoma is a type of skin cancer that has spread from the skin to other organs in the body. Melanoma is the most dangerous type of skin cancer and if not caught and treated early can spread to other parts of the body. With rising awareness campaigns regarding regular skin examination for detecting melanoma early and new screening guidelines, the number of early stage diagnosis has increased over the past few years. This has boosted the demand for effective therapeutics to treat metastatic melanoma.

Market Overview:
The metastatic melanoma therapeutics market comprises drugs for treatment of metastatic or advanced stage melanoma. The current available treatment options include immunotherapy, targeted therapy, chemotherapy and radiation therapy. Immunotherapy drugs that stimulate the body's own immune system to fight cancer cells like PD-1 inhibitors and CTLA-4 inhibitors dominate the market. Targeted therapy drugs that block growth and spread of cancer by interfering with specific targeted molecules involved in cancer growth are also gaining popularity.

Market Dynamics:
The metastatic melanoma therapeutics market is driven by rising incidence rates of melanoma worldwide due to increasing UV ray exposure. According to WHO, over 350,000 new melanoma skin cancer cases occur globally each year. Other major drivers include increasing adoption of immunotherapy drugs despite high cost and approval of novel drug formulations with improved outcomes. Conversely, high cost of advanced therapeutics, patent expirations of blockbuster drugs and side effects associated with treatments hinder the market growth. Recent government initiatives and funding to develop cost-effective drugs coupled with increasing awareness about early detection provide lucrative growth opportunities in the long run.