Oncology is the largest segment driving the growth of Skin Cancer Drugs Market
The global Skin Cancer Drugs Market is estimated to be valued at US$ 8 Bn or Billion 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 for treating the most common types of skin cancer called basal cell carcinoma (BCC) and squamous cell carcinoma (SCC). These medications work by slowing or stopping the growth of cancerous skin cells, either alone or in combination with other therapies.
Market key trends:
Increasing incidence of skin cancer due to rising UV exposure is expected to drive the growth of the skin cancer drugs market over the forecast period. According to the American Cancer Society, over 5 million cases of non-melanoma skin cancer are diagnosed annually in the United States. Furthermore, increasing adoption of molecular targeted therapies such as cetuximab, vismodegib, and Panitumumab for treating advanced skin cancers is also expected to support the market growth. These targeted therapies have improved treatment outcomes with fewer side effects than conventional chemotherapy regimens. However, the high treatment cost associated with molecular targeted therapies may hamper market growth.
SWOT Analysis
Strength: Skin cancer drugs market has strong R&D activity which leads to development of novel and targeted drugs in the market. Regular innovation in treatment options increases effectiveness of therapies.
Weakness: High costs associated with drug development and regulatory approvals increases costs of finished products making them unaffordable for some patients. Side effects of some therapies reduces patient compliance.
Opportunity: Rising Skin cancer incidence worldwide due to increasing UV exposure creates demand for effective treatment options. Growing healthcare expenditures in emerging nations creates new avenues.
Threats: Presence of alternative treatment options like surgery and radiation therapy poses competition to drug therapies. Patent cliff expiry of major drugs increases generic competition.
Key Takeaways
The global Skin Cancer Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing incidence of skin cancer worldwide. The market size for 2023 is US$ 8 Bn.
Regional analysis: North America dominates the global market due to high healthcare expenditures and increasing skin cancer cases attributable to growing lifestyle changes. Europe holds second position due to availability of supportive regulatory environment and healthcare framework. Asia Pacific exhibits fastest growth supported by large patient pool, rising disposable incomes and growing medical tourism.
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. Key players are focusing on new product launches, collaborations and geographic expansion to strengthen their market presence.
For more details on the report, Read-
https://perfectinsights.blogspot.com/2023/12/the-rise-of-combination-therapy-is.html
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