Market Size of Skin Cancer Therapeutics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Skin Cancer Diagnostics & Therapeutics Market Analysis
The Skin Cancer Therapeutics Market is poised to grow at a CAGR of 10.1% over the forecast period.
Covid-19 significantly impacted market growth due to restrictions from hospitals and healthcare settings on nonelective procedures during the pandemic. According to a study published in PLOS ONE in Mach 2021, during the early days of the pandemic, there was a sharp decline in skin biopsies, adversely affecting the elderly, women, and several geographical areas. Even though the number of biopsies increased later, there was still a significant backlog of patients even after six months. The market was also impacted due to the lack of availability of therapeutics because of supply chain restrictions and manufacturing halts. In the later days, the market showed significant improvement due to the rise in the burden of backlog skin biopsies and the availability of skin cancer therapeutics, driving the market growth during the forecast period.
The factors driving the market growth include increasing incidence of skin cancer, rising awareness of skin cancers, and extensive R&D pipelines on skin cancer therapeutics, among others.
Skin cancer is the most common form of cancer. Even though most types of skin cancers are preventable, their incidence is increasing. The risk factors include sunlight, sunlamps and tanning booths, certain medical conditions, or medicines. UV radiation changes the genetic material (DNA) in cells and is, therefore, the main cause of skin cancer. According to the WHO in March 2022, the number of new cases of cutaneous melanoma per year will increase by more than 50% from 2020 to 2040.
Furthermore, increasing supportive initiative by government for rising awareness of skin cancer is also expected to drive market growth. For instance, in May 2021, the American Academy of Dermatology (AAD) launched the SPOT Skin Cancer awareness program. The goal of this awareness program is to raise awareness that helps to prevent skin cancer, find this disease early, and save lives. Such initiatives will help inform people of skin cancer treatments, driving market growth.
In addition, the rising drug approvals of innovative skin cancer therapeutics from international regulatory agencies are expected to bolster market growth over the forecast period. For instance, in February 2021, the US FDA approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) as the first immunotherapy indicated for patients with advanced basal cell carcinoma (BCC). However, the high cost associated with the therapy and the side effects and complications associated with treatment may be expected to hinder market growth.
Skin Cancer Diagnostics & Therapeutics Industry Segmentation
Skin cancer is the abnormal development of skin cells that typically manifests on skin that has been exposed to the sun. However, this prevalent type of cancer can also develop on parts of your skin that are not often exposed to sunlight. Ultraviolet radiation is a primary carcinogen that results in UV-induced mutations, loss of activity in tumor suppressor genes, and the overexpression of oncogenes in keratinocytes.
The Skin Cancer Therapeutics Market is segmented by Disease Type (Melanoma, and Non-melanoma), Treatment (Chemotherapy, Immunotherapy, Targeted therapy, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Disease Type | |
| Melanoma | |
| Non-melanoma |
| By Treatment | |
| Chemotherapy | |
| Immunotherapy | |
| Targeted Therapy | |
| Others |
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Skin Cancer Therapeutics Market Size Summary
The skin cancer therapeutics market is experiencing robust growth, driven by an increasing incidence of skin cancer and heightened awareness of the disease. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a decline in skin biopsies and therapeutic availability, the market has rebounded due to the backlog of cases and improved access to treatments. The market is further propelled by extensive research and development pipelines focused on innovative therapeutics, as well as supportive government initiatives aimed at raising awareness and prevention of skin cancer. The prevalence of non-melanoma skin cancers, such as basal cell and squamous cell carcinoma, is particularly high, driving demand for effective therapeutics in this segment. The development and approval of new drugs, such as immunotherapies, are expected to bolster market growth, despite challenges like high treatment costs and potential side effects.
North America is anticipated to hold a significant share of the market, supported by a strong presence of key market players and advanced healthcare infrastructure. The region's market growth is further enhanced by the rising prevalence of skin cancers and the continuous advancements in therapeutic options. The competitive landscape of the global skin cancer therapeutics market is marked by the presence of major companies actively engaged in research and development, leading to the launch and approval of novel therapies. Recent strategic moves, such as acquisitions and clinical trials, underscore the dynamic nature of the market, with companies like Regeneron Pharmaceuticals and Sirnaomics Ltd. making notable contributions to the development of new treatment options.
Skin Cancer Therapeutics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Skin Cancer
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1.2.2 Rising Awareness about Skin Cancer
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1.2.3 Extensive R&D Pipelines
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1.3 Market Restraints
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1.3.1 High Cost Associated with Therapy
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Disease Type
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2.1.1 Melanoma
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2.1.2 Non-melanoma
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2.2 By Treatment
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2.2.1 Chemotherapy
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2.2.2 Immunotherapy
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2.2.3 Targeted Therapy
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Skin Cancer Therapeutics Market Size FAQs
What is the current Skin Cancer Therapeutics Market size?
The Skin Cancer Therapeutics Market is projected to register a CAGR of 10.10% during the forecast period (2024-2029)
Who are the key players in Skin Cancer Therapeutics Market?
Amgen Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd. and Sanofi SA are the major companies operating in the Skin Cancer Therapeutics Market.
