New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Melanoma Therapeutics Market Size is to Grow from USD 5.03 Billion in 2022 to USD 12.35 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period.
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Melanoma therapeutics refer to the diverse array of medical interventions aimed at diagnosing, treating, and managing melanoma, a potentially deadly form of skin cancer. The approach to melanoma treatment has evolved significantly in recent years due to advances in understanding its molecular and genetic basis. Therapeutic strategies include surgical removal of tumors at an early stage, immunotherapies that harness the body's immune system to target cancer cells (e.g., checkpoint inhibitors like pembrolizumab and nivolumab), targeted therapies that inhibit specific genetic mutations driving melanoma growth (e.g., BRAF inhibitors like vemurafenib), and radiation therapy for advanced cases. Combination therapies are increasingly used to enhance treatment effectiveness and reduce resistance.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Melanoma Therapeutics Market Size, Share, and COVID-19 Impact Analysis, By Product (Chemotherapy, Immunotherapy, Targeted Therapy, and Radiation Therapy), By Drug Type (Branded Drugs and Generic Drugs), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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In 2022, the immunotherapy segment accounted for around 52.6% market share
On the basis of the product, the global melanoma therapeutics market is segmented into chemotherapy, immunotherapy, targeted therapy, and radiation therapy. The immunotherapy segment's dominance in the melanoma therapeutics market can be attributed to its remarkable success in treating melanoma. Immunotherapies, such as checkpoint inhibitors like pembrolizumab and nivolumab, have revolutionized melanoma treatment by enhancing the body's immune response to cancer cells. They offer durable responses and prolonged survival rates, making them the preferred choice for many patients. Additionally, ongoing research and clinical trials continue to expand the range of immunotherapeutic options. The proven efficacy and ongoing innovation in this segment have resulted in a larger market share, reflecting its pivotal role in melanoma treatment.
The generic drug segment is expected to grow at a CAGR of around 9.6% during the forecast period
Based on the drug type, the global melanoma therapeutics market is segmented into branded drugs and generic drugs. The generic drug segment is poised for the fastest growth during the forecast period in the melanoma therapeutics market due to several reasons. Generic drugs offer cost-effective alternatives to brand-name medications, making them more accessible to a broader patient population. With increasing pressure to reduce healthcare expenses, both patients and healthcare systems are inclined towards generics. Additionally, as patents for branded melanoma drugs expire, it opens up opportunities for generic manufacturers to enter the market, driving competition and lowering prices. These factors collectively contribute to the expected rapid growth of the generic drug segment in melanoma therapeutics.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 9.8% over the projected period
Based on region, Asia Pacific's rapid growth in the melanoma therapeutics market during the forecast period is driven by several key factors. This region is experiencing a rising incidence of melanoma due to changing lifestyles, increased exposure to UV radiation, and growing aging populations. Additionally, improving healthcare infrastructure, rising disposable incomes and greater awareness of skin cancer are promoting early diagnosis and treatment. As a result, pharmaceutical companies are increasingly targeting this market, leading to the development and availability of advanced melanoma therapies.
North America's dominance in the melanoma therapeutics market can be attributed to several factors. The region boasts advanced healthcare infrastructure, a robust pharmaceutical industry, and a high incidence of melanoma cases. Additionally, well-established regulatory frameworks and a strong focus on research and development contribute to the availability and adoption of cutting-edge melanoma therapies. Furthermore, extensive awareness campaigns and routine screenings encourage early detection and treatment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global melanoma therapeutics market include Bristol-Myers Squibb Company, AstraZeneca, Novartis AG, Merck & Co. Inc., Amgen Inc., F. Hoffman-La Roche Ltd., Abbott Laboratories, GlaxoSmithKline PLC, Pfizer, Inc., DermTech, BioMerieux SA, Dermlite, Canfield Scientific, Inc., Caliber Imaging & Diagnostics, Inc. and others.
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Recent Developments
- February 2021, The PD-1 inhibitor Libtayo (cemiplimab-rwlc) has been authorized by the US Food and Drug Administration as the first immunotherapy suggested for patients with advanced basal cell carcinoma (BCC) who have previously been treated with a hedgehog pathway inhibitor (HHI) or for whom an HHI is not acceptable. Libtayo is now authorized for advanced-stage patients with the two most prevalent skin malignancies in the United States.
- In January 2022, Pfizer Inc. received FDA approval for CIBINQO (abrocitinib), an oral, once-daily Janus kinase 1 (JAK1) inhibitor, for the treatment of adults with refractory, moderate-to-severe atopic dermatitis (AD) whose disease is not adequately controlled with other systemic drug products, including biologics, or when the use of those therapies is contraindicated.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global melanoma therapeutics market based on the below-mentioned segments:
Melanoma Therapeutics Market, By Product
- Chemotherapy
- Immunotherapy
- Targeted Therapy
- Radiation Therapy
Melanoma Therapeutics Market, By Drug Type
- Branded Drugs
- Generic Drugs
Melanoma Therapeutics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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