Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Melanoma Drugs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global melanoma drugs market has grown rapidly in recent years. It will grow from $8.27 billion in 2023 to $9.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth observed in the historical period can be credited to advances in clinical research, heightened incidence rates, shifts in the treatment landscape, enhanced diagnostic techniques, and regulatory approvals. North America was the largest region in the melanoma drugs market in 2023.
The global melanoma drugs market is expected to see rapid growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to advancements in immunotherapy, ongoing biomarker research, the aging global population, the expansion of markets in emerging economies, and collaborative research initiatives. Notable trends in this forecast period include innovations in adjuvant therapies, increased utilization of checkpoint inhibitors, strategies for patient stratification, integration of real-world evidence, and global collaborations in clinical trials.
The anticipated increase in melanoma incidence among males is set to drive the growth of the melanoma drug market in the coming years. The rising incidence of melanoma is expected to elevate the demand for melanoma drugs. In 2023, the American Cancer Society, Inc. reported a rise in new cases among male individuals in the United States, increasing from 57,180 in 2022 to 58,120 in 2023. Consequently, the surge in melanoma cases among males is a key driver propelling the growth of the melanoma drug market.
The increasing aging population is poised to propel the growth of the melanoma drug market in the future. As of October 2022, the World Health Organization projected that by 2030, 1 in 6 individuals globally would be 60 years old or older. During this period, the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Additionally, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion by 2050. Hence, the expanding aging population is a significant driver of the melanoma drug market.
Product innovation stands out as a notable trend gaining momentum in the melanoma drugs market. Major companies within the market are concentrating their efforts on developing innovative solutions to solidify their market position. For example, in March 2022, the U.S. Food and Drug Administration (FDA) approved Opdualag, a fixed-dose combination of the LAG-3-blocking antibody relatlimab and the programmed death receptor-1 blocking antibody nivolumab, developed by Bristol-Myers Squibb Company. This approval is for the treatment of melanoma in both adult and pediatric patients. Opdualag combines the antibodies relatlimab and nivolumab at a fixed dose, offering a breakthrough approach. Adult and adolescent patients aged 12 and older, weighing at least 40 kg, are recommended to receive 480 mg of nivolumab and 160 mg of relatlimab intravenously every four weeks until disease progression or unacceptable toxicity occurs.
Major companies in the melanoma drug market are prioritizing the development of breakthrough therapies, such as T cell receptor (TCR) therapeutics, to treat uveal melanoma and gain a competitive advantage. TCR therapeutics involve using engineered T cell receptors to redirect the immune system to recognize and target specific antigens, particularly in the context of cancer. For instance, in January 2022, Immunocore, a UK-based biotechnology company, received FDA approval for KIMMTRAK, the first FDA-approved therapy for unresectable or metastatic uveal melanoma. This TCR therapeutic demonstrated significant overall survival benefits in clinical trials, with a median OS of nearly 22 months. The approval marks several milestones, including being the first TCR therapeutic to receive FDA approval and the first bispecific T cell engager approved for the treatment of solid tumors.
In May 2022, Regeneron Pharmaceuticals Inc., a US-based biotechnology company, completed the acquisition of Checkmate Pharmaceuticals Inc. for $250 million. This strategic move aims to expand Regeneron Pharmaceuticals Inc.'s pipeline portfolio of immuno-oncology drugs and provide a new modality to treat challenging cancers. Checkmate Pharmaceuticals, Inc., a US-based biopharmaceutical company, specializes in mutant metastatic melanoma.
Report Scope
Markets Covered:
1) By Therapy: Chemotherapy; Immunotherapy; Targeted Therapy
2) By Disease Type: Superficial Spreading Melanoma; Lentigo Maligna; Acral Lentiginous Melanoma; Nodular Melanoma
3) By Application: Hospitals; Outpatient Oncologist Clinics; Other Applications
Key Companies Mentioned: Amgen Inc.; Bristol-Myers Squibb Company; F. Hoffmann-La Roche A; GlaxoSmithKline plc; Janssen Biotech Inc.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Amgen Inc.
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche
- GlaxoSmithKline plc
- Janssen Biotech Inc.
- Novartis AG
- Pfizer Inc.
- Sanofi S.A.
- Takeda Pharmaceutical Company Limited
- Eli Lilly and Company
- Genentech Inc.
- Merck & Co. Inc.
- Bayer AG
- Bausch Health Companies Inc.
- Cipla Limited
- Vical Incorporated
- Aduro Biotech Inc.
- OSE Immunotherapeutics
- Daiichi Sankyo Company Limited
- Gilead Sciences
- Seagen Inc.
- Incyte Corporation
- Kyowa Kirin Co. Ltd.
- Almirall S.A.
- MacroGenics Inc.
- Prometheus Biosciences Inc.
- Fortress Biotech Inc.
- OncoSec Medical Incorporated
- Regeneron Pharmaceuticals Inc.
- Iovance Biotherapeutics
For more information about this report visit https://www.researchandmarkets.com/r/3ow8fc
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