Pune, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The global skin cancer treatment market size is projected to reach USD 14.55 billion by the end of 2027. The increasing prevalence of non-melanoma cancer across the world will have a huge impact on market growth.
According to a report published by Fortune Business Insights, titled “Skin Cancer Treatment Market Size, Share & Industry Analysis, By Disease Indication (Melanoma and Non-Melanoma), By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, and Radiation Therapy), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 8.19 billion in 2019 and will exhibit a CAGR of 7.5% during the forecast period, 2019-2027.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
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Skin cancer is a serious form of disorder that normally affects the part of the skin that is exposed to the sun. The severity of the disease has led to an emphasis on early detection and treatment. As a result, there is a huge awareness regarding the ways to prevent the diseases as well as the options available for treatment. Increasing number of regulatory approvals for treatment options associated with the disease will emerge in favor of market growth.
The high prevalence of skin cancer across the world will open up a huge potential for the companies operating in this market. According to the American Academy of Dermatology Association, 1 in every 5 people in the United States suffers from skin cancer. The numerous treatment options associated with the disease, including immunotherapy, targeted therapy, and chemotherapy will favor growth of the skin cancer treatment market in the coming years.
Industry Developments:
February 2019: Pembrolizumab (Keytruda) received approval from the US Food and Drug Administration for the treatment of Merkel Cell Carcinoma.
The whole world is fighting the novel coronavirus. Sectors and industries are devasted due to the major loss caused by COVID-19 in business. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/skin-cancer-treatment-market-102806
Growing Regulatory Approvals Will Aid Growth of the Market
The report encompasses several factors that have contributed to the growth of the skin cancer treatment market in recent years. The high emphasis and subsequently high investment on the development of efficient treatment options associated with the disease will have a huge impact on the growth of the overall market in the coming years.
Among all factors, the increasing number of regulatory approvals has made the highest impact on market growth. In April 2018, Tafinlar+Mekinist announced the approval for a new therapy used in the treatment of BRAF V600-mutant melanoma. The therapy received allocates from several researchers for its exceptional capabilities in the treatment of the disease. It was awarded the breakthrough designation in 2017 and was submitted for priority review in the same year.
US FDA’s approval for this therapy will certainly encourage other companies. Increasing number of such regulatory approvals will bode well for the growth of the skin cancer treatment market in the forthcoming years.
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North America Dominate the Market; High Prevalence of Skin Cancer has Emerged in Favor of Companies
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America currently holds the largest skin cancer treatment market share.
The high prevalence of skin cancer in the United States is a major factor that has contributed to the growth of the regional market. The emphasis of major companies on introducing innovative treatment options and drugs will aid the growth of the market in the coming years. The increasing prevalence of non-melanoma skin cancer in several parts of North America will contribute to the growth of the market.
As of 2018, the market in North America was worth USD 3.04 billion and this value is projected to increase further in the coming years. The skin cancer treatment market in Europe also held a considerably high share in recent years, owing to the presence of several large scale companies in numerous countries across this region.
List of companies profiled in the Skin Cancer Treatment Market report:
- Merck & Co.
- Bristol-Myers Squibb Company
- Novartis AG
- F. Hoffmann-La Roche Ltd
- Amgen Inc.
- GlaxoSmithKline plc.
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
- Regeneron Pharmaceuticals, Inc.
- Other prominent players
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Skin Cancer Treatment Market Segmentations:
By Disease Indication
• Melanoma
• Non-melanoma
By Therapy
• Immunotherapy
• Targeted Therapy
• Chemotherapy
• Radiation Therapy
By Distribution Channel
• Hospitals Pharmacy
• Retail Pharmacy
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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