Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Actinic Keratosis Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global Actinic Keratosis Treatment Market is on the path to significant growth during forecast period. In 2024, the global Actinic Keratosis Treatment Market is forecast to reach US$ 6 billion and is expected to further expand to US$ 9.5 million by the year 2031.
Factors Driving Growth in the Actinic Keratosis Treatment Market
- Rise in the Prevalence of Actinic Keratosis: The increasing prevalence of actinic keratosis, coupled with growing awareness of the disease and a rising demand for minimally invasive therapies, is expected to drive the growth of the actinic keratosis treatment market. As awareness about the harmful effects of actinic keratosis grows, the need for effective treatments is on the rise. Government agencies and non-profit organizations running awareness programs contribute significantly to market development. Increased research and development initiatives are also set to boost the approval of new medications for actinic keratosis treatment. Moreover, the heightened risk of developing skin cancer related to actinic keratosis has increased detection and treatment rates.
- Increase in Drug Approvals and Novel Therapies: The market is expected to grow due to the increasing number of drug approvals and the introduction of novel medications for actinic keratosis. The US Food and Drug Administration (FDA) has approved new drugs for actinic keratosis treatment, including topical fluorouracil, imiquimod, diclofenac, ingenol mebutate, and pharmaceutical treatment combinations. Topical medications hold a significant market share due to their ease of availability, high target specificity, and lower risk of scarring. The approval of novel medications and the utilization of combination treatments are expected to drive market growth further. Increased research and development efforts are also likely to result in the approval of new drugs, boosting the Actinic Keratosis Treatment Market.
Challenges Facing the Actinic Keratosis Treatment Market
Lack of Skilled Professionals and Limited Treatment Penetration: The primary challenges hindering market growth include a shortage of skilled professionals and limited treatment penetration in emerging economies. Actinic keratosis treatment necessitates skilled professionals and surgeons for procedures such as chemical peels, cryotherapy, and photodynamic therapy.
However, a significant shortage of general surgeons is expected to impede market growth. Additionally, limited awareness of the health problem in developing countries and high treatment costs are projected to restrict market expansion. The emergence of alternative natural remedies may also pose a challenge to the market.
Competitive Landscape
The Actinic Keratosis Treatment industry is highly competitive and consolidated, with a few key players dominating the market. These companies are strategically focusing on mergers and alliances to capitalize on the industry's growth phase. New product launches are also on their agenda to expand market share.
Key Companies Profiled
- Sun Pharmaceutical Industries Ltd.
- Biofrontera
- Nestle SA
- Bausch Health Companies Inc.
- Novartis AG
- GlaxoSmithKline plc.
- Almirall, LLC
- LEO Pharma Inc.
- Cipher Pharmaceuticals Inc.
- Pierre Fabre Pharmaceuticals, Inc.
Actinic Keratosis Treatment Market Categorization
Actinic Keratosis Treatment Market by End User
- Hospitals
- Private Dermatology Clinics
- Laser Therapy Centers
- Cancer Treatment Centers
- Spas and Rejuvenation Centers
- Homecare
Actinic Keratosis Treatment Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
For more information about this report visit https://www.researchandmarkets.com/r/wb0zok
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