The rise of combination therapy is anticipated to open up the new avenue for Skin Cancer Drugs Market

 

Skin Cancer Drugs Market

Market Overview:

Skin cancer drugs are used to treat various types of skin cancers including melanoma, basal cell carcinoma (BCC), and squamous cell carcinoma (SCC). The common skin cancer drugs available in the market are chemotherapy drugs, immunotherapy drugs, targeted therapy drugs, and others. Chemotherapy includes drugs like carboplatin and paclitaxel that work by stopping or slowing the growth of cancer cells. Immunotherapy includes drugs like interferons and interleukin-2 that stimulate the body's immune system to fight cancer cells. Targeted therapy includes drugs like vemurafenib and dabrafenib that target specific cancer-causing genes or proteins.

Market Dynamics:
The skin cancer drugs market is primarily driven by the increasing incidence of skin cancer worldwide. For instance, according to the American Cancer Society, over 5.4 million new cases of basal cell and squamous cell skin cancers are diagnosed annually in the U.S. Another key driver is the approval and launch of novel drugs for the treatment of skin cancers. For example, in 2020, the FDA approved endevectin (Braftovi) in combination with binimetinib (Mektovi), for the treatment of BRAF V600E or V600K mutation-positive unresectable or metastatic melanoma. Furthermore, the rising accessibility of advanced diagnostic techniques for early detection of skin cancers also contributes to the market growth. However, the high cost of targeted therapies for skin cancer treatment limits the growth of this market.
Segment Analysis
The global skin cancer drugs market is dominated by basal cell carcinoma segment accounting for over 40% of market share in 2023. Basal cell carcinoma is the most common type of skin cancer worldwide which occurs in the basal cells of the epidermis. Due to higher recurrence rate, availability of latest treatment options and increasing public health awareness about skin cancer treatment, the basal cell carcinoma segment is expected to remain the dominating sub-segment during the forecast period.

PEST Analysis
Political: Stringent regulations regarding drug approval and increasing awareness programs by governments and NGOs in major countries are helping the market growth.
Economic: Growing per capita income in developing countries and rising health insurance coverage are positively impacting the market.
Social: Changing lifestyles, exposure to UV radiation due to outdoor activities and unawareness about skin cancer risks is increasing prevalence of disease and driving the demand.
Technological: Advancements in targeted therapies and combination treatments are helping achieve higher cure rates. Ongoing research in immunotherapies is also anticipated to boost the market.

Key Takeaways
The global Skin Cancer Drugs Market Demand is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period 2023 to 2030, due to increasing prevalence of non-melanoma skin cancer worldwide. The market size is estimated to reach US$ 15 Bn by 2030.

The United States holds the largest share of over 40% of global skin cancer drugs market in 2023 due to high risk of skin cancer associated with lifestyle patterns in the country. Europe is the second largest market for skin cancer drugs driven by high disease incidence. Asia Pacific is expected to be the fastest growing market during the forecast period attributed to large patient pool and rising healthcare expenditure.

Key players operating in the skin cancer drugs market are Novartis, Merck, Roche, Amgen, Pfizer, Sun Pharma, Bristol-Myers Squibb, AstraZeneca, Johnson & Johnson, Valeant, Daiichi Sankyo, Takeda, LEO Pharma, Mylan, Sanofi, Regeneron, Eli Lilly, Bayer, Gilead Sciences, and Astellas Pharma. Major players are focusing on development of advanced targeted therapies and combination drug treatments for better disease management.

For more details on the report, Read-

https://www.pressreleasebulletin.com/skin-cancer-drugs-market-demand-share-analysis/

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