Melanoma Therapeutics Market

Global Melanoma Therapeutics Market Size (2023 to 2028)

The global melanoma therapeutics market size is predicted to be USD 3.99 billion in 2023. This value is estimated to grow at a CAGR of 15.80% between 2023 to 2028 and be worth USD 8.31 billion by 2028. The market for skin diseases and treatment is expanding substantially due to the mounting frequency of skin ailments such as skin cancer, skin infections, and skin allergies.

Melanoma denotes the type of skin cancer that forms from the pigment-consisting cells in the skin. It is more frequent in places with a sunny environment and is the most dangerous of all skin cancers. UV radiations are the leading cause of melanoma. However, genes can also lead to melanoma. Treatments accessible for melanoma include surgery, radiation therapy, immunotherapy, and chemotherapy.

MARKET DYNAMICS:

The rising demand for innovative and novel melanoma therapies boosts the growth of the global melanoma therapeutics market. Furthermore, advancements in technology led to the evolution of melanoma therapies worldwide, which is another major factor fueling the growth of the global melanoma therapeutics market. In addition, increasing demand for better melanoma therapies due to a large patient base and increasing awareness among the public is another major factor that fuels the growth rate of the melanoma therapeutics market. 

The increasing prevalence of melanoma, skin allergies, and skin cancer across the world, leading to a rise in demand for anticancer agents, is expected to expand growth opportunities for the melanoma therapeutics market during the forecast period. In addition, the increase in the account of research and development activities from private and public organizations for developing cheaper and more effective drugs is likely to expand growth opportunities for the global melanoma therapeutics market. In addition, the patent expiration of popular drugs is anticipated to offer many opportunities to grow the melanoma therapeutics market over the forecast period. In addition, increasing demand for cost-effective therapeutic procedures in developing countries such as the Middle East, China, and India due to the continually growing population and rising focus of various governments and private organizations to expand healthcare infrastructure to provide quality healthcare for the people is predicted to favor the global melanoma therapeutics market. 

High costs associated with melanoma therapies are the primary factor limiting the growth of the global melanoma therapeutics market. In addition, lack of reimbursements is another major challenge for the key players in the market, restraining the development of the melanoma therapeutics market. Furthermore, the lack of awareness among the public in developing regions, an association of high expenditure with therapy devices, and low economic status and regulation issues also limit the growth of the global melanoma therapeutics market.

Impact of Covid-19 on the global melanoma therapeutics market:

Coronavirus Pandemic has been impacting almost every market across the world. Some markets have huge profits from COVID-19, but some have heavy losses on lockdown days. As such, the melanoma therapies market recorded an impact of the COVID-19 pandemic during the lockdown period. Financial status is significantly affected by the coronavirus and resulting in several disturbances in the melanoma therapies market. However, the increasing concern for healthy skin will likely uplift the market in the coming days.

REPORT COVERAGE:

This research report on the global melanoma therapeutics market has been segmented and sub-segmented based on the cancer stage, cancer type, diagnosis type, treatment, and region.

Melanoma Therapeutics Market - By Cancer Stage:

• Stage 0   
• Stage I    
• Stage II   
• Stage III  
• Stage IV  

Melanoma Therapeutics Market - By Cancer Type:

• Nodular Melanoma
• Acral Lentiginous Melanoma
• Superficial Spreading Melanoma
• Lentigo Maligna Melanoma
• Amelanotic Melanoma
• Others   

Melanoma Therapeutics Market - By Diagnosis:

• Ultrasound
• Blood Tests
• Dermatoscopy
• Sentinel lymph node biopsy
• X-rays
• CT Scan

Based on diagnosis type, the X-rays segment leads the Global Melanoma Therapeutics market under the diagnosis segment, whereas chemotherapy leads the market under the treatment segment.

Melanoma Therapeutics Market - By Treatment:

• Early Melanoma  
• Advanced Melanoma     
  • Biological Therapy
  • Targeted Therapy
  • Surgery
  • Chemotherapy
  • Radiotherapy
  • Immune Therapy

Based on the treatment type, the Immune therapy segment contributes to the melanoma therapeutics market's largest share. It is expected to witness rapid growth during the forecast period owing to the factors such as the escalation of approval procedures of drugs applied for immunotherapy, availability of effective medications, and the emergence of great products for melanoma treatments is expected to boost the growth of the immune therapy segment during the forecast period. 

Targeted therapy is another significant segment rapidly growing at the highest CAGR. It is likely to continue the trend during the forecast period due to the high efficiency of the drugs used for targeted therapy and the emergence of targeted cancer therapies to treat patients due to genomics advancements.

Melanoma Therapeutics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America accounted for the largest share of the global melanoma therapeutics market due to the increasing frequency of melanoma cases and technological advancements in this region. In addition, the presence of factors such as the rise of melanoma incidences and other skin cancers is significantly accelerating the market growth in this region. As to the CDC, in 2017, nearly 88,000 people are affected by melanoma in the USA. So, this measurement further helps to manage melanoma cases in the forthcoming years. In addition, the USA contributes more share due to the presence of favorable reimbursement policies to treat diseases for fulfilling unmet patient needs by the government through development.

Following the North American region, Europe accounted for the second-largest revenue share due to numerous market players and upcoming new players by various strategic initiatives for the improvement of revenue share.

However, the Asia-Pacific region, which consists of countries such as China and India, is projected to grow substantially due to the large population base and rising prevalence of melanoma in these countries.

KEY MARKET PLAYERS:

Some of the notable market participants leading the global melanoma therapeutics market profiled in this report are Bristol-Myers Squibb Co., Merck and Co., F. Hoffmann-La Roche, Amgen Inc., Celgene Corp, Daiichi Sankyo, and Pfizer Inc.

RECENT MARKET HAPPENINGS:

• The collaboration was made between Amgen, Inc. with Yervoy to grow the exclusivity of patients in the year 2022 in the US and further continued in the year 2020 in the European region.
• In 2019, the Parker Institute researcher provided preclinical, clinical proof that microbiome modification can enhance immunotherapy results. 
• In July 2016, Bristol-Myers Squibb Company completed the acquisition of Cormorant Pharmaceuticals to expand its product portfolio regarding immuno-oncology therapies and drugs.
• In 2013, to establish state cancer institutes and tertiary care cancer centers, a provision was made with India's government.