Skin Cancer Drugs Market Growth Owing To Increasing Prevalence Of Skin Cancer
The Skin Cancer Drugs Market is estimated to be valued at Us$ 8 Bn in 2023 and is expected to exhibit a CAGR Of 11. % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
The Skin Cancer Drugs Market is estimated to Witness High Growth Owing To Advances in Diagnosis and Treatment. The (Skin Cancer Drugs) Market is gaining prominence owing to the increasing prevalence of skin cancer across the world. According to the American Cancer Society, over 5.4 million cases of basal cell and squamous cell skin cancers are diagnosed among 3.3 million people in the US annually. Skin cancer is one of the most common forms of cancer diagnosed each year. Market key trends:
Advances in diagnosis and treatment of skin cancer is the key trend spurring the growth of the skin cancer drugs market. Early diagnosis of skin cancer is crucial in improving patient outcomes. Novel diagnostic techniques aid in earlier diagnosis and prevention of skin cancer progression. For instance, dermatoscopy is a non-invasive imaging technique that helps in visualization and diagnosis of pigmented skin lesions. It aids in differentiating melanomas from benign lesions. Further, targeted therapies address specific molecular changes in cancer cells. These therapies have improved survival and quality of life for many patients. For example, BRAF inhibitors such as vemurafenib (Zelboraf) are now being used as first-line treatment options for advanced melanoma. They have shown high response rates compared to traditional chemotherapy. Such advances in diagnosis and emergence of targeted therapies for skin cancer bode well for the growth of the skin cancer drugs market during the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital requirements for R&D of novel drugs and stringent regulations pose significant barriers, limiting the threat of new entrants.
Bargaining power of buyers: The presence of many established drug manufacturers limits the bargaining power of buyers in the form of government organizations and hospitals.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as they operate in a fragmented market.
Threat of new substitutes: No major substitutes exist for targeted skin cancer drugs.
Competitive rivalry: Intense competitive rivalry exists among major drug manufacturers to develop new drugs and gain market share.
SWOT Analysis
Strengths: Strong R&D capabilities of key players and rising healthcare expenditure boost the market growth.
Weaknesses: High costs associated with drug development and regulatory approvals pose challenges. Side effects of certain drugs also limit their uptake.
Opportunities: Increasing skin cancer incidents globally and growing awareness about early detection and treatment present lucrative opportunities.
Threats: Patent expiries of major drugs and pricing pressures may impact revenues of manufacturers.
Key Takeaways
The Global Skin Cancer Drugs Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing incidence of skin cancer worldwide. The American Cancer Society estimates about 106,110 new melanoma cases in the United States during 2018.
Regionally, North America dominates the global market and is expected to maintain its leading position during the forecast period. This can be attributed to growing healthcare expenditure, presence of major market players, and increasing awareness about skincare in the region. Europe is poised to witness high growth due to rising skin cancer cases.
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 developing novel drugs through collaborations as patent expiries approach of highly sold drugs.
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