Melanoma Therapeutic Market Size, Share & Growth Report 2031

Report Description

Melanoma Therapeutic Market Outlook 2031:

The global melanoma therapeutic market size was valued at USD 5.08 Billion in 2022 and is projected to reach USD 12.28 Billion by 2031, expanding at a CAGR of 10.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the huge investment on safety and efficacy of melanoma therapy and increasing demand for advanced technology for the better treatment procedure in the market.

Melanoma is one of the skin cancers that develops when pigment-producing cells become cancerous due to mutation. Pigmented cells can be found in the skin and other parts of the body, such as intestine and the eyes.

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Melanoma is not much common as squamous and basal cell skin cancers. On the other hand, unrepaired DNA damage develops this type of cancer to skin cells and is likely to spread all over the body. Exposure to UV light from the sun and tanning lamps causes melanoma.

As per the World Health Organization (WHO) report, more than two million people have been found with non-melanoma skin cancer and nearly 132,000 people with melanoma. According to the American Cancer Society (ACS), approximately 96,480 new instances of melanoma were reported in 2019, out of which 7,230 people died from the disease.

The COVID-19 pandemic has resulted in unforeseen consequences such as significant delays in disease detection and treatment. On the other hand, hospitals and healthcare services were drastically curtailed owing to quarantine and social distancing precautions imposed by governments across the globe. In addition, the COVID-19 pandemic had a significant impact on the functioning of hospital treatment for non-COVID-19 patients in hospitals.

Melanoma Therapeutic Market Trends, Drivers, Restraints, and Opportunities

• Increasing incidence of skin allergies, skin cancer, and melanoma is one of the key driving factors of the market growth.
• Ongoing awareness campaigns conducted by governments and private organizations to spread knowledge about cancer treatment is expected to upsurge the growth of the market.
• Rising number of approvals & licensing provided by regulatory bodies for novel therapeutics is another major factor to fuel the market growth during the forecast period.
• High cost involved in treatment procedures is expected to hinder the market in coming years.
• Healthy market competition and geographical expansion by key industry leaders in therapeutics market are expected to offer great opportunity for market growth during the forecast period.

Scope of the Melanoma Therapeutic Market Report

The report on the global melanoma therapeutic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Melanoma Therapeutic Market Segment Insights

Generic segment is estimated to register a substantial CAGR

Based on drugs, the global melanoma therapeutics market is segregated as yervoy, keytruda, zelboraf, generics, imlygic, cotellic, opdivo, and mekinist + tafinlar. The generic segment is estimated to register a substantial CAGR during the forecast period.

The segment growth is attributed the ease in product development, cost-effectiveness, and early approvals provided by regulatory bodies as compared to biologics.

On the other hand, due to the patent expiration of established brands such as yervoy and imlygic, they are gradually losing their market share during the forecast period. Imlygic's patent protection is expected to expire in 2021, resulting in lower revenue for Amgen, Inc. Similarly, Yervoy's patent exclusivity in the United States is set to expire in 2022 and in Europe in 2020.

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Immunotherapy segment is projected to expand at a considerable CAGR

On the basis of therapies, the market is segmented into immunotherapy, radiation therapy, targeted therapy, and chemotherapy. The immunotherapy segment is projected to expand at a considerable CAGR during the forecast period owing to the higher success rate in the treatment of the cancer cell effectively.

There are various immunotherapy alternatives available for the treatment of melanoma that are FDA-approved. Additionally, technologically advanced & improved treatment of melanoma with immunotherapy medications has been performed, which is known as checkpoint inhibitors. Thus, the immunotherapy segment is projected to boost by the strong emerging pipeline for melanoma treatment during the forecast period.

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North America is anticipated to constitute a key market share

In terms of regions, the global melanoma therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to the improving healthcare infrastructure and strong product in the pipeline in the region.

According to the Skin Cancer Foundation, one out of every five Americans is suffering from skin cancer disease during their lifetime. In addition, as per the American Cancer Society report, there were around 91,270 new instances of melanoma was diagnosed in the United States in 2018.

In order to meet patient needs, the US government has adopted favorable reimbursement policies for the treatment of various disorders. It is expected to boost the North America market during the forecast period.

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