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The global skin cancer treatment market size is projected to reach USD 14.55 billion by the end of 2027. The increasing prevalence of non-melanoma cancer across the world will have a huge impact on market growth. According to a report published by Fortune Business Insights, titled “Skin Cancer Treatment Market Size, Share & Industry Analysis, By Disease Indication (Melanoma and Non-Melanoma), By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, and Radiation Therapy), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 8.19 billion in 2019 and will exhibit a CAGR of 7.5% during the forecast period, 2019-2027.
Skin cancer is one of the most serious forms of cancers that is affecting numerous people across the world. Exposure to UV rays is the primary factor that results in this disease. As skin is a sensitive part of the human body, there is a huge emphasis on the preventive and precautionary measures that can be taken. Increasing prevalence of skin cancer in numerous countries across the world will lead to a wider adoption of treatment options, ultimately creating several opportunities for the companies operating in the market. The growing investment in research and development of efficient treatment options, coupled with the availability of several treatment options will aid the growth of the market in the coming years. Although numerous therapy options are available, surgical options are still preferred, mostly due to the side effects of immunotherapy and chemotherapy procedures.
US FDA Approves Pembrolizumab for Treatment of Skin Cancer Treatment
The high prevalence of skin cancer in various parts across the world has led to a huge emphasis on the development of efficient treatment options. As a result, several large scale companies are making huge investments in the research and development of efficient treatment options. Moreover, companies are looking to adopt newer strategies that will help them establish a wider customer base. Increasing number of successful clinical trials will bode well for the market in the coming years. In February 2019, the US Food and Drug Administration (FDA) announced that it has approved Pembrolizumab or ‘Keytruda,’ a drug that is used for the treatment of skin cancer. The product is used in treatment of Merkel Cell carcinoma. The report highlights a few of the major treatment options that have been approved by leading authorities across the world and discusses their impact on the growth of the overall market in the coming years.
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Increasing Prevalence of Skin Cancer Will Lead to Wider Adoption of Treatment
The high prevalence of skin cancer, coupled with the seriousness associated with the disease, has created a huge awareness among people. The high prevalence of the disease will emerge in favor of the companies operating in the market. According to Globacon, an estimated 5 million people across the world were suffering from non-melanoma skin cancer in 2018. Such high numbers will encourage companies to invest more in the R&D of the disease.
Presence of Several Large Scale Companies has Shaped up a Competitive Market
The presence of several large scale companies operating in almost all parts of the world has created fiercely competitive landscape. The high prevalence of skin cancer has encouraged major companies to develop therapeutics, which in turn will aid the growth of the overall market in the foreseeable future. Increasing number of company collaborations will ultimately aid the growth of the overall market in the coming years.
List of companies profiled in the report:
The global skin cancer treatment market is segmented on the basis of:
Value (USD billion)
By Disease Indication
By Distribution Channel