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Melanoma Drugs Market Opportunities and Forecast Report 2024
Melanoma Drugs Market Opportunities
According to The Business Research Company's, The melanoma drugs market size has grown rapidly in recent years. It will grow from $8.27 billion in 2023 to $9.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to clinical research advances, increased incidence rates, changing treatment landscape, improved diagnosis techniques, regulatory approvals..
The melanoma drugs market size is expected to see rapid growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to immunotherapy advancements, biomarker research, global aging population, market expansion in emerging economies, collaborative research initiatives.. Major trends in the forecast period include innovations in adjuvant therapies, expanded use of checkpoint inhibitors, patient stratification strategies, real-world evidence integration, global collaborations in clinical trials..
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Market Drivers and Trends:
The increase in the incidence of melanoma in males is expected to propel the growth of the melanoma drug market over the coming years. Melanoma is a type of skin cancer developed in the cells (melanocytes) that regulate the pigment in the skin. Melanoma drugs are medications used to treat melanoma, and these drugs aim to target and inhibit the growth and spread of melanoma cells in the body. Hence the increasing incidence of melanoma will increase the demand for melanoma drugs market. For instance, in 2023, according to the report published by the American Cancer Society, Inc, a US-based nationwide voluntary health organization dedicated to eliminating cancer, new male individuals suffering from melanoma in the United States increased to 58,120 in 2023 from 57,180 in 2022. Therefore, an increase in incidences of melanoma in males is driving the growth of the melanoma drug market.
Product innovation is a key trend gaining popularity in the melanoma drugs market. Major companies operating in the melanoma drugs markets are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2022, U.S. Food and Drug Administration (FDA), a US-based federal agency, approved Opdualag, a fixed-dose combination of the LAG-3-blocking antibody relatlimab and the programmed death receptor-1 blocking antibody nivolumab, developed by Bristol-Myers Squibb Company, a US-based pharmaceutical company for the treatment of melanoma in adult and pediatric patients. Relatilmab and nivolumab, two antibodies that block the programmed death receptor-1 and LAG-3, are combined as Opdualag at a fixed dose. Adult and adolescent patients 12 years of age and older who weigh at least 40 kg are advised to take 480 mg of nivolumab and 160 mg of relatlimab intravenously every four weeks until the onset of disease progression or unacceptable toxicity.
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Major Key Players of the Market:
Amgen Inc.; Bristol-Myers Squibb Company; F. Hoffmann-La Roche A; GlaxoSmithKline plc; Janssen Biotech Inc.; Novartis AG; Pfizer Inc.; Sanofi S.A.; Takeda Pharmaceutical Company Limited; Eli Lilly and Company; Genentech Inc.; Merck & Co. Inc.; Bayer AG; Bausch Health Companies Inc.; Cipla Limited; Vical Incorporated; Aduro Biotech Inc.; OSE Immunotherapeutics; Daiichi Sankyo Company Limited; Gilead Sciences; Seagen Inc.; Incyte Corporation; Kyowa Kirin Co. Ltd.; Almirall S.A.; MacroGenics Inc.; Prometheus Biosciences Inc.; Fortress Biotech Inc.; OncoSec Medical Incorporated; Regeneron Pharmaceuticals Inc.; Iovance Biotherapeutics
Melanoma Drugs Market 2024 Key Insights:
• The melanoma drugs market size will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Rising Incidence Of Melanoma In Males Fuels Growth In The Melanoma Drug Market
• Innovative Breakthrough In Melanoma Treatment
• North America was the largest region in the melanoma drugs market in 2023
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• Merck & Co., Inc.
• Novartis AG
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