Press release
Skin Cancer Drugs Market Growth Accelerates: Strategic Forecast Predicts $8.47 Billion by 2029
Skin Cancer Drugs
What Will the Skin Cancer Drugs Industry Market Size Be by 2025?
The market for skin cancer medications has seen a swift expansion in size lately. The market is expected to surge from $4.76 billion in 2024 to $5.42 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.9%. The substantial growth during the historical period could be due to a higher number of skin cancer cases, concerns about sun exposure and ultraviolet radiation, advances in diagnostic methods, shifting demographics, an increase in the elderly population, as well as regulatory clearances and clinical studies.
What's the Long-Term Growth Forecast for the Skin Cancer Drugs Market Size Through 2029?
In the coming years, the skin cancer drugs market is projected to experience swift expansion. It is forecasted to reach $8.47 billion by the year 2029, with a compound annual growth rate (CAGR) of 11.8%. This growth for the forecast period can be accredited to developments in immunotherapy, precision medicine and biomarker research, expansive global research collaborations, as well as patient education and awareness programs. The forecast period is also expected to see major trends such as the implementation of combination therapies for improved effectiveness, the use of personalized medicine strategies, the creation of topical treatments, a heightened emphasis on early detection and prevention, and the exploration of innovative drug delivery systems.
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What Are the Key Growth Drivers Fueling the Skin Cancer Drugs Market Expansion?
The escalating incidence of skin cancer is propelling the need for Skin Cancer medication. To address the soaring skin cancer cases, numerous innovative skin cancer drugs have started to hit the market. As per The American Cancer Society, an organization based in the U.S., an estimated 99,780 new melanoma skin cancer diagnoses are projected for 2022, and around 7,650 individuals are expected to succumb to melanoma skin cancer annually. This surging need is stimulating the demand for skin cancer medication, thereby propelling the skin cancer drugs market.
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What Are the Key Trends Driving Skin Cancer Drugs Market Growth?
Firms in the Skin Cancer Market are constantly seeking Strategic Alliances with other firms within the industry. Such an alliance would enable businesses to boost their R&D competence, speed up the process of new drug creation, and strengthen their competitive stance in the market. As an illustration, Leo Pharma has partnered with PellePharm in a strategic alliance, aiming to create a drug for treating an uncommon type of skin cancer known as Gorlin syndrome. Additionally, MorphoSys and LEO Pharma have collaborated strategically to develop antibodies for treating skin cancer. Furthermore, Pfizer entered a strategic partnership with Merck KGaA to produce an innovative drug for skin cancer.
How Is the Skin Cancer Drugs Market Segmented?
The skin cancer drugs market covered in this report is segmented -
1) By Type: Actinic Keratoses (AK), Basal cell carcinoma (BCC), Squamous cell carcinoma (SCC), Melanoma
2) By Drug Class: Chemotherapy, Immunotherapy, Targeted Agents & Other Drugs
3) By End Users: Hospitals, Cancer Research Centers, Clinics
Subsegments:
1) By Actinic Keratoses (AK): Cryotherapy Treatments, Topical Medications, Photodynamic Therapy (PDT), Laser Therapy
2) By Basal Cell Carcinoma (BCC): Surgical Excision, Mohs Micrographic Surgery, Radiation Therapy, Topical Therapies
3) By Squamous Cell Carcinoma (SCC): Surgical Excision, Cryosurgery, Electrosurgery and Curettage, Radiation Therapy
4) By Melanoma: Surgical Excision, Immunotherapy, Targeted Therapy, Chemotherapy and Radiation
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Which Companies Are Leading the Charge in Skin Cancer Drugs Market Innovation?
Major companies operating in the skin cancer drugs market include Pfizer Inc., Meda Pharmaceuticals, Roche Holding AG, Merck & Co. Inc., AbbVie Inc., Novartis International AG, Sanofi SA, Bristol Myers Squibb Company, AstraZeneca PLC, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Mylan N.V., Daiichi Sankyo Company Limited, Bausch Health Companies Inc., Valeant Pharmaceuticals, Sun Pharmaceutical Industries Ltd, Ipsen Pharma, Varian Medical Systems Inc., Kyowa Kirin Co. Ltd., QIAGEN N.V., Elekta AB, cannabis* Science Inc., LEO Pharma A/S, Aqua Pharmaceuticals, iCAD Inc., AB Science, Cellceutix Corporation, Eisai Co. Ltd., Otsuka Pharmaceutical Co. Ltd., Seattle Genetics Inc.
Which Regions Are Leading the Global Skin Cancer Drugs Market in Revenue?
North America was the largest region in the skin cancer drugs market in 2024. Middle East is expected to be the fastest-growing region in the global skin cancer drugs market during the forecast period. The regions covered in the skin cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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