The skin cancer drugs market has experienced rapid growth, with market size increasing from $4.16 billion in 2023 to $4.73 billion in 2024, achieving a CAGR of 13.8%. This growth is driven by the rising incidence of skin cancer, sun exposure concerns, advancements in diagnostics, and regulatory approvals. The market is expected to continue its expansion, reaching $7.65 billion by 2028, with a CAGR of 12.8%. Key growth drivers include advancements in immunotherapy, precision medicine, patient education, global research collaborations, and expanding therapeutic options.
Major Driver In The Skin Cancer Drugs Market
A significant surge in skin cancer cases fuels the demand for drugs targeting skin cancer treatment. The rise in skin cancer prevalence necessitates the development of innovative drugs to address the increasing diagnoses. According to The American Cancer Society's 2022 data, approximately 99,780 new cases of melanoma skin cancer are diagnosed each year, with an expected annual death toll of about 7,650. This alarming trend propels the demand for skin cancer drugs, consequently driving the growth of the skin cancer drugs market, as reflected in the anticipated market size values for 2023, 2024, and 2028.
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Skin Cancer Drugs Market Competitive Landscape
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.
Key Skin Cancer Drugs Market Trend
Companies in the Skin Cancer Market are increasingly looking for Strategic Alliances with other companies in the market. Strategic Alliance would help companies to enhance their R&D capability, expedite the development process of new drugs, and reinforce their competitive position in the market. For example, Leo Pharma has formed a strategic alliance with PellePharm, to develop a drug to treat a very rare form of skin cancer called Gorlin syndrome. MorphoSys and LEO Pharma strategically worked together to develop antibodies for the treatment of skin cancer. Pfizer had entered into a strategic alliance with Merck KGaA to manufacture an innovative drug for skin cancer.
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Skin Cancer Drugs Market Segmentation
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
By Geography:The regions covered in the skin cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the skin cancer drugs market in 2023.
The Skin Cancer Drugs Global Market Report 2024 furnishes information about the global skin cancer drugs market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
