Skin cancer drugs are used for treating various skin cancer types such as basal cell carcinoma, squamous cell carcinoma, and melanoma. These drugs help eliminate cancerous cells or slow their growth. Skin cancer drugs such as Erivedge, Zelboraf, and Tafinlar are specifically used for treating advanced melanoma cancer. The rise in skin cancer incidence rates owing to increased exposure to UV rays is a major factor fueling the demand for skin cancer drugs for effective treatment of the disease. The global Skin Cancer Drugs Market is estimated to be valued at US$ 8.00 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend fueling the growth of the skin cancer drugs market is the rising prevalence of skin cancer worldwide. According to the Skin Cancer Foundation, over 5.4 million new cases of skin cancer are diagnosed in the US alone every year. Out of these, over 2.3 million cases are of basal cell carcinoma, over 2 million are of squamous cell carcinoma, and over 235,000 are of melanoma. The rising number of skin cancer diagnoses has led to increasing demand for advanced skin cancer drugs to treat various types of skin cancer. Companies are increasingly investing in R&D to develop novel therapeutics with better efficacy. Furthermore, combination therapies that help to achieve synergistic effects are gaining traction in the skin cancer treatment market, thus propelling the demand for skin cancer drugs.
Segment Analysis
The global skin cancer drugs market is segmented into melanoma and non-melanoma. The melanoma segment dominates the market and accounts for around 60% share owing to growing cases of melanoma type and availability of targeted therapies specifically for melanoma skin cancer treatment.
Key Takeaways
The global Skin Cancer Drugs Market Growth is expected to witness high growth. The market size for 2024 is US$ 8.00 Bn with a CAGR of 15% during the forecast period of 2023 to 2030.
Regional analysis: North America region currently dominates the global skin cancer drugs market due to increasing awareness about skin cancer and availability of advanced treatment options. The Asia Pacific region is expected to witness fastest growth over the forecast period owing to growing geriatric population, increasing healthcare expenditure and changing lifestyle habits.
Key players operating in the skin cancer drugs market are Emerson Electric Co., Fortune Brands Home & Security Inc., Whirlpool Corporation, Illinois Tool Works Inc., Joneca Corporation, Salvajor, Electrolux AB, Western Industries Plastic Products LLC., Sears Brands, LLC, and Haier Inc., Waste King, and Frigidare. These companies are focused on new product launches and enhancement of their distribution networks to strengthen their market position.
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