Skin Cancer Treatment Market Expected to Reach $14.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Skin Cancer Treatment Market," The skin cancer treatment market size was valued at $7.2 billion in 2021, and is estimated to reach $14.5 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.

Skin cancer is the most prevalent type of cancer across the globe. Melanoma or non-melanoma skin cancer (NMSC) are the two main categories of skin cancer. Due to inadequate diagnostic standards and underreporting, it is challenging to pinpoint the exact incidences of skin cancer. Head and neck are common areas where skin malignancies are found, which can cause serious morbidity during diagnosis and treatment. Medicated treatment options include chemotherapy, immunotherapy, and targeted therapy. Sunscreen use is essential for proper sun safety. The primary etiological component in the emergence of cutaneous cancers is ultraviolet (UV) sun radiation. Majority of NMSC and melanoma cases can be attributed to UV exposure.

Increase in prevalence of skin cancer cases including melanoma and non-melanoma are the major factors contributes, to drive the growth of skin cancer treatment market size. For instance, according to the Skin Cancer Foundation, U.S. has reported about 3.6 million populations with basal cell carcinoma and 1.8 million people with squamous cell carcinoma in 2022. From the same report it was estimated that, skin cancer is most common type of cancer in the U.S. 1 in 5 Americans will develop skin cancer and more than 2 people die with skin cancer.

In addition, increase in initiative taken by government and key players involved in manufacturing and development of innovative therapeutics in the healthcare sector for effective treatment of skin cancer are some skin cancer treatment market trends leads to the market growth.  For instance, in 2020, Genentech, a member of leading pharmaceutical company Roche announced the product approval from Food and Drug Administration (FDA) for products Tecentriq (atezolizumab) and Cotellic (cobimetinib) collectively to treat patients with BRAF V600 mutation effectively.  

Furthermore, rise in product approvals for effective management of skin cancer by regulatory authorities also boost the market growth. For instance, in 2021, the FDA announced approval of the first immunotherapy product, PD-1 inhibitor Libtayo to treat basal cell carcinoma, which has a higher chance of success than the previously used hedgehog pathway inhibitor (HHI). Increased demand for immunotherapy and targeted based therapy treatments and increased awareness about skin cancer treatments are the opportunities for market growth in forecast period. However, side effects associated with use of chemotherapy for skin cancer treatment hampers the market growth.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The global skin cancer treatment industry also declined in 2020 due to global economic recession led by COVID-19. The main factor is the delays in care, that patients with skin cancer experience in hospitals because of the possibility of contracting COVID-19 infection. The COVID-19 global public health crisis has had an effect on almost every industry.

The global skin cancer treatment market is segmented by type, therapy, distribution channel and region. By type, the market is classified into melanoma and non-melanoma. By therapy, the market is classified into immunotherapy, targeted therapy, and chemotherapy. By distribution channel, the market is classified into hospitals pharmacies, drug stores & retail pharmacies and online providers. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on type, the market is divided into melanoma and non- melanoma. The melanoma segment dominated the market in 2021, and is also expected to witness highest CAGR during skin cancer treatment market forecast, owing to increase in number of populations affected with melanoma. The non-melanoma type segment is expected to grow during the forecast period, owing to increase in number of populations with non-melanoma and product launches for non-melanoma type of skin cancer treatment.

Depending on therapy, the market is divided into immunotherapy, targeted therapy, and chemotherapy. The immunotherapy segment dominated the market in 2021, and is also expected to witness highest CAGR during the forecast period, owing to increase in demand for immunotherapy-based skin cancer treatments and minimum side effects associated with use of immunotherapy drugs. The targeted therapy segment is estimated to grow during the forecast period, owing to increase in product launches, less side effects associated with targeted based therapies, higher efficacy, and accuracy.

Depending on distribution channel, the market is divided into hospital pharmacies, drug store & retail pharmacies and online providers. The drug stores & retail pharmacies segment dominated the market in 2021, owing to its presence in commercial areas of the community. The online provider segment is expected to witness highest CAGR of during the forecast period, owing to popular medium for purchase of medicines.

By region, North America accounted for majority of the global skin cancer treatment market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in skin cancer treatment techniques, R & D of advanced drugs for allergic conjunctivitis and presence of key and robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in patient population, development of healthcare infrastructure, and increase in investment projects in the region.

KEY FINDINGS OF THE STUDY 
• By type, the melanoma segment was the highest contributor to the skin cancer treatment industry in 2021.
• By therapy, the immunotherapy segment was the highest contributor to the market in 2021.
• Depending on distribution channel, the drug stores & retail pharmacies segment was the highest contributor in 2021, and is expected to continue this trend during the forecast period.
• Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the skin cancer treatment market analysis.