Skin Cancer Treatment Market

Skin Cancer Treatment Market Research, 2031

The global skin cancer treatment market size was valued at $7.2 billion in 2021, and is projected to reach $14.5 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031. Skin cancer is the abnormal growth of skin cells, most often develop on skin exposed to the sun. Skin cancer typically appears in sun-exposed regions of the body, such as the scalp, face, lips, ears, neck, chest, arms, and hands in women, as well as the legs. But it can also develop on parts of body that are infrequently exposed to sunlight, such as your palms, the skin just below finger or toenail, and genital region. Skin cancer affects people of all skin tones, including those with darker complexions.

The global skin cancer treatment market 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 key factors that drive the growth of skin cancer treatment market size are rise in incidence of melanoma and non-melanoma type of cancer, increase in demand for immunotherapy and targeted therapy based treatments and rise in awareness regarding cancer treatment. For instance, According to American Cancer Society, in 2020 estimated that the 5.4 million people were diagnosed with basal and squamous skin cancer in U.S. each year and there are 2,000 people die with same cancer. From same source, estimated that 3.3 million Americans are suffering from both type of cancer skin cancer. The most common type of skin cancer frequently observed in American people is basal cell cancer with 8 out of 10 people and squamous cell cancer is less likely observed in American people.

Moreover, the initiatives taken by government for the management of skin cancer and key players involved in the manufacturing and development of the advanced therapies for the effective skin cancer treatment are the factor boost skin cancer treatment market growth. For instance, in 2020, Novartis AG has announced the COMBI-AD clinical trial for the products Tafinlar + Mekinist to treat stage III BRAF V600-mutated melanoma patients to provide the surgery provides an efficient, long-term effect for those patients who is having high risk of cancer recurrence.

However, high cost of chemotherapy and immunotherapy and side effects associated with chemotherapy treatment restrict the market growth. Moreover, rise in R&D activities for skin cancer treatment are expected to provide lucrative skin cancer treatment market opportunity to key players operating in market.

COVID-19 Impact

The global skin cancer treatment industry is expected to suffer as a result of the COVID-19 outbreak. The risk of infection was the primary factor that caused patients receiving treatment for skin cancer in hospitals to have disruptions. The COVID-19 global public health crisis has had an effect on almost every industry. The COVID-19 outbreak has caused a large drop in demand for skin cancer treatment market treatments as coronavirus crises spread around the globe and drive healthcare institutions to spend the majority of their budget fighting COVID-19. Due of the lockdown situation following the initial COVID-19 wave, patient visits to hospitals or diagnostic centers for melanoma or non-melanoma skin cancer treatment are delayed during pandemics. 

Non-melanoma cancer patients have a higher risk of contracting the COVID-19 disease and need current special care treatment, according to a paper on "The impact of COVID-19 pandemic on quality of life in skin cancer patients." As a result, there is a greater need for diagnosis and a greater demand for novel, cutting-edge medicines to effectively treat patients with COVID-19 and cancer. The COVID-19 pandemic is therefore anticipated to have a positive impact on the treatment of skin cancer.  

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

On the basis of type, the market is segmented into melanoma and non-melanoma. The melanoma segment dominated the market in 2021, during skin cancer treatment market forecast, owing to rise in the awareness among population regarding skin cancer and technological advancement in the healthcare sector to treat melanoma. The non-melanoma segment is expected to witness highest CAGR during the forecast period, owing to rising prevalence of non-melanoma type of skin cancer and increase in number of product approvals for treatment of non-melanoma type of skin cancer.

On the basis of therapy, the market is segmented 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 effectiveness of immunotherapy and less side effects associated with it and rise in the initiative taken by government to develop healthcare infrastructure.  The targeted therapy segment is expected to witness highest CAGR during the forecast period, owing to rising demand of targeted therapy for treatment of skin cancer.

On the basis of distribution channel, the market is segmented into hospital pharmacies, drug store & retail pharmacies and online providers. The drug stores and retail pharmacies segment dominated the skin cancer treatment market share in 2021, owing to high presence of drug store and retail pharmacies. The online provider segment is expected to witness highest CAGR during the forecast period, owing to rise in the adoption of online medium for purchasing medicine and increase in the awareness among people regarding online platform. 

By region, North America accounted for a majority of the global skin cancer treatment market share in 2021, and is anticipated to remain dominant during the forecast period owing to, high presence of key players who develops and manufactures skin cancer treatments, rise in the number of population suffering from melanoma and increase in the adoption of key strategies such as collaboration, acquisition and others by market players. . However, Asia-Pacific is anticipated to witness notable growth, owing to increase in the initiative taken by government to develop healthcare infrastructure, rise in the awareness among people regarding availability of skin care treatments and increase in research activities.

Some of the major companies that operate in the global skin cancer treatment industry are Amgen Inc, Bristol Myers Squibb Company,F.Hoffman –La-Roche Ltd ,GlaxoSmithKline Plc.,LEO Pharm A/S, Merck KGAA, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals and Sun Pharmaceuticals Industries Ltd.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the skin cancer treatment market analysis from 2021 to 2031 to identify the prevailing skin cancer treatment market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the skin cancer treatment market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global skin cancer treatment market trends, key players, market segments, application areas, and market growth strategies.

 Skin Cancer Treatment Market Report Highlights