The global melanoma therapeutic market size is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the huge investment on safety and efficacy of melanoma therapy and increasing demand for advanced technology for the better treatment procedure in the market.
Melanoma is one of the skin cancers that develops when pigment-producing cells become cancerous due to mutation. Pigmented cells can be found in the skin and other parts of the body, such as intestine and the eyes. Melanoma is not much common as squamous and basal cell skin cancers. On the other hand, unrepaired DNA damage develops this type of cancer to skin cells and is likely to spread all over the body. Exposure to UV light from the sun and tanning lamps causes melanoma.
As per the World Health Organization (WHO) report, more than two million people have been found with non-melanoma skin cancer and nearly 132,000 people with melanoma. According to the American Cancer Society (ACS), approximately 96,480 new instances of melanoma were reported in 2019, out of which 7,230 people died from the disease. The COVID-19 pandemic has resulted in unforeseen consequences such as significant delays in disease detection and treatment. On the other hand, hospitals and healthcare services were drastically curtailed owing to quarantine and social distancing precautions imposed by governments across the globe. In addition, the COVID-19 pandemic had a significant impact on the functioning of hospital treatment for non-COVID-19 patients in hospitals.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence of skin allergies, skin cancer, and melanoma is one of the key driving factors of the market growth.
- Ongoing awareness campaigns conducted by governments and private organizations to spread knowledge about cancer treatment is expected to upsurge the growth of the market.
- Rising number of approvals & licensing provided by regulatory bodies for novel therapeutics is another major factor to fuel the market growth during the forecast period.
- High cost involved in treatment procedures is expected to hinder the market in coming years.
- Healthy market competition and geographical expansion by key industry leaders in therapeutics market are expected to offer great opportunity for market growth during the forecast period.
Key Players
- AB Sciences
- Bristol-Myers Squibb Co.
- AstraZeneca
- Amgen, Inc.
- Merck & Co.
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- Daiichi Sankyo Co. Ltd.
Competitive Landscape
Some of the major players competing in the market are AB Sciences; Bristol-Myers Squibb Co.; AstraZeneca; Amgen, Inc.; Merck & Co.; F. Hoffmann-La Roche Ltd.; Novartis AG; and Daiichi Sankyo Co. Ltd.
These key players are highly competitive in nature and have engaged in several marketing strategies such as partnerships, expansion, merger & acquisition, R&D, and new product launches in order to gain larger revenue share in the market. For example, in July 2016, Bristol-Myers Squibb Co. has acquired Cormorant Pharmaceuticals to expand its immuno-oncology pipeline in the market.
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