Skin Cancer Treatment Market Size, Share & Industry Analysis, By Disease Indication (Melanoma and Non-Melanoma), By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, and Radiation Therapy), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2032

The global skin cancer treatment market size stood at USD 8.19 billion in 2019 and is projected to reach USD 21.08 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

Melanoma and non-melanoma the two major types of skin cancer. Skin cancer predominantly affects the skin exposed to the sun. According to the American Academy of Dermatology Association, currently, one in five Americans in the U.S are affected by skin cancer. Additionally, the organization states that around 3 million Americans are diagnosed with non-melanoma skin cancer each year. The increasing prevalence of melanoma and non-melanoma skin cancer globally is estimated to augment the market revenue during the forecast years. Skin cancer treatment options include immunotherapy, targeted therapy, chemotherapy, and radiation therapy. Some of the creams associated with this treatment include 5-flurouracil cream that are characterized as chemotherapy. However, surgical options are preferred to treat skin cancer owing to higher efficacy of treatment through this method.

MARKET TRENDS

Increasing Adoption of Immunotherapy and Targeted Therapy Drugs for the Treatment of Skin Cancer

The key skin cancer treatment market trend includes the increasing adoption of targeted and immunotherapy drugs. Chemotherapy and radiation therapy have various side effects. Hence, there is an increasing preference of patients to opt for immunotherapy and targeted therapy drugs. Additionally, targeted therapy drugs provide enhanced efficacy in treatment of skin cancer. Recent product launches in the therapy type is also estimated to provide lucrative growth opportunity for the market.

MARKET DRIVERS

Increasing Prevalence of Skin Cancer is estimated to bolster the Market Growth

The high prevalence of melanoma and non-melanoma globally is a major driving factor for this cancer treatment market. In recent years, there is an increase in the skin cancer treatment drugs owing to rising prevalence and increasing awareness regarding the disease condition. According to a fact sheet published by Globocan, an estimated 5 million people are affected with non-melanoma skin cancer in the year 2018. The data also states that 1 million new cases of non-melanoma was recorded in the year 2018. This increase in the incidence is estimated to surge the demand of skin cancer therapeutic products.

Additionally, increase in global warming in the recent years has led to a rise in the UV exposure experienced by the public. People living in area with higher ozone depletion has led to an increase in the cases of skin cancer. According to the Cancer Council of Australia, every year around 80% of cancers recorded in the country are skin cancer which is a result of exposure to the sun. The organization also states that incidence of skin cancer is highest in Canada, U.S and U.K. Moreover, geriatric population is highly susceptible to skin cancer. Increasing geriatric population in these areas is estimated to augment the growth of this market.

Recent Drug Approvals from Regulatory Authorities is anticipated to drive the Market

In lieu of the increasing prevalence of skin cancer, major players developing oncology drugs are focusing on launching therapeutics for the treatment of skin cancer. Companies are also focusing on extending the indication of their oncology drugs to treat skin cancer. For instance, in 2017, Keytruda, manufactured by Merck & Co was approved for the treatment of Hodgkin lymphoma, however, in February 2019, Keytruda was approved to treat Merkle cell carcinoma. In March 2017, the U.S Food and Drug Administration accelerated the approval of Bavencio to treat adult patients suffering from Merkle cell carcinoma, a type of non-melanoma. These recent drug approvals and launches are estimated to drive the global market for skin cancer treatment, in the coming years.

MARKET RESTRAINT

Side Effects Caused Due to the Chemotherapy and Radiation Therapy Estimated to Restrain the Market Growth

Despite the increasing product launches and treatment options available, side effects caused due to the use of chemotherapy drugs for treatment of skin cancer is anticipated to hamper the market growth. Side effects of radiation therapy include loss of hair, loss of appetite, and damage to saliva glands among others. Side effects of chemotherapy drugs to treat skin cancer comprises of anemia, fatigue, and constipation. Owing to these side effects surgery remains the preferred treatment option for skin cancer. The anticipated increase in the adoption of surgical procedures for the treatment of skin cancer is estimated to harm the growth of the market.

SEGMENTATION

By Disease Indication Analysis

Melanoma Skin Cancer Segment Dominated the Market in 2018

Based on disease indication, the market of skin cancer treatment is segmented into melanoma and non-melanoma.  The melanoma segment captured the largest market share in 2018 and is estimated to retain its position during the forecast period. Melanoma skin cancer is described as the abnormal division of melanocytes present on the skin.  The increase in prevalence of melanoma in several countries across Europe and Asia Pacific is estimated to drive the segment growth during the forecast period.

Non melanoma skin cancer is predominantly treated by surgical procedures and radiation therapy. However, introduction of immunotherapy drugs against non-melanoma type of skin cancer is estimated to bolster the market growth in the segment in the coming years. Increasing accessibility of therapeutic drugs for the treatment of non-melanoma is projected to further augment the market growth.

By Therapy Analysis

Increasing Number of Product Launches of Targeted and Immunotherapy Drugs Will Drive the Market

In terms of therapy, the market is segmented into immunotherapy, targeted therapy, and chemotherapy and radiation therapy. Immunotherapy drugs are becoming increasingly popular in treatment of skin cancer owing to the side effects caused due to chemotherapy and radiation therapy. Additionally, other therapeutic options like targeted therapy provides increased efficacy of treatment of skin cancer. Immunotherapy and targeted therapy are recommended by doctors when the skin cancer has reached advanced stages and treatment thorough other methods are not feasible. These factors are estimated to positively impact the growth of immunotherapy and targeted therapy segment.

On the other hand, radiation therapy is used for treatment of squamous cell skin cancers as it shows promising results in delaying the progression of advanced skin cancer. Radiation therapy is predominantly prescribed to kill skin cancer cells that were not removed during surgery. Advancements in radiation therapy is estimated to bolster the market growth.

By Distribution Channel Analysis

Ease of Availability of Drugs in Hospital Pharmacy and Retail Pharmacy Enable Dominance of the Segment

The ease of availability of skin cancer drugs in retail and hospital pharmacy is estimated to drive the growth of the segment during the forecast period. Additionally, skin cancer treatment requires hospitalizations thus attributing higher market share to hospital pharmacy. However, increasing penetration of online pharmacy in developing countries is projected to augment the growth of others segment.

REGIONAL ANALYSIS

This market size in North America was USD 3.23 billion in 2019. North America dominated the market and is estimated to retain its position during the forecast years. This is attributed to the higher prevalence of skin cancer in U.S combined with higher penetration of cancer drugs in the country. Combined with this, the preference of key market players to launch innovative skin cancer treatment is estimated to positively affect the market growth in the region. There is a higher prevalence of non-melanoma skin cancer among Caucasian population; hence North America and Europe hold a major share in global market. The market in Asia Pacific is projected to register the highest CAGR during the forecast period. The increasing prevalence of melanoma and non-melanoma in the countries of Asia-Pacific, such as Australia and New Zealand, is estimated to surge the demand for skin cancer treatment in the region. Regulatory approvals for these skin cancer drugs in Asia Pacific and the presence of a large and underpenetrated market in the developing countries of the region cumulatively are anticipated to augment the skin cancer treatment market growth in Asia Pacific. The market revenue in Europe is also estimated to witness a healthy growth over the forecast period owing to rising incidences of melanoma among the population. The market in Latin America and the Middle East & Africa is currently in the emerging stage. However, increasing disposable income and evolving healthcare infrastructure in these regions are projected to fuel the skin cancer treatment product demand during the coming years.

KEY INDUSTRY PLAYERS

Market Has a Highly Competitive Landscape with Many Major Players

The major companies that operate in the market of skin cancer treatment are Merck & Co, Bristol-Myers Squibb Company, Novartis AG, F. Hoffmann-La Roche Ltd, and Amgen Inc. among others. The highest selling skin cancer drugs are predominantly manufactured by these companies. One of the major manufactures of generic chemotherapy drugs for the treatment of skin cancer include Sun Pharmaceutical Industries Ltd. Other players operating in this market  include Pfizer Inc., GlaxoSmithKline plc. Regeneron Pharmaceuticals, Inc. among other prominent players

Emphasis on acquisition, partnership and new drug approvals are some of the major market strategies adopted by companies operating in the skin cancer treatment market to garner significant share. These strategies are estimated to positively impact this market growth in the foreseen years.

LIST OF KEY COMPANIES PROFILED:

• Merck & Co.


• Bristol-Myers Squibb Company


• Novartis AG


• F. Hoffmann-La Roche Ltd


• Amgen Inc.


• GlaxoSmithKline plc.


• Pfizer Inc.


• Sun Pharmaceutical Industries Ltd.


• Regeneron Pharmaceuticals, Inc.


• Other prominent players

KEY INDUSTRY DEVELOPMENTS:

• February 2019 – Clinigen Group plc., announced the acquisition of U.S rights of Proleukin drug from its innovator company Novartis AG.


• September 2018 – Regeneron Pharmaceuticals, Inc. received U.S FDA approval for Libtayo for the treatment of metastatic cutaneous squamous cell carcinoma (CSCC).

REPORT COVERAGE

The skin cancer treatment market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

The report presents a comprehensive assessment of the global skin cancer treatment market by offering valuable insights, facts, industry-related information, and historical data. These include key insights such as number of prevalence of skin cancer - by region, pipeline analysis, key mergers, acquisitions and partnerships, new product introductions/ approvals by major players, an overview of regulatory scenario - key countries among others

Report Scope & Segmentation