Melanoma Market
Number of pages: 100 | Report Format: PDF | Published date: February 16, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 4.30 billion |
|
Revenue Forecast in 2030 |
US$ 11.90 billion |
|
CAGR |
11.97% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Gender, Treatments, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
Melanoma Market Report Overview
According to the deep-dive market assessment study by Growth Plus Reports, the global melanoma market was valued at US$ 4.20 billion in 2021 and is expected to register a revenue CAGR of 11.97% to reach US$ 11.90 billion by 2030.
Melanoma Market Fundamentals
Melanoma is a type of skin cancer that is characterized by the uncontrolled growth of pigment-producing cells (melanocytes) in the skin. Melanoma can occur anywhere on the skin, but it is more likely to develop in areas that have been exposed to the sun, such as the face, arms, and legs. Melanoma is the most dangerous type of skin cancer, as it can spread to other parts of the body and become life-threatening if not detected and treated early. Risk factors for melanoma include having fair skin, a history of sun exposure and sunburns, and a family history of the disease.
Regular self-examination and professional exams of the skin can help in the early detection of this disease. The disease stages of melanoma include the early stage (for instance, melanoma in situ) and the advanced stage (for instance, metastatic melanoma). The melanoma treatment options and prognosis vary depending on the stage of the disease.
Recent years have seen a significant rise in the market for melanoma immunotherapy medications, particularly checkpoint inhibitors. These medications stop the cancer cells’ usage of specific proteins, known as checkpoint proteins, to avoid immune system detection. The immune system can identify and combat cancer cells more successfully by inhibiting certain checkpoint proteins.
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Melanoma Market Dynamics
Some of the driving factors for the melanoma market include the rising prevalence of skin diseases, growing geriatric population base, increasing awareness, advances in treatment options, and economic growth in developed and developing countries. The incidence of melanoma has been rising in recent years, particularly in fair-skinned populations. This is likely due to a combination of factors, including increased exposure to ultraviolet (UV) radiation from the sun and tanning beds and a lack of protective measures, such as the use of sunscreens and lotions. The aging of the population is also a factor, as the risk of developing melanoma increases with age. In addition, there have been significant advances in the treatment of melanoma, including the development of targeted therapies and immunotherapies that have improved outcomes for patients, leading to an increase in demand for melanoma treatments. Further growing awareness of the importance of prevention and early detection of skin cancer has also contributed to the revenue growth of the melanoma market.
However, the high cost of treatment, limited treatment options for advanced melanoma, competition from generics, regulatory hurdles, and lack of reimbursement are some of the factors restraining market revenue growth. Melanoma treatment is expensive, and this limits access for some patients, particularly in underdeveloped countries where healthcare is not easily accessible or is not covered by insurance. In addition, limited treatment options for advanced melanoma are reducing the demand for melanoma treatment. As patents on some melanoma drugs are likely to expire soon, competition from generics can also decrease the price and sales of these medications.
Melanoma Market Ecosystem
The global melanoma market has been analyzed from four perspectives: type, gender, treatments, and region.
Melanoma Market by Type
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Based on type, the melanoma market is segmented into superficial spreading melanoma, nodular melanoma, lentigo maligna melanoma, acral lentiginous melanoma, and mucosal melanoma.
The superficial spreading melanoma segment accounted for the largest revenue share of the market in 2021. It is the most common type of melanoma and typically occurs on the upper body, legs, or arms. Melanoma symptoms tend to spread horizontally along the surface of the skin before penetrating more deeply. People who have fair skin and who are exposed to UV radiation from the sun or tanning beds are at higher risk for this type of melanoma.
Melanoma Market by Gender
Based on gender, the market is segmented into male and female.
According to the American Cancer Society, melanoma cancer is more common in men than in women. In the United States, the melanoma incidence rate is about 20% higher in men than in women. However, melanoma tends to be more aggressive in women and is more likely to spread to other parts of the body. It is also more likely to be fatal in women. The probability of developing melanoma during one’s lifetime is 1.72% in males and 1.22% in females.
Melanoma Market by Treatment
Based on treatment, the melanoma market is segmented into chemotherapy, immunotherapy, and targeted therapy.
One promising area of research is the use of immune checkpoint inhibitors, which are a type of immunotherapy that help to stimulate the immune system to attack cancer cells. These drugs have shown significant promise in the treatment of melanoma, and several checkpoint inhibitors have been approved by the U.S. Food and Drug Administration (FDA) for the treatment of this disease. Other treatments that are being researched for melanoma include targeted therapies, cancer vaccines, and gene therapies. Immunotherapy is an emerging therapy as it targets cancer cells specifically. Unlike chemotherapy and radiation therapy, which can damage healthy cells in addition to cancer cells, immunotherapy targets the cancer cells specifically, which may help to reduce the risk of side effects.
Melanoma Market by Region
Geographically, the global melanoma market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The global melanoma market is anticipated to be dominated by North America, followed by Europe. The high prevalence of melanoma and the presence of cutting-edge healthcare infrastructure are some of the major factors propelling market expansion in these areas. Asia Pacific is likely to grow at high revenue CAGR during the forecast period. The rising incidence of melanoma and the region’s advancing healthcare infrastructure are likely to contribute to the considerable expansion of the Asia Pacific melanoma market in the upcoming years.
Melanoma Market Competitive Landscape
The top companies operating in the global melanoma market are:
Melanoma Market Strategic Developments
Melanoma is a type of skin cancer that is characterized by the uncontrolled growth of pigment-producing cells (melanocytes) in the skin. Melanoma can occur anywhere on the skin, but it is more likely to develop in areas that have been exposed to the sun, such as the face, arms, and legs.
Johnson & Johnson Private Limited, Sun Pharmaceutical Industries Limited, Sanofi S.A., Bayer AG, and Merck & Co., Inc. are among the top market players.
The high cost of treatment, limited treatment options for advanced melanoma, competition from generics, regulatory hurdles, and lack of reimbursement are some restraints to the revenue growth of the melanoma market.
The global melanoma market is expected to register a revenue CAGR of 11.97% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain