Metastatic Melanoma Market
Number of pages: 100 | Report Format: PDF | Published date: February 23, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 6.5 billion |
|
Revenue Forecast in 2030 |
US$ 16.9 billion |
|
CAGR |
11.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Therapy, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global metastatic melanoma market was valued at US$ 6.5 billion in 2021 and is expected to register a revenue CAGR of 11.2% to reach US$ 16.9 billion by 2030.
Metastatic Melanoma Market Fundamentals
Metastatic melanoma is a type of skin cancer that occurs when melanoma cells spread to other body parts. These cells may travel through the bloodstream or lymphatic system and eventually form a tumor in a different part of the body, such as the brain, bones, or lungs. In some cases, metastatic melanoma can be more aggressive and harder to treat. Treatment may include radiation therapy, chemotherapy, targeted therapy, and immunotherapy. The outlook for individuals with metastatic melanoma varies depending on the cancer stage and other factors. The percentage of people diagnosed with melanoma that has spread to nearby lymph nodes is 8.5%, according to the National Cancer Institute (NCI). These cases have a slightly better prognosis.
The metastatic melanoma market is on a steady rise, with more and more people being diagnosed with the condition each year. Research suggests that the primary cause of melanoma is sun exposure. Taking proper skin care and ensuring protection from sun are a priority for those who are at risk of developing the condition. In addition to this, the availability of improved treatments, such as targeted therapies, immunotherapies, and chemotherapy, has led to better survival rates and improved prognosis for metastatic melanoma patients. Despite the advances in treatment, metastatic melanoma remains a serious and life-threatening illness, with a five-year survival rate of just 28%.
The metastatic melanoma market is currently dominated by therapies that involve targeted therapies, immunotherapies, and chemotherapy. Targeted therapies are used to target the specific genetic or cellular changes that cause the tumor to grow. At the same time, immunotherapies help to boost the body’s natural immune response. Chemotherapy kills cancer cells by damaging their DNA and other components. While these therapies are currently most used in metastatic melanoma, there is also a growing interest in novel therapies, such as gene therapy, which can be used to deliver specific genetic instructions to cancer cells. New treatments, such as CAR-T cell therapy and other immunotherapies, are also being studied as potential treatments for metastatic melanoma.
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Metastatic Melanoma Market Dynamics
The rise in melanoma prevalence, the introduction of novel medicines, and the increase in the willingness of patients to seek treatment are all factors driving the global market for metastatic melanoma. With an increase in melanoma diagnoses in recent years, melanoma is now the most common cause of skin cancer-related mortality. The rise in patient numbers has fueled the desire for new treatments due to the insufficient outcomes from traditional treatments. The introduction of novel treatments has significantly influenced the metastatic melanoma market. New therapies, such as immunotherapies and targeted therapies, have been created to increase the effectiveness of existing medications and prolong patient survival.
The growing willingness of people to seek therapy has also contributed to market expansion. Patients are more inclined to seek treatment alternatives as they become aware of the risks of untreated melanoma. The market for metastatic melanoma has become appealing to investors due to the development of novel treatment options and the rise in the prevalence of melanoma. As more treatments are developed and more people seek therapy, this market is anticipated to expand over the next years.
However, high therapy costs and stringent regulatory requirements are anticipated to impede the growth of the global metastatic melanoma market to some extent.
Metastatic Melanoma Market Ecosystem
The global metastatic melanoma market has been analyzed from three perspectives: therapy, end user, and region.
Metastatic Melanoma Market by Therapy
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Based on therapy, the global metastatic melanoma market has been segmented into chemotherapy, immunotherapy, radiation therapy, targeted therapy, and surgery.
The immunotherapy segment has dominated the global metastatic melanoma market over the past ten years. Immunotherapy, which involves raising the body's immune response to combat cancer cells, is now the norm for treating metastatic melanoma. It has been discovered to be successful at reducing the rate at which the disease advances, improving the quality of life for people who are afflicted, and in rare circumstances, even curing patients. Immunotherapy is expected to become more and more effective as research into it develops, increasing its value in the treatment of metastatic melanoma.
The targeted therapy segment is the new treatment regime that is being adopted rapidly. Thus, during the forecast period, this segment is expected to observe a high revenue CAGR in the global metastatic melanoma market.
Metastatic Melanoma Market by End User
Based on end user, the global metastatic melanoma market has been segmented into hospitals, home healthcare, and specialty clinics.
The hospital segment accounts for the largest global metastatic melanoma market revenue share. This is due to the presence of advanced therapy options present in the hospitals, huge patient footfall, and more skilled professionals.
The specialty clinics segment, such as dermatology or oncology clinics, is expected to capture a high market revenue share during the forecast period. This is attributed to the ability of individuals to afford treatments from specialists, less waiting time, and more attentive measures from professionals.
Metastatic Melanoma Market by Region
Based on region, the global metastatic melanoma market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the metastatic melanoma market. According to statistics from the American Academy of Dermatology Association (AADA) from 2022, skin cancer is the most common type of cancer in the United States. According to the AAD, skin cancer is expected to affect one in five Americans at some point in their lives. A daily average of 9,500 Individuals in the United States receive a skin cancer diagnosis. Including targeted medicines and immunotherapies, the region hosts some of the most cutting-edge treatments for this type of disease. Also, many new treatments are being evaluated and developed, with a heavy emphasis on research and development.
Metastatic Melanoma Market Competitive Landscape
The prominent players operating in the global metastatic melanoma market are:
Metastatic Melanoma Market Strategic Developments
The global metastatic melanoma market is expected to grow at a revenue CAGR of 11.2% during the forecast period.
Amgen Inc., Abbott Laboratories, Novartis AG, Bristol- Myers Squibb, and F. Hoffmann-La Roche Ltd. are among the key players in the global metastatic melanoma market.
The immunotherapy segment dominates the global metastatic melanoma market.
Asia Pacific is expected to observe the highest revenue growth in the market during the forecast period.
The global metastatic melanoma market was valued at US$ 6.5 billion in 2021.
*Insights on financial performance are subject to the availability of information in the public domain