Skin Cancer Treatment Market to Surpass USD 18.06 Billion by 2030 Driven by Rising Incidence of Skin Cancer and Globalization of Healthcare

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SNS Insider pvt ltd

SNS Insider pvt ltd

Based on SNS Insider’s research, the skin cancer treatment market is poised for substantial growth due to a combination of factors including the rising incidence of skin cancer, technological advancements, increased awareness, and supportive government initiatives.

Pune, Oct. 16, 2023 (GLOBE NEWSWIRE) — “The Skin Cancer Treatment Market, as per the SNS Insider report, achieved a value of USD 9.98 Billion and is projected to attain USD 18.06 Billion by 2030, with a compound annual growth rate of 7.7% anticipated between 2023 and 2030.”

Market Overview

Skin cancer treatment involves various medical procedures and therapies designed to remove or destroy cancerous skin cells while minimizing damage to healthy tissue. The choice of treatment depends on the type, stage, and location of the skin cancer, as well as the patient’s overall health. Surgery is often the primary treatment for skin cancer. The surgeon removes the cancerous tissue and a small margin of healthy tissue to ensure that all cancer cells are removed. This treatment uses high-energy X-rays or other radiation sources to destroy cancer cells. Radiation therapy is often used when surgery is not an option or when cancer has a high risk of recurrence.

Market Analysis

The global skin cancer treatment market is expected to experience significant growth in the coming years, driven by several key factors. The primary driver for the market is the alarming increase in the incidence of skin cancer worldwide. Factors such as excessive sun exposure, a growing aging population, and changing lifestyles have contributed to the rising number of skin cancer cases. Ongoing advancements in medical technology have led to the development of more precise and effective diagnostic tools and treatment methods. This includes innovations in dermatoscopy, molecular diagnostics, and targeted therapies, which offer better outcomes for patients. The aging global population is more susceptible to skin cancer due to cumulative sun exposure over their lifetime. As the elderly population grows, so does the demand for skin cancer treatment options. Governments and healthcare organizations are increasingly investing in skin cancer prevention and treatment programs. Funding for research, screening, and public health campaigns are driving the growth of the market.

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Major Players Listed in this Report are:

The Key Players are Bristol-Myers Squibb, Merck KGaA, LEO Pharma, Amgen Inc., F. Hoffmann-La Roche, GlaxoSmithKline plc, Sun Pharmaceutical Industries Ltd., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals, Inc., and other players.

Skin Cancer Treatment Market Report Scope:

Report Attributes

Details

Market Size in 2022

US$ 9.98 Bn

Market Size by 2030

US$ 18.06 Bn

CAGR

CAGR of 7.7% From 2023 to 2030

Base Year

2022

Forecast Period

2023-2030

Historical Data

2019-2021

Key Regional Coverage

North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Skin Cancer Treatment Market Study

  • Chemotherapy has emerged as a dominant and essential component in the treatment of skin cancer, a disease that continues to pose a significant global health challenge. This therapeutic approach involves the use of powerful drugs to target and destroy cancer cells, making it a crucial tool in the fight against various types of skin cancer, including melanoma, basal cell carcinoma, and squamous cell carcinoma.

  • The hospital pharmacy segment plays a pivotal role in the comprehensive treatment of skin cancer, contributing significantly to patient care and therapeutic outcomes. In the context of skin cancer treatment, hospital pharmacies are indispensable for several reasons. Hospital pharmacists collaborate closely with oncologists to monitor patients’ responses to therapy, manage side effects, and make necessary adjustments to treatment plans.

Recent Developments

  • The U.S. Food and Drug Administration (FDA) announced the granting of accelerated approval for a groundbreaking skin cancer therapy developed by Incyte Pharmaceuticals, marking a significant advancement in the treatment of this potentially life-threatening disease.

  • In a groundbreaking development for cancer treatment, England’s National Health Service (NHS) has unveiled a revolutionary 7-minute ‘under the skin’ therapy that promises to transform the landscape of cancer care. This cutting-edge treatment, known as “IntraTreat,” represents a significant leap forward in the fight against cancer, offering hope to millions of patients worldwide.

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Market Dynamics Analysis

The dynamics of the skin cancer treatment market are marked by a complex interplay of various drivers, restraints, challenges, and threats. On the one hand, the rising incidence of skin cancer due to factors like increased ultraviolet (UV) radiation exposure, changing lifestyles, and an aging population is a significant driver fueling market growth. Additionally, advancements in medical technology and innovative treatment modalities such as immunotherapy and targeted therapy have expanded the treatment options available to patients, further propelling market expansion. However, several challenges and restraints persist. Limited awareness about skin cancer in some regions, delayed diagnosis, and the high cost of some treatments can impede market growth. Moreover, regulatory hurdles, including stringent approval processes for new therapies, can pose a barrier to market entry. Furthermore, emerging threats such as counterfeit drugs, especially in developing markets, and the potential adverse effects associated with certain treatments underscore the need for rigorous quality control and safety measures in the industry. In this dynamic landscape, stakeholders must strike a delicate balance between innovation and safety to ensure the continued progress of skin cancer treatment options.

Skin Cancer Treatment Market Key Segmentation

By Disease Indication

By Therapy

  • Targeted Therapy

  • Chemotherapy

  • Radiation Therapy

  • Immunotherapy

By Distribution Channel

  • Retail Pharmacy

  • Hospital Pharmacy

  • Others

Key Regional Developments

North America, particularly the United States, has a high prevalence of skin cancer due to factors like increased sun exposure and tanning bed usage. The market is characterized by a high level of technological advancements, a robust healthcare infrastructure, and a focus on early detection and innovative treatment methods. There’s a growing trend towards immunotherapy and targeted therapies. Countries like Germany, France, and the UK have well-developed healthcare systems. In Western Europe, there’s a focus on preventive measures and early detection. The market also sees significant investment in research and development of novel treatment modalities. Rising disposable incomes, urbanization, and awareness are driving growth in skin cancer treatment markets in Asian countries. Access to quality healthcare is improving, and this is reflected in the adoption of modern treatment options.

Impact of Recession on Skin Cancer Treatment Market Share

The pharmaceutical industry plays a crucial role in skin cancer treatment market, as new drugs and therapies are continually developed. During a recession, funding for research and development may be reduced, which could slow down the introduction of innovative treatments and drugs for skin cancer patients. Patients and healthcare providers may opt for more conservative treatment approaches during a recession due to cost considerations. This could lead to a preference for less expensive treatment options or a delay in pursuing more advanced and costly treatments.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Skin Cancer Treatment Market Segmentation, By Disease Indication

9. Skin Cancer Treatment Market Segmentation, By Therapy

10. Skin Cancer Treatment Market Segmentation, By Distribution Channel

11. Regional Analysis

12. Company profile

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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