Global Statistics Representing Melanoma Therapeutics Market Scenario
Melanoma is a type of cancer that develops from pigment-containing cells known as melanocytes. The primary cause of melanoma is ultraviolet radiation exposure, either from the sun or from other sources. In recent years, the number of skin-related diseases has been increasing at an alarming rate, which can be attributed to Earth’s depleting ozone layer, which now allows the passage of more harmful UV radiation to Earth’s surface than ever before. Among all skin diseases, melanoma is the most severe type of skin cancer, which accounts for a majority of the death toll. It mostly affects fair skin types that have freckles and burn easily.
Increasing prevalence of melanoma drives the growth of the melanoma therapeutics market. As per the Skin Cancer Foundation, one person dies of melanoma every hour. Between 2008 and 2018, the number of new melanoma cases increased by 53%. It can thus be inferred that the market for melanoma therapeutics is growing at a substantial rate due to the increasing incidences of melanoma alongside enhancements in healthcare facilities.
The global melanoma therapeutics market was valued at USD 4,991.8 million in 2017 and is anticipated to register a CAGR of 11.63% during the forecast period, 2019–2026.
The global melanoma therapeutics market has been segmented by cancer type, diagnosis, and treatment.
By cancer type, the market can be segmented into superficial spreading melanoma, nodular melanoma, lentigno maligna melanoma, acral lentiginous melanoma, amelanotic melanoma, and others. Among these, the superficial spreading melanoma segment is expected to grow with the fastest CAGR, owing to high prevalence around the globe.
By diagnosis, the melanoma therapeutics market can be segmented into dermatoscopy, entinel lymph node biopsy, blood test, X-ray, ultrasound, and CT scan. The dermatoscopy segment is projected to hold a major share based on diagnosis effectiveness.
Based on treatment, the market can be segmented into chemotherapy, biological therapy, radiotherapy, targeted therapy, and immune therapy. The immune therapy segment is projected to accrue a prominent market share, due to increasing R&D activities, coupled with heavy investments, by major playera.
Geographically, the global melanoma therapeutics market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is projected to dominate the melanoma therapeutics market during the forecast period, owing to the increasing prevalence of melanoma. According to Skin Cancer Foundation statistics, approximately 178,560 cases of melanoma were diagnosed in the U.S. in 2018. Incidences of invasive melanoma, which penetrates the epidermis into the skin's second layer or dermis, were around 91,270 and noninvasive incidences were approximately 87,290 in 2018. Highly advanced healthcare infrastructure and a large number of healthcare facilities are among the key factors boosting market growth in North America.
Europe is the second largest melanoma therapeutics market globally, followed by Asia Pacific, owing to the sizable patient pool suffering from melanoma, and substantial investments in the healthcare sector. Major players have been observing higher acceptance for immune therapy in Europe, due to its high effectiveness.
Asia Pacific is expected to observe significant growth in the global melanoma therapeutics market, owing to rising skin cancer incidences due to increasing UV radiation exposure.
The LAMEA melanoma therapeutics market is anticipated to witness stagnant growth in the global market during the forecast period, owing to the poor healthcare infrastructure in Africa. However, growing urbanization, improving healthcare infrastructure, and high disposable income in the Middle East countries such as UAE, Saudi Arabia, Kuwait, among others are predicted to fuel the market growth to some extent.
Some of the key players in the global melanoma therapeutics market include Abbott Diagnostics, Agilent Technologies, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, GlaxoSmithKline, Merck, Novartis, Pfizer, Qiagen N.V. Company, Roche, and Sanofi, among others.
By Cancer Type