The Total Addressable Market (TAM) for melanoma therapeutics was valued at USD 7.40 billion in 2022. It is projected to reach USD 18.62 billion by 2031, growing at a CAGR of 10.80% during the forecast period (2023–20301). Melanoma is a type of skin cancer that originates from pigment-containing cells known as melanocytes. Melanomas are most commonly found on the skin but can also develop in the mouth, intestines, and eye. Women are more feasible to experience them on their legs, while men are more likely to share them on their backs. The disease is characterized by moles, brown spots, and growths on the skin. Melanoma is the most lethal form of skin cancer and the leading cause of skin disease death. Fair, freckly, and easily sunburned skin types are more likely to be affected.
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High Demand for Novel Early-Stage and Advanced Melanoma Therapies
The melanoma market is in dire need of new and improved therapies due to the increasing number of patients and the high demand for treatments for both the early and late stages of the disease. Despite the abundance of current treatments, several immunotherapies and combination therapies are anticipated to enter the market. Due to their increased survival benefits and minimal side effects, these novel treatments are expected to be widely adopted. Major factors propelling the melanoma market include a robust emerging pipeline, rising incidences of melanoma cases, and rising public awareness. The market would also benefit from physicians' increasing enthusiasm for experimental treatments.
High Costs Associated With Treatment
The costs of treating melanoma varied depending on the stage of the disease at diagnosis and the treatment the patient received. Long hours spent in airplanes, an increase in the number of people using tanning beds and being exposed to UV rays, and a decline in ozone levels all contribute to the rise in the number of people seeking treatment for malignant melanoma. The cancer drug cisplatin, for example, has been off-patent for quite some time and is now produced by several different pharmaceutical companies worldwide.
Growing Regulatory Approvals
The increased focus on, and consequently investment in, the creation of effective treatment options should bode well for expanding the market. Many factors go into making treatment recommendations, and a recent uptick in the number of regulatory approvals has significantly affected the market's expansion. For instance, in 2021, the FDA approved the use of drugs including Aldesleukin, Binimetinib, Braftovi, Cobimetinib Fumarate, Cotellic, and Dabrafenib Mesylate for the treatment. Market expansion in the coming years will be supported by the focus of major companies on developing and releasing novel therapeutics.
The global melanoma therapeutics market is segmented by cancer type, diagnosis, and treatment.
Based on cancer type, the global melanoma therapeutics market is bifurcated into superficial spreading melanoma, nodular melanoma, lentigno maligna melanoma, acral lentiginous melanoma, amelanotic melanoma, and others.
The superficial spreading melanoma segment is the highest contributor to the market and is expected to grow during the forecast period. Melanoma is a potentially fatal skin cancer developing from melanocytes (pigment cells) in the epidermis's basal layer. The most common form of melanoma is superficial spreading melanoma. The superficial spreading variety causes two-thirds of melanoma cases in Australia and New Zealand. It occurs predominantly in those with fair skin. UV rays can weaken the immune system, letting abnormal cells proliferate without being attacked. Melanoma that has only spread superficially, or is superficially spreading, typically appears as a flat, discolored patch on the skin that is either slowly growing or changing in color.
Based on diagnosis, the global melanoma therapeutics market is bifurcated into dermatoscopy, entinel lymph node biopsy, blood test, x-ray, ultrasound, and CT scan.
The dermatoscopy segment is the highest contributor to the market and is expected to grow during the forecast period. A dermatoscope is a handheld device that acts like a magnifying glass for the skin. At its maximum, it can magnify by a factor of 10. The use of AI allows for the quick and accurate classification of lesions as either benign or malignant. Thanks to advancements in software, databases can be used as a tool in this process. Patients will consent to their lesion images being stored in a database that will serve as a repository and enable Artificial Intelligence programs to compare newly taken pictures to those already held. Next, the software looks at the new image and compares it to previous photos labeled as benign or malignant.
Based on treatment, the global melanoma therapeutics market is bifurcated into chemotherapy, biological therapy, radiotherapy, targeted therapy, and immune therapy.
The immune therapy segment is the highest contributor to the market and is expected to grow during the forecast period. Immunotherapy is a treatment method that uses drug administration to stimulate the body's immune system to recognize and destroy cancer cells. Several immunotherapies exist for the treatment of melanoma cancer. The high market share of immunotherapy is probably due to the increasing number of approved drugs in this category. As of this latest nod from the FDA, Libtayo can treat patients with the most advanced stages of the two most common skin cancers in the US.
The global melanoma therapeutics market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
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North America is the most significant shareholder in the global melanoma therapeutics market and is expected to grow during the forecast period. Skin cancer is the most common form in the United States, as reported by the American Academy of Dermatology Association (AAD) in 2022. According to the American Cancer Society, one in five Americans will get skin cancer. And daily in the United States, 9500 people are diagnosed with skin cancer. The United States government has also developed favorable reimbursement policies to treat melanoma diseases to address unmet patient needs. It should operate as a solid foundation for expanding into the North American market. In addition, introducing so many new competitors is anticipated to stimulate the market.
Europe is expected to grow during the forecast period. The United Kingdom leads the European Union in sales of melanoma therapeutics. A rise in access to treatment and increased competition in the premium drug market have contributed to Europe's expanding market. UK market players in the European melanoma therapeutics market have adopted approvals and product development as one of their key development strategies in response to rising levels of competition and rapid advances in technology. Increased awareness and advancements in healthcare infrastructure are also significant forces propelling the melanoma therapy market in other European countries like Ireland, Switzerland, and Sweden.
Due to the increasing prevalence of skin cancer and the rising demand for effective yet affordable treatments, the Asia-Pacific region's market is predicted to expand at a lucrative rate in the coming years. Because of the abundance of clinical research facilities in the area, many drug manufacturers have set up shops here to create high-quality medicines at lower costs. As a further factor, the rise of government programs aimed at bettering the region's healthcare infrastructure is fueling the market's expansion. Countries in Asia and the Pacific with large populations and rising melanoma incidence rates are predicted to experience lucrative market growth.
Due to the lack of a reliable healthcare system in Africa, the LAMEA melanoma therapeutics market is expected to grow slower than the global market over the forecast period. However, expanding metropolitan areas, better healthcare facilities, and plentiful disposable income in Middle Eastern countries like the United Arab Emirates, Saudi Arabia, and Kuwait, among others, are anticipated to drive market expansion. As a result of the increasing demand for biologics and their subsequent approval and release onto the market, several domestic and international companies have begun investing heavily in the research and development of these medicines, driving the need to expand rapidly.
The global melanoma therapeutics market’s major key players are Abbott Diagnostics, Agilent Technologies, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, GlaxoSmithKline, Merck, Novartis, Pfizer, Qiagen N.V. Company, Roche, and Sanofi, among others.