The melanoma treatment market is projected to witness a CAGR of 15.12% during the forecast period to reach a market size of US$9.608 billion by 2027, increasing from US$3.586 billion in 2020.
In recent years, there has been a rise in the number of new cases reported due to climatic changes. These changes are increasing the incidence of melanoma patients worldwide, raising the demand for proper methods of treatment. If detected and treated early, the disease is almost always curable. The rising per capita income, better health facilities, growing health awareness, the availability of health insurance services, and advancement in medical science and bio-medicines are additionally factoring in the expansion of the market.
Geographically, North America dominates the market share. The high prevalence of skin-related cancer in the United States is a major factor contributing to the market's growth. By type, cutaneous melanoma is widely spread globally and caused by too much exposure to ultraviolet rays from the sun and indoor tanning. Based on therapy, targeted therapy is gaining the market share due to lesser side effects and high-efficiency rates.
The high emphasis and consequently the elevated investment in the development of efficient treatment options are likely to have a positive impact on the growth of the market. Treatment recommendations depend on many factors, and the increasing number of regulatory approvals has made the highest impact on market growth. In 2021, Aldesleukin, Binimetinib, Braftovi (Encorafenib), Cobimetinib Fumarate, Cotellic (Cobimetinib Fumarate), Dabrafenib Mesylate, etc. were some of the approved drugs for the treatment by FDA. The emphasis of significant companies on introducing innovative treatment options and drugs will aid the market's growth in the coming years.
Impact of COVID-19 on the Melanoma Treatment Market
The pandemic has had a lagging effect on various diagnostic methods due to several restrictions and risk exposure of the comorbidity patients. A drastic reduction in skin biopsies was seen early in the COVID-19 pandemic, which disproportionately affected the elderly, females, and certain geographic regions. Efforts have been made by the government to contain the situation without further delay.
The market leaders for the melanoma treatment market are Merck & Co. Inc., Amgen Inc., Iovance Biotherapeutics, Inc, Bristol-Myers Squibb, F. Hoffmann-La Roche Ltd, Eisai Co., Ltd., Novartis AG, Pfizer Inc., Sanofi, and AstraZeneca.
|Market size value in 2020||US$3.586 billion|
|Market size value in 2027||US$9.608 billion|
|Growth Rate||CAGR of 15.12% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Therapy, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Merck & Co. Inc., Amgen Inc., Iovance Biotherapeutics, Inc, Bristol-Myers Squibb, F. Hoffmann-La Roche Ltd, Eisai Co., Ltd., Novartis AG, Pfizer Inc., Sanofi, AstraZeneca|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the melanoma treatment market size by 2027?
A1. The melanoma treatment market is projected to reach a market size of US$9.608 billion by 2027.
Q2. What is the size of the global melanoma treatment market?
A2. Melanoma Treatment Market was valued at US$3.586 billion in 2020.
Q3. What are the growth prospects for the melanoma treatment market?
A3. The global melanoma treatment market is projected to witness a CAGR of 15.12% during the forecast period.
Q4. What factors are anticipated to drive the melanoma treatment market growth?
A4. The high emphasis and consequently the high investment in the development of efficient treatment options are likely to have a positive impact on the growth of the melanoma treatment market.
Q5. Which region holds the maximum market share of the melanoma treatment market?
A5. Geographically, North America holds the largest share of the melanoma treatment market owing to the high prevalence of skin-related cancer in the United States.
Merck & Co. Inc.
Iovance Biotherapeutics, Inc,
F. Hoffmann-La Roche Ltd
Eisai Co., Ltd.
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