by Merkel cell carcinoma (MCC) is a rare type of aggressive skin cancer that forms in the Merkel cells in the top layer of the skin. The tumor grows rapidly and if not treated early can spread to nearby lymph nodes and other parts of the body. The availability of targeted therapies such as avelumab and checkpoint inhibitors have improved clinical outcomes in patients with advanced or metastatic MCC.
The Merkel Cell Carcinoma Market is estimated to be valued at US$ 2.51 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Merkel Cell Carcinoma Market are Merck, Incyte Corporation, Kartos Therapeutics, Inc., Bristol-Myers Squibb, and Amgen Inc. The availability of immunotherapy drugs from these players have expanded treatment options for patients.
The growing awareness regarding early detection of skin cancer and availability of reimbursement for targeted therapies present significant growth opportunities in the market. Moreover, ongoing clinical trials evaluating new drug candidates are expected to further augment the market during the forecast period.
The increasing global prevalence of skin cancers owing to rising UV radiation exposure is driving research & development activities. Many regional players are also entering partnerships to commercialize drugs in new markets which will support the market’s expansion worldwide over the coming years.
Market Drivers
The key driver for the Merkel Cell Carcinoma Market growth is the rising incidences of various types of skin cancer across the world. According to some estimates, over 5 million non-melanoma skin cancers and over 132,000 melanoma skin cancers are diagnosed globally each year. The increasing awareness regarding early symptoms and risk factors associated with MCC is also resulting in improved diagnosis rates. Furthermore, growing funding towards research on advanced treatment options from government as well as private organizations is fueling market growth.
PEST Analysis
Political: Regulations related to healthcare and medical products are expected to affect the market. For instance, regulations related to drug pricing, marketing, clinical trials etc. will influence market growth.
Economic: Factors such as economic growth, healthcare spending, per capita income will determine the market demand. The market is expected to grow steadily owing to improving economic conditions in major regions.
Social: Aging population is expected to drive growth as risk of cancer increases with age. Rising awareness about early detection and treatment of cancer is also supporting market expansion.
Technological: Advancements in diagnosis and treatment methods such as targeted drug therapy, immunotherapy and gene therapy are expected to provide new opportunities for players. Research in novel biologics and drug formulations will boost the market.
The market in terms of value is concentrated majorly in North America and Europe owing to advanced healthcare infrastructure and high healthcare spending in countries such as the US, Germany, UK and France. The Asia Pacific region is expected to be the fastest growing market during the forecast period attributed to large patient population, increasing healthcare expenditure and improving access to diagnosis and treatment in developing economies of China and India.
Many geographical regions lack diagnostic facilities for early detection of Merkel cell carcinoma increasing the risk of disease spread. Rural and underdeveloped areas have limited access to modern therapies. However, initiatives by governments and international organizations to strengthen healthcare systems and provide universal access are expected to boost market potential in emerging regions over the coming years.
What Are The Key Data Covered In This Merkel Cell Carcinoma Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Merkel Cell Carcinoma Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Merkel Cell Carcinoma Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Merkel Cell Carcinoma Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Merkel Cell Carcinoma Market vendors
FAQ’s
Q.1 What are the main factors influencing the Merkel Cell Carcinoma Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Merkel Cell Carcinoma Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Merkel Cell Carcinoma Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
