May 21, 2024
Skin Cancer Drugs Market

The Skin Cancer Drugs Market Is Driven By Rising Prevalence Of Skin Cancer

Skin cancer drugs are prescribed medications used to treat various types of skin cancers including melanoma, basal cell carcinoma, and squamous cell carcinoma. These drugs work by slowing or stopping the growth of cancerous skin cells, inducing cell death, or boosting the immune system to fight the cancer. The major drug classes used in skin cancer treatment are targeted therapies, immunotherapy drugs, and chemotherapies. Targeted therapies block specific molecules involved in tumor growth and spread, immunotherapy drugs help stimulate the body’s own immune system to fight skin cancer cells, and chemotherapies use cytotoxic chemicals that destroy rapidly dividing cancer cells.

The global Skin Cancer Drugs Market is estimated to be valued at US$ 8.00 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The rising incidence of melanoma, which is the deadliest form of skin cancer, is a major driver for the skin cancer drugs market. According to the American Cancer Society, over 100,000 new cases of melanoma are diagnosed each year in the US. Exposure to UV radiation from the sun is the primary risk factor for melanoma. With increasing awareness about skin cancer risks, people are more proactively screening moles and lesions which can lead to earlier diagnosis and treatment. Additionally, recent drug approvals of novel targeted therapies and immunotherapies have improved treatment outcomes for advanced melanoma patients. This has boosted uptake of high-priced specialty drugs globally. However, patent expirations of blockbuster drugs may challenge market revenue growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the skin cancer drugs market requires substantial investment in R&D for new drug development. However, collaborations between new and existing players may reduce barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generic drugs. However, branded drugs have high demand due to better efficacy.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many raw material suppliers for APIs and other requirements.
Threat of new substitutes: The threat of substitutes is low as alternative treatments are not as effective as targeted drug therapies.
Competitive rivalry: The competitive rivalry is high among major players due to their large product portfolio and strong global presence.

Key Takeaways

The global Skin Cancer Drugs Market Growth is expected to witness high growth over the forecast period. The market size for 2024 is projected to reach US$ 8.00 Bn, indicating a growth rate of 15% during 2023-2030.

Regional analysis:

North America is anticipated to hold the largest share in the global skin cancer drugs market during the forecast period. The growth can be attributed to the rising incidence of skin cancer cases and growing FDA approvals for new drugs in the region. Europe is also expected to account for a significant market share owing to developing healthcare infrastructure and supporting government policies.

Key players:

Key players operating in the skin cancer drugs market are Emerson Electric Co., Fortune Brands Home & Security Inc., Whirlpool Corporation, Illinois Tool Works Inc., Joneca Corporation, Salvajor, Electrolux AB, Western Industries Plastic Products LLC., Sears Brands, LLC, and Haier Inc., Waste King, and Frigidare. Emerson Electric and Whirlpool Corporation hold a major share among these players due to their extensive product portfolio and market reach.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it