The global skin cancer treatment market size is projected to reach USD 14.55 billion by the end of 2027. The increasing prevalence of non-melanoma cancer across the world will have a huge impact on market growth. According to a report published by Fortune Business Insights, titled “Skin Cancer Treatment Market Size, Share & Industry Analysis, By Disease Indication (Melanoma and Non-Melanoma), By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, and Radiation Therapy), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 8.19 billion in 2019 and will exhibit a CAGR of 7.5% during the forecast period, 2019-2027.
An Overview of the Impact of COVID-19 on this Market:
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Growing Regulatory Approvals Will Aid Growth of the Market
The report encompasses several factors that have contributed to the growth of the skin cancer treatment market in recent years. The high emphasis and subsequently high investment on the development of efficient treatment options associated with the disease will have a huge impact on the growth of the overall market in the coming years. Among all factors, the increasing number of regulatory approvals has made the highest impact on market growth. In April 2018, Tafinlar+Mekinist announced the approval for a new therapy used in the treatment of BRAF V600-mutant melanoma. The therapy received allocates from several researchers for its exceptional capabilities in the treatment of the disease. It was awarded the breakthrough designation in 2017 and was submitted for priority review in the same year. US FDA’s approval for this therapy will certainly encourage other companies. Increasing number of such regulatory approvals will bode well for the growth of the skin cancer treatment market in the forthcoming years.
North America Dominate the Market; High Prevalence of Skin Cancer has Emerged in Favor of Companies
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North Americacurrently holds the largest skin cancer treatment market share. The high prevalence of skin cancer in the United States is a major factor that has contributed to the growth of the regional market. The emphasis of major companies on introducing innovative treatment options and drugs will aid the growth of the market in the coming years. The increasing prevalence of non-melanoma skin cancer in several parts of North America will contribute to the growth of the market. As of 2018, the market in North America was worth USD 3.04 billion and this value is projected to increase further in the coming years. The skin cancer treatment market in Europe also held a considerably high share in recent years, owing to the presence of several large scale companies in numerous countries across this region.
