PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392014
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392014
Global skin cancer drugs market size is expected to reach US$ 15.32 Bn by 2030, from US$ 8.78 Bn in 2023, at a CAGR of 8.3% during the forecast period.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 8.78 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 8.30% | 2030 Value Projection: | US$ 15.32 Bn |
Skin cancer is a type of cancer that affects the skin cells and is primarily caused by exposure to ultraviolet (UV) radiation from the sun or tanning beds. It is one of the most prevalent cancers globally, and its incidence has been increasing over the years. To combat this rising trend, pharmaceutical companies have been focusing on the development and innovation of skin cancer drugs.
The skin cancer drugs market is primarily driven by the rising incidence of skin cancer worldwide. Factors such as excessive exposure to UV radiation, changing lifestyles, and an aging population contribute to the increasing prevalence of the disease. Moreover, advancements in therapeutic interventions and the introduction of targeted therapies have further fueled the market growth.
Market players are engaged in receiving approval from the regulatory authorities for the skin cancer drugs and this is expected to increase the growth of the global skin cancer drugs market, over the forecast period. For instance, in January 2021, Sun Pharma, a India based multinational pharmaceutical company, gained U.S. Food and Drug Administration (U.S. FDA) approval for Levulan Kerastick (aminolevulinic acid HCl) in combination with its "Light Emitting Diode" LED light source for photodynamic therapy (PDT) of minimally to moderately thick actinic keratosis of the face or scalp. It offers patients a less invasive treatment option.
However, there are several challenges that hinder the market growth. High drug development costs and stringent regulatory requirements pose significant barriers for new entrants. Adverse side effects associated with certain drugs and the availability of alternative treatment options act as restraining factors for market growth.
Despite these challenges, the market presents several opportunities for growth. Increasing investments in research and development (R&D) activities, along with collaborations between pharmaceutical companies and research institutions, are expected to drive innovation and the introduction of novel treatment options. Moreover, the growing focus on personalized medicine and the use of combination therapies offer potential avenues for market expansion.