[Research Report] The skin cancer treatment market size is estimated to grow from US$ 10,388.57 million in 2022 to US$ 18,277.71 million by 2030; the market is anticipated to record a CAGR of 7.32% from 2022 to 2030.

Market Insights and Analyst View:

The skin cancer treatment market forecast can help stakeholders in this marketplace plan their growth strategies. Melanoma and non-melanoma are skin cancer types. Excessive sunlight exposure can cause skin cancer. As per the American Academy of Dermatology Association, skin cancer affects one in five Americans. Furthermore, according to the group, almost 3 million Americans receive a diagnosis of non-melanoma skin cancer annually. Growing prevalence of melanoma and non-melanoma skin cancer drives the market revenue.

Immunotherapy, targeted therapy, chemotherapy, and radiation therapy are among the available treatments for skin cancer. Further, 5-fluorouracil cream, classified as a form of chemotherapy, is used in this treatment. However, as surgery is a more effective treatment for skin cancer, it is the preferred option Furthermore, skin cancer treatment market trends include increasing pipeline drugs.

Growth Drivers and Challenges:

The increasing prevalence of melanoma and non-melanoma propels the skin cancer treatment market size. The increasing prevalence of melanoma and non-melanoma has emerged as a significant driver propelling the growth and diversification of the market. The number of medications used to treat skin cancer has increased recently as a result of the growing prevalence of the disease and rising public awareness. As per the latest data by the National Library of Medicine released in 2022, the US records 1.8 million squamous cell carcinoma (SCC) and 3.6 million basal cell carcinoma (BCC) cases yearly. The rising incidence of skin cancer propels the demand for skin cancer treatments.

People’s exposure to UV rays has increased in recent years due to the acceleration of global warming. The number of skin cancer cases has increased among residents in areas where ozone depletion is more severe. The Cancer Council of Australia reports that skin cancer caused by sun exposure accounts for over 80% of all cancer cases reported in the nation each year. The group adds that the US, the UK, and Canada have the highest rates of skin cancer. Additionally, the elderly population is particularly vulnerable to skin cancer. It is predicted that the rising elderly population in these regions will support the market's expansion.

The skin cancer treatment market faces a significant challenge due to the adverse effects of existing treatment modalities, which impact the market growth. Conventional treatment options such as surgery, chemotherapy, radiation therapy, and immunotherapy can lead to adverse effects, including skin irritation, systemic toxicities, long-term complications, and others. The side effects can significantly impact patients' quality of life and may deter some individuals from seeking or adhering to treatment. Moreover, the limitations of current treatment options may drive the need for the exploration of alternative, less invasive, and more targeted therapies for skin cancer. As research and development activities focus on advancing treatment modalities with improved safety profiles and efficacy, the market is poised to witness transformative innovations that address these challenges, offering new hope for patients and driving the expansion of the market. Thus, the adverse effects of existing treatment modalities hinder the skin cancer treatment market growth.

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Skin Cancer Treatment Market: Strategic Insights

Market Size Value in	US$ 10,388.57 million in 2022
Market Size Value by	US$ 18,277.71 million by 2030
Growth rate	CAGR of 7.32% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The “skin cancer treatment market analysis” has been carried out by considering the following segments: on the basis of type, therapy, and end user. Based on type, the market is bifurcated into melanoma and non-melanoma. The skin cancer treatment market, by therapy, is segmented into immunotherapy, targeted therapy, chemotherapy, radiation therapy, and others. By end user, the market is segmented into hospitals, dermatology clinics, diagnostic centers, and others. In terms of geography, the skin cancer treatment market report is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

Based on type, the skin cancer treatment market is bifurcated into melanoma and non-melanoma. The melanoma segment is expected to hold a larger market share during the forecast period. Melanocytes on the skin divide abnormally, known as melanoma skin cancer. Rising incidence of melanoma in several Asian and European countries bolsters the market growth for the segment. Surgery and radiation therapy are main treatments for non-melanoma skin cancer. Nonetheless, the launch of immunotherapy medications to treat skin cancer other than melanoma is anticipated to support the market expansion for the segment in the next years. The market is expected to grow in the coming years as therapeutic medications for non-melanoma treatment become widely available.

Based on therapy, the skin cancer treatment market is segmented into immunotherapy, targeted therapy, chemotherapy, radiation therapy, and others. Considering the adverse effects of radiation and chemotherapy, immunotherapy medications are being utilized more often to treat skin cancer. Furthermore, treatment options, such as targeted therapy, improve skin cancer treatment success. When skin cancer has advanced to the point where other treatment options are not practical, physicians propose immunotherapy and targeted therapy. It is expected that these factors will boost the skin cancer treatment market growth for the targeted therapy and immunotherapy segments in the coming years. Furthermore, targeted therapy segment is anticipated to hold a significant skin cancer treatment market share by 2030.

Regional Analysis:

Based on region, the skin cancer treatment market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

North America is the most significant contributor to the growth of the skin cancer treatment market owing to a higher incidence of skin cancer in the US and the greater uptake of cancer medications in that nation. In addition, the inclination of major industry participants to introduce novel treatments for skin cancer is predicted to have a favorable impact on the expansion of the market in the area. Because non-melanoma skin cancer is more common in Caucasian populations, North America and Europe account for a large portion of the global market.

The skin cancer treatment market size in Asia Pacific is expected to grow at the highest rate during the forecast period due to the rising prevalence of melanoma and non-melanoma in countries such as Australia and New Zealand. In Asia Pacific, the combination of regulatory approvals for skin cancer medications and the sizeable and underdeveloped market in developing countries support the skin cancer treatment market expansion in the region. As melanoma cases are rising in Europe, the market revenue is expected to develop healthily during the forecast period.

Skin Cancer Treatment Market Report Scope

Industry Developments and Future Opportunities:

A few initiatives taken by key players operating in the global skin cancer treatment market are listed below:

1. In October 2023, with the US FDA's approval of Opdivo (nivolumab), Bristol Myers Squibb announced that it can now treat adult and pediatric patients aged 12 years and above with completely resected stage IIB or IIC melanoma as an adjuvant. This expands Opdivo's current indication and furthers the company's legacy of offering treatment options for melanoma patients. The Phase 3 CheckMate -76K trial, which pitted Opdivo (n = 526) against a placebo (n = 264), served as the basis for the approval.
2. In March 2023, Zynyz, a humanized monoclonal antibody that targets programmed death receptor-1 (PD-1) was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC). Based on tumor response rate and duration of response (DOR), the FDA approved Zynyz under accelerated approval; however, Zynyz's continued approval for this indication may be subject to verification and a description of clinical benefit in confirmatory trials.

Competitive Landscape and Key Companies:

Merck & Co., Bristol Mayers Squibb, Novartis AG, Roche, Amgen Inc., GSK, Pfizer Inc., Sun Pharmaceutical, and Regeneron Pharmaceuticals are a few key companies operating in the skin cancer treatment market report. These companies focus on expanding their offerings to meet the growing consumer demand worldwide. Their global presence allows them to serve many customers, allowing them to expand their market share.