PUBLISHER: DataM Intelligence | PRODUCT CODE: 1138269
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1138269
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Skin Cancer Market is expected to grow at a CAGR 8% during the forecasting period (2022-2029). Skin cancer is the most common type of cancer caused due to abnormal growth of skin cells. It is estimated that 90% of skin cancer is caused majorly due to solar and artificial ultraviolet radiation (UV). Ultraviolet radiation is a primary carcinogen that results in UV-induced mutations, loss of activity in tumor suppressor genes, and the overexpression of oncogenes in keratinocytes, thus boosting the development of skin malignancies.
The Skin Cancer Market study analysis offers an in-depth outlook on the market containing both quantitative, and qualitative data. It gives an outlook and forecast of the global market based on the Skin Cancer Market segmentation by treatment type, and end user. It also provides Skin Cancer Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global Skin Cancer Market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
The global skin cancer market growth is driven by the growing incidents of skin cancer, rise in global warming leading to depletion of ozone layer and increasing awareness about the treatment especially in the emerging nations.
The growing diagnosis of skin cancer is expected to drive market growth.
The diagnosis and treatment of nonmelanoma skin cancers in the U.S. increased by 77 percent between 1994 and 2020. About 90 percent of nonmelanoma skin cancers are associated with sun exposure to ultraviolet (UV) radiation. The American Academy of Dermatology Association, approximately 9,500 people in the U.S. are diagnosed with skin cancer daily. It is estimated that 196,060 new cases of melanoma, 101,280 noninvasive (in situ), and 106,110 invasives will be diagnosed in the U.S. in 2021. Invasive melanoma is projected to be the fifth most commonly diagnosed cancer for men (62,260 cases) and women (43,850 cases) in 2021. The incidence of skin cancer among non-Hispanic white individuals is almost 30 times higher than that among non-Hispanic Black or Asian/Pacific Islander individuals. Skin cancer in patients with skin color is often diagnosed in its later stages when it's more difficult to treat.
Twenty-five percent of melanoma cases in African American patients are diagnosed when cancer has spread to nearby lymph nodes. In contrast, 16% are diagnosed when cancer has spread to distant lymph nodes and other organs. People with skin color are prone to skin cancer in areas that aren't commonly exposed to the sun, like the palms of the hands, the soles of the feet, the groin and the mouth. They also may develop melanoma under their nails. Skin cancer rates are higher in women than in men before age 50 but are higher in men after age 50, which may be related to differences in recreation and work-related UV exposure. Research indicates that males diagnosed with melanoma between the ages of 15 and 39 are 55% more likely to die than females diagnosed with melanoma in the same age group. Thus, the growing skin cancer diagnosis will drive the market's growth in the forecast period.
The high cost of skin cancer diagnosis is expected to hamper the market growth.
At an average of $150,000, cancer treatment costs are more than four times higher than treatment for other common health conditions. As per the Centers for Disease Control and Prevention (CDC), it is estimated that treatment for all kinds of skin cancer costs at least $8 billion per year. The agency projects that the annual cost of treating new patients with melanoma will be $1.6 billion by 2030. Thus these factors will hamper the market's growth in the forecast period.
The skin cancer market provides in-depth analysis of the market based on various industry factors such as porter five forces, unmet needs, epidemiology, supply chain analysis etc.
The Non-melanoma segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Non-melanoma skin cancer is usually treated as a simple lesion in the initial stages, but if not treated properly, it can quickly spread to other body parts. Currently, around 2-3 million non-melanoma skin cancers and 132,000 melanoma skin cancers occur globally yearly. Moreover, according to the American Society of Clinical Oncology (ASCO), in 2022, it is estimated that 5.4 million cases of basal cell carcinoma and squamous cell carcinoma will be diagnosed annually in the United States among 3.3 million people. Some people are diagnosed with more than 1 skin cancer. The number of non-melanoma skin cancers has been growing for several years. This is likely due to earlier detection of the disease, increased sun exposure, and longer life spans. Basal cell carcinoma is far more common than squamous cell carcinoma. About 80% of non-melanoma skin cancers are basal cell carcinoma. Thus, it is the most common malignancy in the United States, with substantial associated morbidity and cost and relatively small but significant mortality. Treatment for non-melanoma skin cancer is usually successful, as unlike the other types of cancer, there's a significantly lower risk of cancer spreading to other parts of the body. Treatment for non-melanoma skin cancer is successful in approximately 90% of cases. Hence, the increasing rates of non-melanoma skin cancer and its success rates after treatment will drive the market's growth in the forecast period.
North American region holds the largest market share of the global skin cancer market.
In 2021, the North American region accounted for the largest market share. As per the American Academy of Dermatology, skin cancer is the most common cancer in the United States. Most cases of melanoma, the deadliest kind of skin cancer, are caused by exposure to ultraviolet (UV) light. It is estimated that approximately 9,500 people in the United States are diagnosed with skin cancer every day. Furthermore, according to the latest SEER data, melanoma is the fifth most common cancer diagnosis in the US (excluding non-melanoma skin cancers), with 106,000 estimated new cases in 2021, representing 5.6% of all cancer diagnoses. Thus, the increasing incidences of skin cancer in the region are a major factor driving the market growth.
Additionally, the recent advancements in skin cancer therapy, including photodynamic therapy (PDT), have been widely used in treating non-melanoma skin malignancies, thus driving the growth of the skin cancer market during the forecast period. For instance, Nanotechnology-based therapy is gaining popularity and becoming an essential topic to debate. Skin cancer nanotherapy is approached in a variety of ways and tactics. Nanoparticles targeting carcinoma cells, functionalized nanoparticles for specific targeting to cancer cells, receptor-mediated active targeting as nanoshells, nanostructured lipid carriers, liposome, ethosome, bilosome, polymeric nanoparticle, nanosphere, dendrimers, carbon nanotubes, quantum dots, solid lipid nanoparticles, and fullerenes that are highly efficient in the specific killing of cancer cells are all examples of strategic approaches.
The COVID-19 pandemic has negatively impacted healthcare systems and the skin cancer market. As per the article published in Cancer Connect 2020, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types, including skin cancer. Moreover, the Centers for Disease Control and Prevention (CDC) and many medical professional organizations recommended that cancer screening and other health prevention services, along with elective surgeries, be postponed unless the risks outweigh the benefits and secure the hospital infrastructure for the treatment of COVID-19 patients. Thus, the COVID-19 pandemic has impacted the skin cancer market.
Major key players in the skin cancer market are Amgen, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Abbott Laboratories., Sanofi SA, Novartis AG, Qiagen NV and Pfizer Inc. among others.
Amgen is one of the world's leading biotechnology companies. It is engaged in pharmaceutical product research, development, and manufacturing. Amgen is a values-based company deeply rooted in science and innovation to transform new ideas and discoveries into medicines for patients with serious illnesses. The company offers a wide range of products for treating the central nervous system, neurosciences, ophthalmology, cancer, medical aesthetics, plastic surgery, dermatology, liver disease, inflammation, metabolic syndromes, and fibrosis. Amgen has 40 manufacturing facilities and 27 R&D, and Amgen, Inc is a biotechnology company that engages in the discovery, development, manufacture and marketing of human therapeutics and marketing facilities across the world.
IMLYGIC: IMLYGIC (talimogene laherparepvec) is a prescription medication used to treat a type of skin cancer called melanoma when it is on your skin or in your lymph glands.
The global skin cancer market report would provide an access to an approx. 45+market data table, 40+figures and 180pages