Global Melanoma Cancer Market Research and Forecast 2022-2028

Global Melanoma Cancer Market Size, Share & Trends Analysis Report By Diagnosis (Biopsy, Computed Tomography (CAT) Scan, Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) Scan), By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, and Radiation therapy), Forecast 2021-2027

The global market for melanoma cancer is projected to have a considerable CAGR of around 12.3% during the forecast period. Melanoma is a skin cancer that develops in the melanocyte cells, responsible for producing melanin, a pigment that gives color to the skin. It is the most serious type of skin cancer and it seems to be increasing in people under 40, especially women. The disease is curable when recognized and treated in the early stages and hence has a high success rate. The increasing incidence of melanoma skin cancer across the globe is the major factor boosting the growth of the market. For instance, according to the report of the American Academy of Dermatology Association, approximately 9,500 people in the US are diagnosed with skin cancer every day. More than 1 million Americans are living with melanoma. Melanoma is the second most common form of cancer in females age 15-29. The increasing adoption of immunotherapy and targeted therapy drugs for skin treatments, technological advancement to enhance the treatment, rising awareness about the treatment and diagnosis also drive the market growth. The government funding support for R&D of new drugs and therapies and the increasing number of regulatory approvals by the Food and Drug Administration anticipated driving the market during the forecast period.

However, certain factors such as high costs associated with treatment, and increasing use of generic medicine are hindering the growth of the market. Medicines such as cisplatin is a generic and off-patent drug and are manufactured by multiple companies for cancer treatment across the globe. Innovation in drug development, and subsequent technological advancements & pipeline products are expected to create significant opportunities for the melanoma cancer market.

Segmental Outlook

The global melanoma market is segmented based on diagnosis and therapy. Based on therapy, the market is segmented into immunotherapy, targeted therapy, chemotherapy, and radiation therapy. On the basis of diagnosis, the market is further segmented into biopsy, computed tomography (CT) scan, magnetic resonance imaging (MRI), and positron emission tomography (PET) scan. Among these diagnosis methods, CT scan is projected to have a significant market share during the forecast period. A computerized tomography scan (CT or CAT scan) uses computers and rotating X-ray machines to create cross-sectional images of the body. Thus, the rising prevalence of melanoma will increase the demand for this, which, in turn, will further drive the growth of the market.

Global Melanoma Cancer Market Share by Therapy, 2020(%)

Global Melanoma Cancer Market Share by Therapy

Immunotherapy is projected to have a significant share in the melanoma cancer market

Among therapy, immunotherapy holds the major market share in 2020 and is anticipated to grow at a significant CAGR during the forecast period. Immunotherapy is the use of medicines to stimulate a person's immune system to recognize and destroy cancer cells more effectively. Immunotherapies are considered best for the treatment of melanoma, owing to the fewer adverse effects than other therapies, and provide longer life by boosting the immune system. The US Food and Drug Association have approved immunotherapy drugs for melanoma cancer which includes Ipilimumab (Yervoy), which is an anti-CTLA-4 inhibitor, Pembrolizumab (Keytruda), Nivolumab (OPDIVO), Interleukin-2 (IL-2, Aldesleukin(PROLEUKIN). However, targeted therapy is expected to have considerable growth during the forecast period. Targeted therapies target parts of melanoma cells, these medicines work on genes and proteins in melanoma cells. The targeted therapy uses BRAF inhibitors which includes Zelboraf (vemurafenib) and Tafinlar (dabrafenib) drugs that target the BRAF gene. BRAF is a gene that's part of body cells. Moreover, targeted therapies are growing in the field of cancer research.

Regional Outlook

Geographically, the global melanoma cancer market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Asia-Pacific is expected to have considerable market growth during the forecast period owing to key contributions from China, Australia, Japan, and India. A massive pool of patients, rising disposable income, and an improving healthcare system are the major factors for the growth of the market in the region. Apart from this, the government support for R&D in technology for better skin cancer treatments, and low drug production cost is the crucial factors driving the growth of the market in the region.

Global Melanoma Cancer Market Growth, by Region 2021-2027

Global Melanoma Cancer Market Growth, by Region

North America is anticipated to dominate the global melanoma cancer market

Geographically, North America is projected to dominate the global melanoma market owing to the high prevalence of melanoma in the US and Canada along with a major market share in the region. Well-developed healthcare infrastructure and reimbursement policies are some of the major factors that are contributing to the growth of the market in the region. The presence of major market players and initiatives take by them to generate more revenue by producing new drugs also impact positively on the growth of the market. Europe is also expected to have a significant market share during the forecast period due to the increasing number of skin cancer cases, and the development of novel drugs. The UK, Germany, and France are the major countries with a high prevalence of melanoma cancer and contribute significantly to the market.

Market Players Outlook

The key players in the melanoma cancer market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Bristol-Myers Squibb Co., GlaxoSmithKline plc, AstraZeneca PLC, Amgen Inc, Novartis AG, Abbott Laboratories, Johnson & Johnson Services, Inc., and others. To sustain a strong position in the market, these market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions so on. For instance, in March 2021, Castle Biosciences, Inc has recently launched DecisionDx-Melanoma Integrated Test. It is Castle's prognostic gene expression profile test for cutaneous melanoma. Furthermore, The Company expects to launch an app in 2021 featuring interactive algorithms using the integrated GEP score and traditional clinicopathologic factors to predict risk.

The Report Covers

Market value data analysis of 2020 and forecast to 2027.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global melanoma cancer market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market entry and market expansion strategies.

Competitive strategies by identifying 'who-stands-where' in the market.