PUBLISHER: The Business Research Company | PRODUCT CODE: 1426453
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426453
Malignant melanoma treatment involves medical interventions and therapies aimed at managing and potentially curing malignant melanoma, a type of skin cancer originating from melanocytes, the cells responsible for producing the skin pigment melanin. The treatment of malignant melanoma provides several critical advantages for the well-being and potential recovery of individuals diagnosed with this aggressive form of skin cancer.
The primary treatments for malignant melanoma include immunotherapy, radiation therapy, chemotherapy, and others. Immunotherapy is a medical treatment that utilizes the body's own immune system to combat diseases, including certain types of cancer. Indicated for treating lentigo malignant melanoma, acral lentiginous melanoma, nodular melanoma, and superficial spreading melanoma, these treatments are administered by various end-users such as hospitals, specialty clinics, and others.
The malignant melanoma treatment market research report is one of a series of new reports from The Business Research Company that provides malignant melanoma treatment market statistics, including malignant melanoma treatment industry global market size, regional shares, competitors with a malignant melanoma treatment market share, detailed malignant melanoma treatment market segments, market trends and opportunities, and any further data you may need to thrive in the malignant melanoma treatment industry. This malignant melanoma treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The malignant melanoma treatment market size has grown rapidly in recent years. It will grow from $6.44 billion in 2023 to $7.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth observed during the historical period can be attributed to targeted therapies, increased patient awareness and education, collaborative research initiatives, and regulatory approvals.
The malignant melanoma treatment market size is expected to see rapid growth in the next few years. It will grow to $10.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to personalized medicine, global health initiatives, expanded genomic profiling, the adoption of value-based healthcare models, and patient-centric approaches. Major trends expected during the forecast period include the integration of artificial intelligence (AI), advancements in early detection technologies, the utilization of real-world evidence and data analytics, the integration of precision medicine, and the exploration of combination therapies.
The anticipated increase in exposure to ultraviolet (UV) radiation is expected to drive the expansion of the malignant melanoma treatment market. UV radiation, an electromagnetic radiation type with a wavelength shorter than visible light but longer than X-rays, significantly influences the development of malignant melanoma. Exposure to UVA (315-400 nm) and UVB (280-315 nm) radiation, particularly from the sun, can lead to DNA damage in skin cells, causing mutations that result in uncontrolled cell growth and tumor formation. According to a 2021 report from the US-based Environmental Protection Agency, overexposure to UV radiation is predicted to contribute to more than 106,000 new cases of melanoma in 2021, surpassing the 2020 figures by around 6,000 cases. Consequently, the increasing exposure to UV radiation is a key driver of growth for the malignant melanoma treatment market.
The rising incidence of melanoma is expected to fuel the growth of the malignant melanoma treatment market. Melanoma, a type of skin cancer originating in melanocytes responsible for pigment production, often requires treatment involving surgical tumor removal. Additional therapies, such as immunotherapy or targeted therapy, may be recommended based on the cancer's stage and extent. According to the American Cancer Society's projections for January 2023, around 97,610 new cases of melanoma are expected, with approximately 58,120 cases in men and 39,490 cases in women. The estimated number of fatalities due to melanoma is approximately 7,990, with around 5,420 being men and 2,570 being women. Hence, the increasing incidence of melanoma is a significant driver of growth for the malignant melanoma treatment market.
The high cost of cancer treatment is anticipated to hinder the growth of the malignant melanoma treatment market. The financial burden associated with cancer treatment, including surgeries, radiation therapy, chemotherapy, and immunotherapy, leads to substantial out-of-pocket expenses, impacting patient access to treatment. This economic strain may result in delayed or deferred treatment, especially for individuals lacking sufficient insurance coverage. The high cost can limit access to advanced therapies, potentially affecting treatment outcomes for cancer patients. The American Cancer Society Cancer Action Network reported that survivor expenses, including follow-up care and addressing the late and long-term effects of cancer, amounted to $1,881 per survivor in December 2022. Moreover, 51% of surveyed patients reported incurring medical debt related to cancer. Therefore, the high cost of cancer treatment poses a challenge to the malignant melanoma treatment market's growth.
Prominent players in the malignant melanoma treatment market are strategically focused on the development and approval of innovative drugs to fortify their market position. The increasing demand for more effective and safer treatments has led to a surge in drug approvals for malignant melanoma treatment, exemplified by Opdualag. This novel therapeutic option is a fixed-dose combination featuring two immunotherapy drugs, nivolumab and relatlimab-rmbw, designed to address unresectable or metastatic melanoma. Bristol Myers Squibb, a leading US-based pharmaceutical company, obtained approval for Opdualag from the US Food and Drug Administration in March 2022. Administered as a single intravenous infusion, Opdualag represents a first-in-class treatment, providing a groundbreaking approach for adult and pediatric patients aged 12 or older with metastatic or unresectable melanoma. Relatlimab-rmbw, a human IgG4 monoclonal antibody targeting the LAG-3 receptor, complements nivolumab in this fixed-dose combination. Opdualag's successful launch marks a significant addition to Bristol Myers Squibb's portfolio of cancer treatments, contributing to the company's overall growth.
In June 2022, Germany-based biotechnology firm Immatics N.V. joined forces with Bristol Myers Squibb to pioneer gamma delta allogeneic cell therapy programs. This collaboration is geared towards advancing cutting-edge cancer immunotherapies with the potential to revolutionize the treatment landscape for various cancers, including malignant melanoma. Bristol Myers Squibb, as a US-based pharmaceutical company, remains steadfast in its commitment to discovering, developing, and delivering innovative medicines to patients grappling with serious diseases, with a particular focus on advancing treatments for melanoma. The collaboration with Immatics N.V. underscores the company's dedication to advancing the field of cancer immunotherapy and exploring new avenues for enhanced treatment modalities.
Major companies operating in the malignant melanoma treatment market report are Johnson & Johnson Private Limited, Pfizer Inc., Hoffmann-La Roche AG, Bayer AG, Novartis AG, Merck & Co. Inc., GlaxoSmithKline plc, Bristol-Myers Squibb Company, Sanofi S.A., AstraZeneca plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Daiichi Sankyo Company Limited, Mylan N.V., Chugai Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Limited, bioMerieux SA, Ono Pharmaceutical Co. Ltd., Exelixis Inc., Array BioPharma Inc., Pierre Fabre Group, Clinigen Group, Iovance Biotherapeutics Inc., X4 Pharmaceuticals Inc., Mirati Therapeutics Inc., Moleculin Biotech Inc., Polynoma LLC, Enzon Pharmaceuticals Inc., Northwest Biotherapeutics Inc.
North America was the largest region in the malignant melanoma treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the malignant melanoma treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the malignant melanoma treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The malignant melanoma treatment market consists of revenues earned by entities by providing services such as diagnosis and staging services, surgical services, medical treatments, genetic counseling, aesthetic services, and cosmetic services. The market value includes the value of related goods sold by the service provider or included within the service offering. The malignant melanoma treatment market also includes sales of aldesleukin, binimetinib, braftovi (encorafenib), cobimetinib fumarate, cotellic (cobimetinib fumarate), dabrafenib mesylate, dacarbazine, and encorafenib. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Malignant Melanoma Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on malignant melanoma treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for malignant melanoma treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The malignant melanoma treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.