Market Overview:
Actinic keratosis is a rough, scaly patch on the skin that is precancerous in nature. It is caused by long-term sun exposure. Early treatment is important to prevent progression to squamous cell carcinoma. Treatment options for actinic keratosis include cryotherapy, lasers, photodynamic therapy, topical prescription medications and surgery.
The global Actinic Keratosis Market is estimated to be valued at US$ 8,070.0 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the actinic keratosis market is the increasing adoption of non-invasive treatment options such as photodynamic therapy and topical drugs. These methods offer advantages over invasive cryotherapy and surgical removal such as minimal pain, lower risk of infection and scarring. They are also generally better tolerated by patients. Additionally, the availability of over-the-counter drugs for self-treatment of actinic keratosis is expected to drive market growth. Products containing diclofenac or 5-fluorouracil allow patients to treat AK lesions at home without requiring a prescription or clinic visit. This has made treatment more convenient and accessible.
SWOT Analysis
Strength: Actinic keratosis market has a large patient pool owing to growing prevalence of actinic keratosis globally. Rising environmental pollution and over exposure to UV rays has increased the risk of developing actinic keratosis.
Weakness: High cost associated with treatment of actinic keratosis limits the growth of this market. Additionally, lack of awareness regarding actinic keratosis in developing nations restricts market growth.
Opportunity: Favorable government initiatives to spread awareness about skin cancer and its risk factors present lucrative opportunities. Furthermore, ongoing clinical trials evaluating new therapies will further aid market expansion.
Threats: Stringent regulations for drug approval and availability of alternative treatment options such as cryotherapy poses significant threats to the market.
Key Takeaways
The global actinic keratosis market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing environmental pollution and overexposure to UV rays.
Regional analysis: North America dominates the global actinic keratosis market owing to raising awareness initiatives by government. Europe accounts for second largest market share supported by favorable reimbursement policies. Asia Pacific exhibits potential growth opportunities attributed to increasing pollution levels and growing geriatric demographic susceptible to actinic keratosis.
Key players operating in the actinic keratosis market are Almirall, S.A., Bausch Health Companies Inc., Perrigo Company plc., Sun Pharmaceutical Industries Ltd., Hill Dermaceuticals, Inc., Spear Pharmaceuticals, Tolmar Pharmaceuticals, Inc., Bioforntera AG, Cipher Pharmaceuticals Inc., Vidac, Athenex, Inc., 3M, and Mayne Pharma Group Limited. Among them, Almirall, S.A., Bausch Health Companies Inc., and Perrigo Company plc. Together account for major market share owing to their wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
