Merkel cell carcinoma (MCC) is a rare and aggressive form of skin cancer that usually appears as a painless, firm, shiny red, purple or pink nodule on sun exposed areas of skin. It arises from Merkel cells in the skin which are neuroendocrine cells that may be involved in light touch sensation and proprioception. MCC often occurs in older adults and people with weakened immune systems.The Merkel Cell Carcinoma Market comprises of drug therapies including chemotherapy, surgery, radiation therapy and immunotherapy that are used in the treatment of MCC.
The market is estimated to be valued at US$ 2.51 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031 driven by the increasing incidence of skin cancers globally.
Key Takeaways
Key players operating in the Merkel Cell Carcinoma Market are Merck, Incyte Corporation, Kartos Therapeutics, Inc., Bristol-Myers Squibb, Amgen Inc. Merck’s Keytruda and Incyte’s Retifanlimab are some of the major drug therapies approved for treatment of advanced stages of Merkel cell carcinoma.
The demand for Merkel cell carcinoma treatment is growing significantly owing to the rising incidence of skin cancer cases worldwide. According to the Global Cancer Observatory, the incidence of skin cancer increased by 145% between 2000 to 2019 globally. The growing aging population and increasing exposure to UV radiations are contributing to this growth.
The key players are expanding their geographical footprint through licensing agreements and collaborations to cater to the global demand. For instance, In June 2022, Incyte announced licensing agreements with Zai Lab to commercialize retifanlimab in Greater China and with MacroGenics for global development and commercialization excluding Korea and Japan.
Market Key Trends
The Merkel Cell Carcinoma Market is witnessing increased research and development for novel therapeutics. Kartos Therapeutics is developing KT-2004, a novel bivalent MERTK/AXL inhibitor for treatment of advanced MCC. Positive results from ongoing trials can meet the unmet need and drive the market growth. Combination therapies are also emerging as a trend to improve clinical outcomes. Bristol-Myers Squibb is studying OPDIVO (nivolumab) in combination with chemotherapy in advanced MCC. Such combination therapies may improve response rates and help capture larger market share in the forecast period.
Porter’s Analysis
Threat of new entrants: Entry into advanced cancer therapy is difficult and expensive due to extensive R&D and clinical trials required.
Bargaining power of buyers: Cancer patients represent a small portion of pharmaceutical industry buyers with urgent medical needs but constrained resources.
Bargaining power of suppliers: Specialized resources and technologies required limit supplier bargaining power in advanced cancer therapy development.
Threat of new substitutes: Management of rare cancer types is challenging, limiting substitution potential across cancer markets.
Competitive rivalry: Significant competition exists among large pharmaceutical companies to develop innovative treatments and gain market share for rare cancers like Merkel Cell Carcinoma.
Geographical Regions
North America currently dominates the Merkel Cell Carcinoma Market in terms of value, accounting for over 40% market share. This is attributed to rising incidence rates of Merkel Cell Carcinoma in the US and availability of advance care options. Europe is the second largest regional market with major countries including Germany, UK and France.
Asia Pacific region is anticipated to demonstrate fastest growth during the forecast period driven by growing awareness, improving access to diagnosis and care. Countries such as China, India, South Korea and Japan are expected to deliver high double digit growth. Rising healthcare expenditure per capita and strengthening pharmaceutical industry in Asia offers lucrative opportunities for market players.
What Are The Key Data Covered In This Merkel Cell Carcinoma Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Merkel Cell Carcinoma Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Merkel Cell Carcinoma Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Merkel Cell Carcinoma Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Merkel Cell Carcinoma Market vendors
FAQ’s
Q.1 What are the main factors influencing the Merkel Cell Carcinoma Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Merkel Cell Carcinoma Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Merkel Cell Carcinoma Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile