The Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 8011.15 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Metastatic melanoma refers to melanoma that has spread beyond the skin to other parts of the body like lymph nodes, lungs, liver or brain. The therapeutics associate with Metastatic Melanoma includes targeted therapies, immunotherapy and chemotherapy. Targeted therapies like BRAF inhibitors and MEK inhibitors are majorly used for treating patients with specific gene mutations. Immunotherapies help boost patient’s immune system to fight cancer cells while chemotherapy uses anti-cancer drugs to destroy cancer cells.
Market Dynamics:
The increasing incidence of melanoma worldwide acts as a major driver for the market. According to WHO, around 300,000 new cases of melanoma are diagnosed globally each year. As per estimates, the annual cost of melanoma in the U.S. amounts to approximately $3.3 billion. The rising healthcare expenditure and growing awareness regarding diagnosis and treatment options also contribute to the market growth. In addition, ongoing research for developing novel and superior therapeutics provides lucrative opportunities. However, the high cost of targeted therapies and side effects associated with immunotherapies and chemotherapies may hamper the market growth.
Segment Analysis
Metastatic melanoma therapeutics market is segmented on the basis of therapy, end user and region. By therapy, the market is segmented into immunotherapy, targeted therapy, chemotherapy and others. Among these, immunotherapy dominated the market in 2022 owing to high efficacy and less side effects of drugs such as ipilimumab and nivolumab.
PEST Analysis
Political: Government policies for approval of drugs and funding for R&D projects related to melanoma therapeutics will influence the market growth.
Economic: Rising healthcare spending and growing middle class population are increasing the demand for novel targeted therapies and immunotherapies for cancer treatment.
Social: Increasing prevalence of melanoma due to changing lifestyle and excessive exposure to UV rays is boosting the market growth.
Technological: Advancements in drug designing and development of combination therapies are expanding treatment options and improving clinical outcomes in patients with advanced melanoma.
Key Takeaways
The Global Metastatic Melanoma Therapeutics Market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing adoption of targeted therapies and combo immunotherapy. North America dominated the market in 2022 owing to strong presence of key players, growing research funding and availability of advanced treatments in the region. Regional analysis Regional analysis South and East Asia regions are expected to witness fastest growth over the next eight years owing to rising incidence of melanoma, improving healthcare infrastructure, and increasing spending capacity of consumers in countries like China and India.
Key players operating in the Metastatic Melanoma Therapeutics are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. Some of the best performing drugs are Opdivo (nivolumab) by Bristol-Myers Squibb, Keytruda (pembrolizumab) by Merck & Co. and Yervoy (ipilimumab) by Bristol-Myers Squibb.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
