Global Melanoma Cancer Market Report 2022-2028: Continued Government Funding to Boost Sector Growth

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Nov 04, 2022, 11:45 ET

DUBLIN, Nov. 4, 2022 /PRNewswire/ -- The "Global Melanoma Cancer Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

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 are anticipated to drive 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.

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.

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.

Key Topics Covered:

1. Introduction

2. Market Overview and Insights

3. Competitive Landscape

4. Market Determinants

5. Market Segmentation

6. Regional Analysis

7. Company Profiles

Companies Mentioned

Abbott Laboratories
Ab Sciences
AbbVie Inc.
Amgen, Inc.
AstraZeneca plc
Bristol-Myers Squibb Co.
Castle Biosciences, Inc.
Celgene Corp.
Chinook Therapeutics, Inc.
Daiichi Sankyo Co., Ltd.
ENB Therapeutics
Eisai Co Ltd.
F. Hoffman-La Roche Ltd.
GlaxoSmithKline PLC
Incyte Corp.
Iovance Biotherapeutics Inc.
Johnson & Johnson Services, Inc.
Merck & Co., Inc.
Novartis AG
Pierre Fabre S. A.
SciBase AB

For more information about this report visit https://www.researchandmarkets.com/r/holbjr

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