Market Size of Skin Cancer Therapeutics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Skin Cancer Diagnostics & Therapeutics Market Analysis
The Skin Cancer Therapeutics Market is poised to grow at a CAGR of 10.1% over the forecast period.
Covid-19 significantly impacted market growth due to restrictions from hospitals and healthcare settings on nonelective procedures during the pandemic. According to a study published in PLOS ONE in Mach 2021, during the early days of the pandemic, there was a sharp decline in skin biopsies, adversely affecting the elderly, women, and several geographical areas. Even though the number of biopsies increased later, there was still a significant backlog of patients even after six months. The market was also impacted due to the lack of availability of therapeutics because of supply chain restrictions and manufacturing halts. In the later days, the market showed significant improvement due to the rise in the burden of backlog skin biopsies and the availability of skin cancer therapeutics, driving the market growth during the forecast period.
The factors driving the market growth include increasing incidence of skin cancer, rising awareness of skin cancers, and extensive R&D pipelines on skin cancer therapeutics, among others.
Skin cancer is the most common form of cancer. Even though most types of skin cancers are preventable, their incidence is increasing. The risk factors include sunlight, sunlamps and tanning booths, certain medical conditions, or medicines. UV radiation changes the genetic material (DNA) in cells and is, therefore, the main cause of skin cancer. According to the WHO in March 2022, the number of new cases of cutaneous melanoma per year will increase by more than 50% from 2020 to 2040.
Furthermore, increasing supportive initiative by government for rising awareness of skin cancer is also expected to drive market growth. For instance, in May 2021, the American Academy of Dermatology (AAD) launched the SPOT Skin Cancer awareness program. The goal of this awareness program is to raise awareness that helps to prevent skin cancer, find this disease early, and save lives. Such initiatives will help inform people of skin cancer treatments, driving market growth.
In addition, the rising drug approvals of innovative skin cancer therapeutics from international regulatory agencies are expected to bolster market growth over the forecast period. For instance, in February 2021, the US FDA approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) as the first immunotherapy indicated for patients with advanced basal cell carcinoma (BCC). However, the high cost associated with the therapy and the side effects and complications associated with treatment may be expected to hinder market growth.
