The global skincancer treatment market size is projected to reach USD 14.55 billion by theend of 2027. The increasing prevalence of non-melanoma cancer across the worldwill have a huge impact on market growth. According to a report published byFortune Business Insights, titled “SkinCancer Treatment Market Size, Share & Industry Analysis, By Disease Indication(Melanoma and Non-Melanoma), By Therapy (Immunotherapy, Targeted Therapy,Chemotherapy, and Radiation Therapy), By Distribution Channel (HospitalPharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2027,”the market was worth USD 8.19 billion in 2019 and will exhibit a CAGR of 7.5%during the forecast period, 2019-2027.
An Overview of the Impact of COVID-19 on this Market:
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Growing RegulatoryApprovals Will Aid Growth of the Market
The report encompasses several factors that have contributedto the growth of the skin cancer treatment market in recent years. The highemphasis and subsequently high investment on the development of efficienttreatment options associated with the disease will have a huge impact on the growthof the overall market in the coming years. Among all factors, the increasingnumber of regulatory approvals has made the highest impact on market growth. InApril 2018, Tafinlar+Mekinist announced the approval for a new therapy used inthe treatment of BRAF V600-mutant melanoma. The therapy received allocates fromseveral researchers for its exceptional capabilities in the treatment of thedisease. It was awarded the breakthrough designation in 2017 and was submittedfor priority review in the same year. US FDA’s approval for this therapy willcertainly encourage other companies. Increasing number of such regulatoryapprovals will bode well for the growth of the skin cancer treatment market inthe forthcoming years.
North America Dominate the Market; HighPrevalence of Skin Cancer has Emerged in Favor of Companies
Thereport analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America,and the Middle East & Africa.Among these regions, the market in North Americacurrently holds the largestskin cancer treatment market share. The high prevalence of skin cancer in theUnited States is a major factor that has contributed to the growth of theregional market. The emphasis of major companies on introducing innovativetreatment options and drugs will aid the growth of the market in the comingyears. The increasing prevalence of non-melanoma skin cancer in several partsof North America will contribute to the growth of the market. As of 2018, themarket in North America was worth USD 3.04 billion and this value is projectedto increase further in the coming years. The skin cancer treatment market inEurope also held a considerably high share in recent years, owing to thepresence of several large scale companies in numerous countries across thisregion.
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