Skin Cancer Therapeutics Market Prospects and Growth Assessment

Posted by Pooja on May 26th, 2021

Skin cancer is a disease in which cancer cells are formed in tissues of the skin. Skin is the largest organ in the body that helps in regulation of body temperature, protection from harmful radiation, and excretion of toxic substances through sweat and sensation. It is made of three types of cells, squamous cells forming top layer of epidermis, basal cells i.e. round cells below the squamous cells, and melanocytes forming melanin, present in the lower part of the epidermis. Skin cancer forms in basal cells or squamous cells.

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Skin cancer treatment may vary depending upon the patient’s general health, type of the cancer, stage of the cancer, affected body part, tumor size, etc. Increasing prevalence of skin cancer, indoor tanning using UV radiation, depleting ozone layer due to rise in pollution, increased exposure to chemicals, and surge in use of sunbeds and sunlamps in developed countries are some of the major factors anticipated to propel the growth of the skin cancer therapeutics market during the forecast period.

However, strict regulatory guidelines and side-effects associated with the treatment are expected to be the major restraints for the market during 2018-2026. Development of hedgehog pathway inhibitors, a class of anticancer medicine suitable for advanced basal cell carcinoma where surgery and radiation are considered inappropriate, is the latest trend in the skin cancer therapeutics market.

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The global skin cancer therapeutics market can be segmented based on cancer type, treatment, and end-user. By cancer type, the market can be divided into non-melanoma (basal cell carcinoma and squamous cell carcinoma) and melanoma cancer. Non-melanoma skin cancer is more common than melanoma skin cancer. The non-melanoma therapeutics segment dominated the skin cancer therapeutics market in 2017 and is expected to retain its position in terms of market share throughout the forecast period. A research conducted by the American Academy of Dermatology estimates that non-melanoma skin cancer, including basal cell carcinoma and squamous cell carcinoma, affects more than 3 million Americans every year.

Based on treatment, the skin cancer therapeutics market can be classified into surgery, non-invasive treatment, chemotherapy, and others. In surgery, the cancerous tissues and the surrounding skin are removed by cutting them out from the body. The surgery segment can be further bifurcated into photodynamic therapy, Mohs surgery, Curettage, and others. The non-invasive treatment segment can be further divided into radiotherapy, photodynamic therapy, cryotherapy, laser therapy, and others. Chemotherapy can be split into systemic and targeted.

The surgery segment dominated the skin cancer therapeutics market in 2017 due to its ability to treat squamous cell carcinomas, basal cell carcinomas, and melanomas. The segment is expected to register the highest growth during the forecast period. In terms of end-user, the skin cancer therapeutics market can be categorized into hospitals and clinics, diagnostic centers, cancer research institutes, and others. The hospitals and clinics segment dominated the market in 2017 and is expected to retain its leading position during the forecast period.

Based on geography, the global skin cancer therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the skin cancer therapeutics market in 2017, with the U.S. accounting for the major share. This can be attributed to increased incidences of skin cancer and better health infrastructure available in the country.

The skin cancer therapeutics market in Asia Pacific is expected to expand at a significant CAGR during the forecast period. The expected growth of the market in Asia Pacific can be attributed to rising cases of skin cancer, increasing health care expenditure, and technological advancement in the developing countries of the region.

Key players operating in the global skin cancer therapeutics market include Novartis AG, Sun Pharmaceutical Industries Ltd., Mylan N.V., Varian Medical Systems, Inc., Merck & Co., Inc., Cannabis Science Inc., F. Hoffmann-La Roche Ltd, Cellceutix Corp., Aqua Pharmaceuticals LLC, and LEO Pharma A/S.