Market Trends of Skin Cancer Therapeutics Industry
This section covers the major market trends shaping the Skin Cancer Diagnostics & Therapeutics Market according to our research experts:
Non-melanoma Skin Cancer Segment is Expected to Witness Healthy Growth in the Future
Non-melanoma skin cancer (NMSC) refers to the abnormal growth of malignant cells in the upper layer of the skin. Some of the common types of NMSC include basal cell, Merkle cell and squamous cell carcinoma, and cutaneous T-cell lymphoma. It is primarily characterized by the development of firm lumps or scaly patches on the skin. The treatment methodologies involve the removal of cancer cells through surgical procedures, including micrographic surgery, laser therapy, cryotherapy, and various non-surgical treatments, such as photodynamic therapy (PDT), radiotherapy, and electrotherapy.
According to the American Cancer Society in January 2022, non-melanoma cancers are by far the most common of all types of cancer and it was estimated that about 5.4 million basal and squamous cell skin cancers are diagnosed each year in the United States (occurring in about 3.3 million Americans, as some people have more than one). Furthermore, according to the same source, 80% of these are basal cell cancers (a type of non-melanoma cancer). Therefore, such a huge incidence of non-melanoma cancer is anticipated to drive segment growth due to the rise in the demand for therapeutics for non-melanoma skin cancers.
Moreover, the rising initiatives from market players such as the expansion of the R&D pipelines for non-melanoma therapeutics are expected to drive the segment growth over the forecast period. For instance, in February 2021, MediWound Ltd. an Israeli biopharma company initiated a new clinical development program to evaluate its drug product candidate MWPC005 in patients with non-melanoma skin cancer. Thus, positive outcomes of such studied will lead to new therapeutic options, thereby raising segmental growth.
North America Holds a Significant Market Share and is Expected to do so in the Forecast Period
North America is expected to have a significant share in the market owing to factors such as the rising prevalence of skin cancers, the strong foothold of key market players, and improved healthcare infrastructure.
As per the American Academy of Dermatology Association in 2022, skin cancer was the most common cancer in the United States. It is estimated that 197,700 new cases of melanoma (including 97,920 noninvasive (in situ) and 99,780 invasives) were diagnosed in the United States in 2022. In addition, according to a study published by McGill University Canada in June 2022, the prevalence of melanoma was rising in Canada. These developments in the United States and Canada are expected to drive market growth in the region.
Additionally, key market players' recent advancements in skin cancer therapy for developing innovative therapies and rising approvals of such therapies are boosting the growth of the market studied during the forecast period. For instance, in March 2022, the US FDA approved nivolumab and relatlimab-rmbw (Opdualag, Bristol-Myers Squibb Company) for adult and pediatric patients 12 years of age or older with unresectable or metastatic melanoma. Rising approvals of innovative immunotherapies are likely to drive market growth in the future.
