Melanoma Therapeutics Global Market Report 2024

The melanoma therapeutics market has grown rapidly in recent years. It will grow from $3.67 billion in 2023 to $4.1 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to a shift in treatment guidelines, heightened awareness and early detection efforts, regulatory approvals, and participation in clinical trials, as well as advancements in surgical techniques.

The melanoma therapeutics market is expected to see rapid growth in the next few years. It will grow to $6.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to the emergence of new treatment modalities, the identification of biomarkers, regulatory support for innovation, advancements in personalized medicine, and enhancements in immunotherapy. Significant trends expected in this forecast period include the evolution of treatment guidelines, the integration of telemedicine in oncology, increased focus on patient advocacy and awareness, ongoing biomarker research, and the development of combination therapies.

The anticipated increase in melanoma cases is poised to drive the growth of the melanoma therapeutics market in the foreseeable future. Melanoma, a type of skin cancer originating from melanocytes, is treated with therapies and drugs specifically designed for melanoma patients to mitigate the effects of the disease. The rising incidence of melanoma is expected to contribute to increased sales of melanoma therapeutics. As of May 2022, the World Health Organization projected approximately 325,000 new cases and 57,000 deaths globally due to melanoma in 2020. IARC (International Agency for Research on Cancer) scientists further anticipate a more than 50% increase in cutaneous melanoma cases to over 500,000 annually and a more than two-thirds increase in melanoma-related deaths to almost 100,000 annually between 2020 and 2040. Consequently, the growing incidence of melanoma is a significant factor propelling the growth of the melanoma therapeutics market.

The rise in the aging population is expected to drive the growth of the melanoma therapeutics market in the coming years. An aging population, characterized by a higher proportion of individuals aged 65 and older within a population, experiences an increased prevalence of melanoma. Melanoma therapeutics play a crucial role in addressing this skin cancer, which becomes more common with advancing age. In October 2022, the World Health Organization reported that the global population aged 60 and above has increased to 1.4 billion in 2022, up from 1 billion in 2020. The number of individuals aged 60 and above is projected to double worldwide by 2050, reaching 2.1 billion. Additionally, the number of people aged 80 or older is expected to triple by 2050, reaching 426 million. Therefore, the growing aging population is a key driver for the melanoma therapeutics market.

Product innovation is a notable trend gaining momentum in the melanoma therapeutics market, with major companies focusing on developing new and innovative therapies to strengthen their market position. In January 2022, Immunocore, a UK-based biotechnology company, successfully developed KIMMTRAK (tebentafusp-tebn), receiving FDA approval for the treatment of metastatic uveal melanoma. KIMMTRAK is a groundbreaking bispecific protein with anti-CD3 immune-effector activity linked to a soluble T cell receptor, demonstrating an overall survival of nearly 22 months in a successful phase 3 clinical trial. This represents the first compound created using Immunocore's ImmTAC technology platform, redirecting and activating T lymphocytes to identify and eliminate tumor cells.

Major companies in the melanoma therapeutics market are introducing innovative products such as Opdualag to enhance their market profitability. Opdualag, a medication for the treatment of melanoma that has spread or cannot be surgically removed, was approved by the FDA in March 2022. Developed by Bristol Myers Squibb, Opdualag is a breakthrough combination therapy targeting both PD-1 and LAG-3, improving efficacy and tolerability compared to current immunotherapies. This provides a novel treatment option for advanced melanoma patients, enhancing the effectiveness of existing immunotherapies without significantly increasing side effects.

In April 2022, EMZ Partners, a Germany-based investment firm, acquired a majority stake in FotoFinder Systems GmbH for an undisclosed amount. This strategic partnership is expected to enable FotoFinder Systems GmbH to expand its product offerings and reach new markets. FotoFinder Systems GmbH, based in Germany, provides skin visualization equipment used in melanoma therapeutics.

Major companies operating in the melanoma therapeutics market report are AstraZeneca plc, Bristol-Myers Squibb Co., Eli Lilly and Company, Merck & Co. Inc., Novartis AG, Hoffmann-La Roche AG, Sanofi S.A., AB Science S.A, Amgen Inc., Daiichi Sankyo Company Limited, F. Hoffman-La Roche Ltd., Pfizer Inc., GlaxoSmithKline PLC, Bayer AG, AbbVie Inc., Johnson & Johnson Private Limited, The Bristol-Myers Squibb Company, Nektar Therapeutics, Immutep Ltd., Partner Therapeutics lnc., Idera Pharmaceuticals Inc., Oncolys BioPharma Inc., Iovance Biotherapeutics lnc., AIM ImmunoTech Inc., Infinity Pharmaceuticals lnc., Spring Bank Pharmaceuticals lnc., Incyte Corporation, Sun Pharmaceutical Industries Ltd., Thermo Fisher Scientific Inc., Takeda Pharmaceutical Company Limited, Eisai Co.Ltd., Seattle Genetics Inc., Regeneron Pharmaceuticals Inc., Bio-Rad Laboratories Inc., Illumina Inc., Myriad Genetics Inc.

North America was the largest region in the melanoma therapeutics market in 2023. The regions covered in the melanoma therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the melanoma therapeutics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of melanoma therapeutic drugs include monoclonal antibodies, small-molecule inhibitors, and others. Monoclonal antibodies are synthetic therapeutic proteins designed to bind to specific targets, such as antigens present in cancer cells, and are produced in laboratory settings. Various treatment modalities are encompassed, such as surgery, radiation therapy, immunotherapy, targeted therapy, and chemotherapy, and these therapies are administered through various routes, including oral and injectable methods. Melanoma is categorized into different types, including superficial spreading melanoma, nodular melanoma, lentigo maligna melanoma, acral lentiginous melanoma, amelanotic melanoma, and others. Diagnosis involves techniques such as dermatoscopy, sentinel lymph node biopsy, blood tests, x-rays, ultrasound, and CT scans.

The melanoma therapeutics market research report provides melanoma therapeutics market statistics, including melanoma therapeutics industry global market size, regional shares, competitors with a melanoma therapeutics market share, detailed melanoma therapeutics market segments, market trends and opportunities, and any further data you may need to thrive in the melanoma therapeutics industry. This melanoma therapeutics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The melanoma therapeutics market includes revenues earned by entities by providing stereotactic radiosurgery, stereotactic ablative radiation therapy, intralesional therapy, and palliative therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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