As per pathophysiology, Melanoma is a disorder or a form of
cancer where the cell producing the skin color becomes cancerous/malignant and
the melanocytes start multiplying at an uncontrollable pace. Nearly 70-80% of
melanoma arises on normal-looking skin, while only 20-30% of melanomas are
found in the existing moles. The changing stature of ozone radiation coupled
with higher time exposure to the unprotected sun is the critical
reason for market growth. Further, the growth of pipeline therapies to treat
melanoma aids the market growth. Melanoma Drugs Market Size is estimated to reach $14.3 billion by 2027 and it is poised to grow at a CAGR of 7.5% over the forecast period of 2022-2027.
Melanoma Drug Market Drivers
The Increasing Prevalence of Melanoma Cancer has Provided the Market with the Necessary Impetus.
The number of cases of melanoma is on a significant increase, as per Skin Cancer. Org, the epidemiology favors the whites than blacks, moreover, around 197,700 cases of melanoma will be diagnosed within the U.S. in 2022, which has propelled the melanoma drugs market in the U.S. of the diagnosis, nearly 97-98,000 cases will be in-situ (non-invasive), confined to the epidermis (the top layer of the skin), and nearly 99,000-100,000 cases will be invasive, those which have penetrated skin’s second layer.
The Growing Susceptible Geriatric Population Coupled with Rising Incidence in Younger Adults has Provided the Needed Push to Market Growth.
Melanoma has often been considered a condition for older people. As per AIM AT MELANOMA Foundation, about 50% of melanomas within the countries occur in people above the age of 50, with a median age risk of 59. The geriatric population share in the countries like the U.S. is bound to increase from 11.6% to 16.7% in the coming decades as per CDC, which will support the market growth and claim. Incidentally, the incidence of melanoma is excruciatingly growing in young adults. As per WHO, melanoma is the third most prevalent cancer in men and women aged 15-29.
Clinical Trials and Research
In September 2022, Researchers from the Netherlands found a new cell-based therapy for melanoma, which in turn has proven to be more effective than existing treatments - TIL-Therapy. In September 2022, Bristol-Myers Squibb Company’s Opdivo has shown efficacy when used as a post-surgery (adjuvant) treatment for patients with melanoma, extending the time before the disease recurrence or patient death in a phase 3 trial.
The Major Players in the Market Include
The Major Players in the Melanoma Drugs Market include Takeda Pharma, Roche, Bristol Myers Squib, Novartis AG, Pfizer, Sanofi, Janssen Biotech, Glaxo Smith Kline, Amgen Inc, and Pierre Fabre Group.
Over the years, market players have evolved through higher achievement rates of successful clinical trials backed by strong R&D budgets and comparatively easy funding rounds. Moreover, the advent of digitization opens up avenues for the market.