Melanoma is a kind of skin cancer that starts from melanocytes, which are pigment cells. It is produced by excessive Ultraviolet (UV) light exposure, which causes sunburn, especially at high elevations. Melanoma is categorized into three types: cutaneous, mucosal, and ocular. Cutaneous affects the skin, mucosal affects the mucous membrane in the mouth and nasal passage, and ocular affects the eye. However, early detection of melanoma helps in the treatment and increase survival rates. Melanoma is getting increasingly common and has spread to other parts of the body, according to the American Academy of Dermatology. Treatment becomes much more difficult as it spreads to other sections of the body. The rare genetic conditions such as xeroderma pigmentosum also increase the risk of melanoma and it is diagnosed with the biopsy of any skin lesion.
The global metastatic melanoma therapeutics market is estimated to be US$ 6,432.3 million in 2021 and is expected to reach US$ 13,828.9 million by 2028, at a CAGR of 11.6% during the forecast period (2021 –2028).
Figure1. Global Metastatic Melanoma Therapeutics Market Value (US$ Mn) & Y-o-Y Growth (%), 2017 - 2028
Development of new biologics is expected to drive the market growth over the forecast period.
The key players in the U.S., Europe, and Asia Pacific are focusing on the development of new biologics for the treatment of melanoma. For instance, in March 2017, Take a Novel Challenge for Drug Discovery (TaNeDS) was introduced by Daiichi Sankyo Company Limited, as a collaborative project aimed at facilitating new drug development through collaborations. In addition, it has a strategic research partnership with AgonOX, Inc. to explore innovative immunotherapy medications for the immuno-oncology market.
Metastatic Melanoma Therapeutics Market Report Coverage
||Market Size in 2021:
||US$ 6,432.3 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 13,828.9 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC Countries, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Therapy: Chemotherapy, Immunotherapy, Targeted Therapy, Radiation Therapy, Surgery
- By Stages: Stage 0, Stage I, Stage II, Stage III, Stage IV
- By End User: Hospitals, Specialty Clinics, Home Healthcare, Others
Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc.
- Development of new biologics
- Rising incidence of melanoma cases
- Technological advancements in treatment of metastatic melanoma
|Restraints & Challenges:
- Lack of awareness in some developing regions
- High cost associated with the therapy
Global Metastatic Melanoma Therapeutics Market – Regional Analysis:
North America holds a dominant share of the market owing to the rising incidence of melanoma and other skin cancers cases in the region. For instance, according to the Skin Cancer Foundation, skin cancer affects one out of every five Americans at some point in their lives. Furthermore, the American Cancer Society recorded 91,270 new instances of melanoma in the U.S. alone in 2018. These figures emphasize the need for new medications to aid in the treatment of melanoma in the coming years.
The U.S. government's favorable reimbursement policies aided in the development of treatment options for melanoma illnesses in an attempt to meet unmet patient requirements. This is expected to give the North American market a solid foundation for expansion. Furthermore, the presence of numerous new players is expected to drive the overall market.
Figure 2. Global Metastatic Melanoma Therapeutics Market Share (%), by End User, 2021
Global Metastatic Melanoma Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it as a public health emergency in 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported globally as of August 02, 2021, are approximately 198,234,951 with around 4,227,359 deaths. Moreover, Coronavirus pandemic has negatively impacted the development, production, and supply of pharmaceutical products and affected growth of the metastatic melanoma therapeutics businesses of various companies as COVID-19 pandemic has led to unprecedented lockdown in several countries, globally. This lockdown has resulted in the closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the products. Thus, COVID-19 pandemic has affected the economy by directly affecting the production and demand, by creating disruptions in distribution channels and also by its financial impact on firms and financial markets.
Global Metastatic Melanoma Therapeutics Market: Restraint
The major factors that hinder growth of the Global Metastatic Melanoma Therapeutics Market include lack of awareness in some developing regions and high cost associated with the therapy. For instance, according to a report in the Journal of the National Cancer Institute, the cost of melanoma treatment was approximately US$ 2.36 billion in 2010 which increased to US$ 3.16 billion in 2020.
Major players operating in the Global Metastatic Melanoma Therapeutics Market include Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences, AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc.