Actinic keratosis market is estimated to be valued at USD 8.73 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period (2024-2031). The global actinic keratosis market is witnessing high growth owing to the increasing prevalence of actinic keratosis globally due to increasing exposure to UV radiation and growing aging population. Furthermore, rising approvals for new products are also contributing to the market growth.
Market Dynamics:
The growth of the global actinic keratosis market is attributed to the growing prevalence of actinic keratosis disease globally. According to Skin Cancer Foundation, actinic keratosis affects around 58 million Americans annually. With excessive exposure to UV radiation from sunlight and tanning beds, the number of AK lesions in the U.S. population continues to grow. The second major factor driving the market growth is the rising number of product approvals for actinic keratosis treatment. In recent years, many pharmaceutical companies have gained approval for novel treatment options which are contributing to market expansion.
Increasing prevalence of skin-related conditions is driving the growth of the global actinic keratosis market
The rising cases of skin conditions like sun damaged skin, melanoma, and skin cancer has led to an increase in the diagnosis of actinic keratosis globally. According to the Skin Cancer Foundation, over 5 million cases of actinic keratosis are diagnosed in the U.S. every year. Prolonged exposure to UV radiation from sunlight is considered as one of the major risk factors for actinic keratosis. With increasing awareness about sun protection and the harmful effects of UV rays, more people are opting for regular skin checks, which is resulting in early detection of actinic keratosis. The growing geriatric population is also contributing to the rising prevalence as aging is a significant risk factor for actinic keratosis. All these factors are anticipated to boost the demand for effective treatment and diagnostic options for actinic keratosis, thereby driving the growth of the global actinic keratosis market during the forecast period.
Availability of various treatment options is augmenting the adoption of therapeutics
The introduction of novel therapeutic formulations and treatment modalities for actinic keratosis has augmented the adoption of medical interventions. Drugs like fluorouracil, imiquimod, and diclofenac are being increasingly utilized for the topical treatment of actinic keratosis. Availability of different concentrations and dosage forms cater to individual treatment requirements. Furthermore, cryosurgery and photodynamic therapy using medical devices are gaining popularity due to their effectiveness and minimal invasiveness. These wide variety of options allows physicians to choose treatments basis disease severity and patient profile. It also helps in overcoming treatment failures and improving overall cure rates. The presence of multiple treatment algorithms further aids healthcare practitioners in administering optimal care. Collectively, these factors are fueling the demand for therapeutic drugs and medical equipment in the actinic keratosis market.
Introduction of generic drugs may limit the profit generation capabilities of players
The availability of generic counterparts poses a major restraint to the growth prospects of established pharmaceutical firms in the actinic keratosis treatment market. When the patents of blockbuster drugs expire, many generic manufacturers launch inexpensive biosimilar versions leading to sudden price drops. For instance, the patents of branded actinic keratosis drugs like Fluoroplex and Picato have expired paving way for generic drugs with reduced prices in several markets. Such price competition from generic formulations affects the sales revenues of innovator drug companies. Additionally, healthcare systems are inclined towards cost-effective generic therapies. This preference sometimes discourages the adoption of high-priced branded drugs curbing manufacturers' ability to generate profits. Overall, surge in generic competition acts as a key growth deterrent for established brands in the future actinic keratosis market.
Rising medical tourism in dermatology presents lucrative opportunities
The exponentially growing medical tourism sector presents significant opportunities for stakeholders in the global actinic keratosis market. Many developing countries in Asia Pacific, Latin America, and Africa are emerging as popular destinations for dermatological procedures. The availability of similar standard of care at comparatively lower costs than developed nations attracts patients worldwide. Countries like India, Thailand, and Mexico offer state-of-the-art dermatology services including advanced actinic keratosis therapies. This results in increasing export of dermatology drugs and import of patients. Furthermore, technological advancements enable remote diagnosis and consultation widening access. The trend of overseas travel for affordable skin treatments is anticipated to continue, thereby generating abundant opportunities for participants to augment their sales through exports and medical tourists over the forecast period.
*Link: https://www.coherentmarketinsights.com/market-insight/actinic-keratosis-market-1006
Key Development
- In May 2022, Almirall, S.A, a pharmaceutical company, in collaboration with Euromelanoma Academia Española de Dermatología y Venereología (AEDV), launched Actinic Keratosis (AK) Global Day, an awareness campaign to raise awareness about the importance of monitoring the appearance and evolution of the skin lesions of actinic keratosis
- In February 2021, Almirall, S.A, a pharmaceutical company, announced that it had launched novel microtubule inhibitor tirbanibulin (Klisyri) in the U.S. for the topical treatment of actinic keratosis (AK) on the face or scalp
- In June 2023, Bioforntera AG, a biopharmaceutical company, announced its The Sun Bus sponsorship. It is a mobile clinic and classroom offering public education and free skin cancer screening to communities in the U.S. Biofrontera is committed to enhancing Actinic Keratosis lesions treatment that are premalignant, however, if left untreated, may lead to squamous cell carcinoma.
- In June 2020, Hill Dermaceuticals, Inc., a leader in dermatological products, announced that its product, Tolak (Fluorouracil) 4% Cream, has been successfully registered in 13 countries of Europe including the U.K., France, Belgium, and Italy
Key Players: Almirall, S.A, Bausch Health Companies Inc., Perrigo Company plc., Sun Pharmaceutical Industries Ltd., Hill Dermaceuticals, Inc., Tolmar Pharmaceuticals, Inc., Bioforntera AG, Cipher Pharmaceuticals Inc., Vidac, Athenex, Inc., GALDERMA, and LEO Pharma A/S