Global Melanoma Drugs Market Set for Rapid Growth, to Reach around USD 4.71 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 08/10/2018 -- Zion Market Research has published a new report titled "Melanoma Drugs Market by Therapy (Chemotherapy, Immunotherapy and Targeted Therapy) and Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, global melanoma drugs market was valued at approximately USD 2.04 billion in 2016 and is expected to generate revenue of around USD 4.71 billion by end of 2022, growing at a CAGR of around 15.0% between 2016 and 2022.
Melanoma is a tumor of melanin-forming cells called melanocytes. Melanoma is usually, but not always cancer of the skin and is the most dangerous form. Normal melanocytes are turned into cancerous cells when unrepaired DNA damage leads to mutation (change in structure or sequence of DNA) most often caused by ultraviolet radiation from the sunshine. As per Melanoma Research Foundation, approximately 90% of melanoma cases can be linked to exposure to ultraviolet (UV) rays from natural or artificial sources. This causes the skin cells to multiply rapidly and form malignant tumors. Tumors are developed in the basal layer of the epidermis where melanocytes generated. As per Skin Care Foundation report, one person dies of melanoma every hour (every 52 minutes).
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As per American Cancer Society, about 76,000 new melanomas were diagnosed in the United States for 2016 and about 10,000 people are expected to die of melanoma every year. Melanoma is more than 20 times more common in whites than in African Americans. American Cancer Society also reports that the rates of melanoma have been rising for the last 30 years. So the treatment of melanoma has become of prime importance owing to increase in a number of global melanoma patients. Different types of drugs are administered to melanoma patients depending upon therapy used to treat the patient.
Growing incidence rate of target disease is expected to be the major driver for the global melanoma drugs market. In addition, development of novel agents and combination therapy with lesser side effects and better survival will surge the drug market worldwide in the coming years. However, the high price of combination therapies and the high cost of clinical trials coupled along with possible adverse events or side effects may pose the challenge to melanoma drugs market. Thus targeted therapy market is expected to surge owing to reduced risk of adverse effects and mortality. Nevertheless, FDA's approval of new agents such as ipilimumab and increasing focus on targeted therapies to limit side effects coupled along with huge investment in anti-melanoma drugs research across the globe are expected to act an opportunity for melanoma drugs market in near future.
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Based on therapeutics, melanoma drugs market has been segmented into chemotherapy, immunotherapy, targeted therapy. FDA approved immunotherapy agents such as pembrolizumab and nivolumab, which are under pipeline studies of many key players. Thus immunotherapy segment is expected to grow at the fastest rate during the forecast period. Based on geography, melanoma drug market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
North America is expected to remain the dominant region over the forecast period. Increasing healthcare awareness is expected to boost the market in this region. Europe was the second largest market followed by Asia-Pacific. North America is expected to show fastest growth rate during the forecast period while Asia-Pacific market is projected to grow at a moderate rate during the forecast period. The Middle East and Africa, and Latin America are also expected to experience noticeable growth in the years to come.
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Some of the key players in Melanoma drugs market include Amgen, Bristol-Myers Squibb, Hoffmann-La Roche Ltd, Genentech Inc., Janssen Biotech, Inc., Novartis International AG., Pfizer, Sanofi, Takeda Pharmaceutical Company Limited and Teva Pharmaceuticals among others.