The global Melanoma Therapeutics Market is expected to reach USD 12.4 billion by 2025, according to a new report by Grand View Research, Inc. Increasing incidence of chronic diseases such as melanoma, skin cancer, and skin allergies is an important driver of the market.
According to CDC, over 71,943 people were affected by melanoma in 2013. The American Cancer Society estimates that this number will go up to 87,100 in 2017, thus highlighting the need for melanoma drugs over the forecast period.
Increasing number of FDA approvals and introduction of novel therapeutics with enhanced efficacy are also anticipated to present growth opportunities. Within a period of 6 years, i.e., from 2011 to 2016, around eight biologics have been approved for the treatment of this disease, which include Opdivo, Yervoy, Cotellic, Zelboraf, Keytruda, Mekinist, Tafinlar, and Imlygic.
Companies are undertaking various R&D activities to find new indications for existing products and development of innovative molecules. For instance, in September 2014, the U.S. FDA approved patented drug Keytruda (Merck & Co., Inc.) to treat metastatic melanoma, thereby extending the therapeutic application of its product. This drug was initially approved for treatment of non-small cell lung cancer.
Furthermore, many pharmaceutical companies in the U.S., Europe, and Asia Pacific are focusing on development of new biologics. For instance, in March 2017, Daiichi Sankyo Company, Limited announced a collaborative drug discovery project—Take a New challenge for Drug discovery (TaNeDS)—to facilitate new drug development through collaborations. Moreover, it entered into a strategic research collaboration with AgonOX, Inc. to develop new immunotherapy drugs for the immuno-oncology segment. Approval of novel products over the forecast period is anticipated to boost market growth.
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Further Key Findings From the Study Suggest:
- Targeted therapy segment is expected to show lucrative growth owing to benefits such as low adverse effects and higher efficiency
- Branded drugs held a dominant share of the industry because of patent exclusivity
- Biologics, such as Opdivo and Cotellic, are expected to exhibit lucrative growth over the forecast period owing to increase adoption and advantages such improved therapeutic effects
- The patent for Yervoy will expire in 2022 in the U.S. and in 2020 in Europe. This is expected to provide growth opportunities for new market entrants
- Asia Pacific is expected to exhibit lucrative CAGR over the forecast period
- Key market players are increasing R&D efforts for discovery and development of novel drugs for the treatment of melanoma
Grand View Research has segmented the melanoma therapeutics market on the basis of therapy, drugs, and region:
Melanoma Therapeutics Therapy Outlook (Revenue, USD Million, 2014 – 2025)
- Targeted Therapy
- Radiation Therapy
Melanoma Therapeutics Drugs Outlook (Revenue, USD Million, 2014 – 2025)
Melanoma Therapeutics Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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