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 the 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 the 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 includes Opdivo, Yervoy, Cotellic, Zelboraf, Keytruda, Mekinist, Tafinlar, and Imlygic.
Companies are undertaking various R&D activities to find new indications for existing products and the 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 the treatment of non-small cell lung cancer.
Furthermore, many pharmaceutical companies in the U.S., Europe, and Asia Pacific are focusing on the 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. The approval of novel products over the forecast period is anticipated to boost the 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 as 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 the 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)
Melanoma Therapeutics Drugs Outlook (Revenue, USD Million, 2014 - 2025)
Melanoma Therapeutics Regional Outlook (Revenue, USD Million, 2014 - 2025)
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