Melanoma Therapeutics Market To Reach $10.98 Billion By 2030

Melanoma Therapeutics Market Growth & Trends

The global melanoma therapeutics market size is expected to reach USD 10.98 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030, 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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Melanoma Therapeutics Market Report Highlights

• Targeted therapy segment is expected to show lucrative growth of 11.9% over the forecast periodowing to benefits such as low adverse effects and higher efficiency

• Branded drugs held a dominant share of 91.33% in 2022 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 of 11.6% 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

Melanoma Therapeutics Market Segmentation

Grand View Research has segmented the global melanoma therapeutics market on the basis of product, drug type, and region:

Melanoma Therapeutics Product Outlook (Revenue, USD Million, 2018 - 2030)

• Chemotherapy

• Immunotherapy

• Targeted Therapy

• Radiation Therapy

Melanoma Therapeutics Drug Type Outlook (Revenue, USD, 2018 - 2030)

• Branded Drugs

• Generic Drugs

Melanoma Therapeutics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

  • Kuwait

List of Key Players in the Melanoma Therapeutics Market

• Bristol-Myers Squibb Company

• AstraZeneca

• Novartis AG

• Merck & Co. Inc.

• Amgen Inc.

• F. Hoffman-La Roche Ltd.

• Abbott Laboratories