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Market Overview:
Actinic keratosis is a common precancerous skin condition that appears as patches of scaly skin. Actinic keratosis most commonly develops on areas that have been exposed to sun over many years, such as the face, lips, ears, back of hands, forearms, scalp, and lower lips. The precise causes of actinic keratosis are chronic and long-term sun exposure and UV radiation exposure. The topical therapies dominantly used for treating actinic keratosis include diclofenac sodium, fluorouracil, imiquimod, ingenol mebutate.
The Actinic Keratosis Market is estimated to be valued at US$ 8,070.0 Mn or in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing incidences of actinic keratosis due to extensive sun exposure and growing geriatric population are expected to drive the growth of the actinic keratosis market. Around 50% of the population aged over 65 years is estimated to have at least one actinic keratosis lesion. Furthermore, growing awareness regarding effective treatment options and increasing healthcare expenditure are also expected to propel the market growth. However, the high cost of treatment therapies may hamper the market growth. The introduction of innovative topical drugs, widespread availability of topical drugs via online channels and growing preference for minimally invasive procedures are expected to offer lucrative growth opportunities for players in the actinic keratosis market.
Segment Analysis
The global actinic keratosis market is dominated by the treatment drug segment. Within this, the prescription medication sub-segment holds the largest market share due to increasing availability and strong pipeline of drugs to treat actinic keratosis. Some of the commonly prescribed medications include Efudix (fluorouracil), Aldara (imiquimod), and Picato (ingenol mebutate). Among these, Aldara accounts for over 50% of market share due to its effectiveness and faster response rate compared to other generic options.
PEST Analysis
Political: The regulations related to drug approval and pricing vary across different countries. Streamlining these regulations can help improve the penetration of advanced therapeutics for actinic keratosis.
Economic: Rising healthcare expenditure in developing nations along with growing public awareness are the key factors driving the economic growth of this market.
Social: Increasing incidences of outdoor activities without protective measures are leading to higher cases of sun damage and actinic keratosis worldwide. Social media campaigning has also raised awareness.
Technological: Companies are investing heavily in R&D to develop less invasive treatment options like prescription gels and lotions. Advanced drug delivery technologies can help improve the efficacy of existing medication.
Key Takeaways
The global actinic keratosis market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023 to 2030, due to increasing public awareness and social media campaigning regarding sun protection. The market size for 2023 is estimated to be US$ 8,070.0 Mn.
From a regional perspective, North America holds the largest share attributed to high healthcare expenditure and increasing incidence of non-melanoma skin cancer in the region. However, Asia Pacific is emerging as the fastest growing market due to improving access to diagnosis and treatment in countries like China and India.
Key players operating in the actinic keratosis market are Almirall, S.A., Bausch Health Companies Inc., Perrigo Company plc., Sun Pharmaceutical Industries Ltd., Hill Dermaceuticals, Inc., Spear Pharmaceuticals, Tolmar Pharmaceuticals, Inc., Bioforntera AG, Cipher Pharmaceuticals Inc., Vidac, Athenex, Inc., 3M, and Mayne Pharma Group Limited. These players are focused on broadening their product portfolio and geographical presence through collaborations and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
