by The Metastatic Melanoma Therapeutics market has witnessed significant growth in recent years owing to the increasing number of cancer cases across the globe. Metastatic melanoma therapeutics are used in treatment options for melanoma cancer that has spread from where it started to another part of the body. These therapeutics include targeted therapies, immunotherapy, and chemotherapy which help in controlling the growth and spread of tumors.
The global Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 9228.85 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of melanoma in the world is driving innovation in the market with advancement in metastatic melanoma therapeutics. According to WHO, over 350,000 new cases of melanoma skin cancer are diagnosed worldwide every year. With rising awareness about cancer screenings, early detection of melanoma has increased in recent years. This has significantly boosted the demand for effective treatment options including targeted therapies and immunotherapies. Continuous R&D efforts by key players to develop new drug candidates are expanding treatment options which is supporting market growth. However, high cost associated with these therapeutics remains a challenge.
Segment Analysis
Metastatic melanoma therapeutics market is segmented based on type, therapy, end user, and region. The BRAF inhibitors sub-segment dominates the type segment owing to the presence of highly effective U.S FDA approved BRAF inhibitor drugs like Tafinlar and Mekinist to treat patients with BRAF V600 mutations. Immune checkpoint inhibitors dominate the therapy segment as they help boost the body’s natural defenses to fight cancer and have higher efficacy rates than other treatment options. Hospitals accounted for the largest share of the end-user segment as majority of cancer treatments are administered through intravenous infusions or injections that require hospital stay.
Key Takeaways
The Global Metastatic Melanoma Therapeutics Market Demand is expected to witness high growth over the forecast period. The global Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 9228.85 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Regional analysis: North America accounted for the largest share of the metastatic melanoma therapeutics market regionally in 2021 due to the early availability of pharmaceutical products, high adoption of targeted therapies and immunotherapies in the region.
Key players: Key players operating in the metastatic melanoma therapeutics market are JSC Belaruskali, Compass Minerals Intl Ltd. , Mosaic Company, Uralkali , Rio Tinto Ltd. JSC Belaruskali dominates the market owing to its large production capacity and global distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
