Metastatic Melanoma Therapeutics Market is Expected to be Flourished by Increasing Geriatric Populat

Author : Purvaja Jadhao | Published On : 01 Feb 2024

Metastatic malignant melanoma arises from the transformation and growth of melanocytes which are pigment-producing skin cells. Advanced stage metastatic melanoma that has spread beyond the skin to other organs such as lymph nodes, lungs, brain, or other parts of the body is one of the most aggressive types of skin cancer and has relatively poor prognosis. Targeted therapies and immunotherapy drugs are being used to treat metastatic melanoma. Some of the targeted therapies used are BRAF inhibitors, MEK inhibitors and immune checkpoint inhibitors. The global metastatic melanoma therapeutics market is expected to grow significantly in the coming years due to rising incidences of melanoma, increasing geriatric population and high adoption of targeted therapies.

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 Dynamics
The increasing geriatric population is one of the key drivers expected to boost the global metastatic melanoma therapeutics market during the forecast period. Older adults aged 65 years or more are at higher risk of developing melanoma. According to WHO, by 2050 around 16% of the world's population will be aged 65 and over. Additionally, increasing adoption of targeted therapies for treating metastatic melanoma is also fueling the market growth. Targeted therapies including BRAF inhibitors and MEK inhibitors have significantly improved treatment outcomes of patients. Moreover, several pipeline drugs are under development which will further drive the market during the forecast period. However, high cost of targeted drugs and therapies may hamper the market growth to some extent.
Segment Analysis
The global metastatic melanoma therapeutics market is segmented based on treatment type, route of administration and end user. Among treatment type, immunotherapy holds the largest market share accounting more than 50% of the total market. Immunotherapy has emerged as one of the most promising treatment options for advanced stages of melanoma with drugs like pembrolizumab and ipilimumab receiving approvals in recent years. Chemotherapy is the second most preferred treatment segment due to low-cost availability of chemotherapeutic drugs. However, chemotherapy is losing market share to immunotherapy owing to better efficacy and results offered by immunotherapy drugs.

PEST Analysis
Political: Government regulatory bodies globally are supporting research and development of novel drugs for melanoma treatment through funding and incentives. Drug approvals have also been expedited to make effective treatment available quickly.
Economic: Rising incidence of melanoma globally coupled with increasing healthcare expenditure is driving market growth. However, high drug treatment costs pose affordability challenges.
Social: Increasing public awareness regarding symptoms of melanoma and available treatment options has led to early detection and diagnosis. Social media influence has also boosted conversation around melanoma care.
Technological: Advancements in cancer immunotherapy and targeted therapies have expanded treatment options beyond traditional chemotherapy. Companies are investing in development of combination therapies and drug delivery technologies to enhance efficacy.

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 comprises:
The North America region holds over 40% of the global metastatic melanoma therapeutics market share primarily due to increasing prevalence of melanoma and presence of advanced healthcare infrastructure. The approval and availability of novel immunotherapies in the US is another factor contributing to the large market size.

Key players related content comprises:
Key players operating in the metastatic melanoma therapeutics market are JSC Belaruskali, Compass Minerals Intl Ltd., Mosaic Company. JSC Belaruskali is a dominant player owing to its diversified product portfolio and global distribution network. Compass Minerals Intl Ltd also has a significant market share due to its leadership in specialty plant nutrition business.

For more insights, Read- https://www.marketwebjournal.com/metastatic-melanoma-therapeutics-market-growth-demand-and-overview/

Get more insights on this topic: https://www.pressreleasebulletin.com/personalized-cell-therapy-market-poised-for-strong-growth-owing-to-rising-demand/