Metastatic Melanoma Therapeutics Market is Anticipated to Witness High Growth Owing to Rising Preval

Author : Leena Shedmake | Published On : 14 Mar 2024

Metastatic melanoma therapeutics comprises systemic therapies for treating metastatic melanoma, which is more serious and spreads to other parts of the body from the skin. Metastatic melanoma therapeutics inhibit and halt the growth of cancer cells in melanoma that has spread from the skin to other organs such as the lungs, liver, or brain. Metastatic melanoma therapeutics come in radiation therapy, immunotherapy, chemotherapy, and adoptive cell transfer therapies. Systemic therapies like immunotherapy and targeted therapy are increasingly becoming the standard of care for metastatic melanoma owing to better efficacy and tolerability compared to chemotherapy. The global metastatic melanoma therapeutics market is estimated to be valued at US$ 9228.85 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the Metastatic Melanoma Therapeutics Market Demand are JSC Belaruskali, Compass Minerals Intl Ltd., Mosaic Company, Uralkali, and Rio Tinto Ltd. These key players are involved in developing and commercializing novel drugs for treating metastatic melanoma. For instance, in 2022, JSC Belaruskali launched a new immunotherapy drug for treating advanced melanoma.

The key opportunities in the metastatic melanoma therapeutics market include the rising adoption of immunotherapy drugs owing to their better efficacy and tolerability profile compared to chemotherapy. Immunotherapies provide long-lasting response rates and have improved overall survival. Various immunotherapy drugs targeting immune checkpoint inhibitors like anti-PD-1 and anti-CTLA-4 are available in the market and many are in pipeline.

The metastatic melanoma therapeutics market players arealso exploring opportunities in global expansion especially in developing countries in Asia Pacific and Latin America. These regions are expected to provide high growth opportunities owing to growing incidences of melanoma due to increasing exposure to UV radiation from the sun in these countries. The key players are focusing on strengthening their distribution networks in developing countries.

Market drivers
The rising prevalence of skin cancer globally is the major market driver. According to the World Health Organization (WHO), over 3.1 million new cases of skin cancer are reported every year worldwide. Moreover, melanoma incidence rates have increased steadily over the past few decades. This rising prevalence of skin cancer is expected to augment the demand for effective metastatic melanoma therapeutics over the forecast period.

Market restraints
The high cost of immunotherapy drugs is a major market restraint. Immunotherapy drugs are often priced upwards of $100,000 per year of treatment. This makes immunotherapy unaffordable for many patients, especially in developing countries with low healthcare budgets. The high cost of these drugs limits their adoption and access. This acts as a major restraint for the growth of the global metastatic melanoma therapeutics market.

Segment Analysis
Metastatic Melanoma is a type of skin cancer that has spread from the skin to other organs in the body such as the lungs, brain or liver. The Metastatic Melanoma Therapeutics market can be segmented based on drug class into chemotherapy, targeted therapy, and immunotherapy. Immunotherapy dominates the market currently as it helps in fighting cancer by stimulating the immune system to recognize and destroy tumor cells more effectively than standard treatments alone. Immunotherapies like immune checkpoint inhibitors have shown better progression-free and overall survival rates in late-stage trials compared to standard chemotherapies.

Global Analysis
North America dominates the global Metastatic Melanoma Therapeutics market currently due to higher awareness about disease diagnosis and treatment along with availability of newer immunotherapies in the region. The market in North America is expected to grow at a CAGR of 4.3% during the forecast period. Asia Pacific region is poised to be the fastest growing market attributed to rising healthcare expenditure, presence of large untreated patient population and increased demand for quality cancer care. Significant collaborations between pharmaceutical companies and research institutes for advanced drug development are also expected to boost the market in Asia Pacific region.

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