Melanoma is usually a type of skin cancer, which begins in melanocytes. It often develops in moles formed by melanocytes. Growing incidence of melanoma and other skin cancers continues to be one of the leading factors fueling the demand for melanoma therapeutics. The American Cancer Society estimates that approximately 87,110 new cases of melanoma will be diagnosed in 2017.
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Demand for Targeted Therapies to Witness Sharp Rise
Some of the common therapies used for melanoma treatment are immunotherapy, chemotherapy, radiation therapy, and targeted therapy. In 2016, immunotherapy accounted for the leading share. The growth of the segment can be attributed to increasing approvals of immunotherapies along with high effectiveness of drugs used in these therapies. Presence of strong pipeline for melanoma treatment is expected to contribute to the growth of the segment.
Targeted therapy is expected to exhibit a remarkable growth rate through 2025. Limited side effects and high efficiency of targeted therapies may help them emerge as the preferred treatment. Moreover, with advancements in genomics, these therapies have evolved as a boon for patients who cannot be cured by intensive cytotoxic chemotherapy. The radiation therapy segment is anticipated to register steady growth during the same period. Mounting cases of advanced melanoma and increasing utilization of radiations as adjuvant therapy after surgeries are estimated to supplement the growth of the segment. However, radiation therapies are administered only to patients in stage 4 of cancer and thus, relatively lesser used as primary treatment.
Market Insights
As per the findings of Grand View Research, Inc.; the global melanoma therapeutics market is poised to rise to a valuation of USD 12.4 billion by the end of 2025. Companies and research institutes are undertaking various R&D activities to develop innovative molecules and combinations for the treatment of melanoma. For instance, researchers from the Penn State College of Medicine developed CelePlum-777, a combination of Celecoxib and Plumbagin in a specific ratio, to kill melanoma cells. They used nanoparticles to deliver drugs directly to the cancer cells.
North America may continue to hold a prominent position in the global arena during the review period (2014 to 2025). Favorable reimbursement policies introduced by governments can propel the regional market. Some of the key players in the market are AstraZeneca; Novartis AG; F. Hoffmann-La Roche Ltd.; Merck & Co., Inc.; and Bristol-Myers Squibb Company.
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