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Market Overview:
Actinic keratosis (AK) is a precancerous skin condition that appears as scaly or rough patches on the skin. These patches are caused by damage from ultraviolet (UV) rays from sunlight or tanning beds. As people age or spend more time in the sun, they become more prone to developing AKs. The major treatment options for actinic keratosis include cryotherapy, topical medication, and photodynamic therapy. Topical medications tend to be preferred as the first line of treatment due to their convenience, effectiveness, and tolerability. The increasing prevalence of skin diseases along with growing awareness of early skin cancer detection is boosting the demand for actinic keratosis treatment products.
The global Actinic Keratosis Market is estimated to be valued at US$ 8,070.0 Mn 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 key trends:
Advancements in medical technology have led to the development of more effective treatment options for actinic keratosis. Drug manufacturers are focusing on developing novel topical cream and gel formulations that have improved efficacy. Furthermore, combination therapies utilizing different treatment modalities such as photodynamic therapy along with application of topical medications are gaining popularity. This approach helps clear AK lesions more quickly and effectively. Growing health expenditures along with rising affluence in emerging countries is also augmenting the actinic keratosis treatment market size. However, high treatment costs and limited medical reimbursements in some regions may restrain market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into actinic keratosis market is moderate as large capital investments as well as substantial research and development expenditure would be required.
Bargaining power of buyers: The bargaining power of buyers is moderate since actinic keratosis therapeutics are medically necessary treatments for skin lesions and cancers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of a large number of raw material and drug suppliers globally.
Threat of new substitutes: The threat of substitutes is low as no effective alternatives are available currently for treatment of AK.
Competitive rivalry: The market exhibits high competition
Key Takeaways
The global actinic keratosis market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of skin cancer and increasing geriatric population.
Regional analysis
North America is expected to dominate the global actinic keratosis market over the forecast period owing to high prevalence of actinic keratosis in the region. Asia Pacific is anticipated to exhibit fastest growth during the forecast period due to rising awareness about skin diseases and growing healthcare expenditure.
Key players
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. Almirall, S.A. offers a prescription medicine Klisyri for topical treatment of actinic keratoses of the face or scalp.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
