July 25, 2024
Skin Cancer Drugs Market

AI and Machine Learning is fueling Growth of Skin Cancer Drugs Market

The global Skin Cancer Drugs Market is estimated to be valued at US$ 8 Bn or Billion in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Skin cancer drugs refer to pharmaceutical products approved for the treatment of various types of skin cancers including melanoma, basal cell carcinoma, and squamous cell carcinoma. These drugs help destroy or slow the growth of cancer cells and prevent recurrence. Advancements in artificial intelligence and machine learning are allowing precisely targeted treatment of skin cancers.

Market key trends:
Skin cancer drug development is increasingly leveraging artificial intelligence techniques like machine learning. Researchers have developed algorithms that can analyze images of skin tumors with a high degree of accuracy to detect microscopic changes indicating cancer development or progression. This allows for early detection when treatment outcomes are best. AI is also enhancing drug development by helping identify new molecular drug targets and speeding clinical trials. One area seeing progress is using AI to predict which patients are most likely to respond to immunotherapy drugs for advanced melanoma. This ‘precision medicine’ approach can improve outcomes while reducing trial sizes and costs.

Segment Analysis

The global skin cancer drugs market is segmented based on therapy, indication, end user and geography. By therapy, the market is segmented into chemotherapy, targeted therapy, immunotherapy and other therapies. The targeted therapy segment dominated the market in 2022 owing to the increasing adoption of targeted therapies such as BRAF inhibitors, EGFR inhibitors and IGFR inhibitors over traditional chemotherapy for treatment. Targeted therapies offer advantages such as higher cure rates compared to chemotherapy and comes with fewer side effects.

Key Takeaways
The global Skin Cancer Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of skin cancer globally.

Regional analysis
North America dominated the global skin cancer drugs market in 2022 owing to high prevalence of skin cancer and early diagnosis in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period driven by rising aging population, sun exposure, increasing utilization of tanning beds and growing awareness levels of skin cancer in the region.

Key players
Key players operating in the skin cancer drugs market are Novartis, Merck, Roche, Amgen, Pfizer, Sun Pharma, Bristol-Myers Squibb, AstraZeneca, Johnson & Johnson, Valeant, Daiichi Sankyo, Takeda, LEO Pharma, Mylan, Sanofi, Regeneron, Eli Lilly, Bayer, Gilead Sciences, and Astellas Pharma. The market is dominated by Novartis and Roche owing to their wide product portfolio and pipelines targeting skin cancer.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it