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Unveiling Melanoma Therapeutics Market: Trends, Growth Drivers, and Strategies
Melanoma Therapeutics Market
The melanoma therapeutics market size is expected to see rapid growth in the next few years. It will grow to $6.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to emerging treatment modalities, biomarker identification, regulatory support for innovation, advancements in personalized medicine, immunotherapy enhancements. Major trends in the forecast period include evolving treatment guidelines, telemedicine in oncology, patient advocacy and awareness, biomarker research, combination therapies.
Market Overview -
Melanoma therapeutics refers to a treatment procedure used for the treatment of melanoma, a type of skin cancer that develops in the melanocytes. They work by targeting abnormal cells either by killing them directly or by preventing them from growing and multiplying.
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Surge In Melanoma Incidence Fuels Growth In Melanoma Therapeutics Market
The increasing incidence of melanoma is expected to propel the growth of the melanoma therapeutics market going forward. Melanoma refers to a skin cancer that originates from melanocytes. Melanoma therapeutics are the therapies and drugs used to treat melanoma patients to alleviate cancer. Thus, the increasing incidence of melanoma boosts the sales of melanoma therapeutics. For instance, in May 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, around 57,000 melanoma deaths and 325,000 new cases of the illness were expected to occur globally in 2020. Moreover, according to IARC (International Agency for Research on Cancer) scientists, cutaneous melanoma instances will rise by more than 50% to more than 500 000 cases annually, and melanoma-related deaths will increase by more than two-thirds to almost 100,000 cases annually between 2020 and 2040. Therefore, the increasing incidence of melanoma is driving the growth of the melanoma therapeutics drug market.
Competitive Landscape -
Major companies operating in the melanoma therapeutics market report are AstraZeneca plc, Bristol-Myers Squibb Co., Eli Lilly and Company, Merck & Co. Inc., Novartis AG, Hoffmann-La Roche AG, Sanofi S.A., AB Science S.A, Amgen Inc., Daiichi Sankyo Company Limited, F. Hoffman-La Roche Ltd., Pfizer Inc., GlaxoSmithKline PLC, Bayer AG, AbbVie Inc., Johnson & Johnson Private Limited, The Bristol-Myers Squibb Company, Nektar Therapeutics, Immutep Ltd., Partner Therapeutics lnc., Idera Pharmaceuticals Inc., Oncolys BioPharma Inc., Iovance Biotherapeutics lnc., AIM ImmunoTech Inc., Infinity Pharmaceuticals lnc., Spring Bank Pharmaceuticals lnc., Incyte Corporation, Sun Pharmaceutical Industries Ltd., Thermo Fisher Scientific Inc., Takeda Pharmaceutical Company Limited, Eisai Co.Ltd., Seattle Genetics Inc., Regeneron Pharmaceuticals Inc., Bio-Rad Laboratories Inc., Illumina Inc., Myriad Genetics Inc.
Innovative Therapies Transforming Melanoma Treatment Landscape
Product innovations have emerged as a key trend gaining popularity in the melanoma therapeutics market. Major companies operating in the melanoma therapeutics market are developing new and innovative therapies to strengthen their position in the market. For instance, in January 2022, Immunocore, a UK-based biotechnology company, developed KIMMTRAK (tebentafusp-tebn) and received approval from the FDA to treat metastatic uveal melanoma. KIMMTRAK is the first and only therapy approved for treating unresectable or metastatic uveal melanoma after a successful phase 3 clinical trial clinically demonstrated an overall survival of almost 22 months. It is a brand-new bispecific protein with anti-CD3 immune-effector activity linked to a soluble T cell receptor. This is the first compound created with Immunocore's ImmTAC technology platform that aims to reroute and activate T lymphocytes so they can identify and eliminate tumor cells.
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Key Segments -
The melanoma therapeutics market covered in this report is segmented -
1) By Drug Type: Monoclonal Antibodies, Small Molecule Inhibitors, Other Drug Types
2) By Therapy: Surgery, Radiation Therapy, Immunotherapy, Targeted Therapy, Chemotherapy
3) By Route of administration: Oral, Injectable
4) By Cancer Type: Superficial Spreading Melanoma, Nodular Melanoma, Lentigno Maligna Melanoma, Acral Lentiginous Melanoma, Amelanotic Melanoma, Other Cancer Types
5) By Diagnosis: Dermatoscopy, Entinel Lymph Node Biopsy, Blood Test, X-ray, Ultrasound, CT Scan
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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