Skin Cancer Market Size was valued at USD 2.60 Billion in 2023. The Global Skin Cancer industry is projected to grow from USD 2.79 Billion in 2024 to USD 4.89 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.08% during the forecast period (2024 - 2032).
Skin cancer is the most common type of cancer, which arise due to uncontrolled growth of abnormal skin cells. It occurs when skin cells are damaged by unrepaired DNA or genetic defects that lead the uncontrolled growth of cells in the skin. Over 100 types of cancer are found across the globe, but skin cancer is the most common form of cancer, which accounts for at least 30% of total cancer cases. The prevalence of skin cancer is increasing owing to depleting ozone level and increasing solar UV radiation entering the Earth's surface. According to the WHO, it is estimated that a 10% decrease in the ozone level is likely to result in an additional 300,000 non-melanoma and 4,500 melanoma skin cancer cases.
There are three major types of cancer: basal cell skin cancer (BCC), squamous-cell skin cancer (SCC) and melanoma. The basal cell skin cancer is the most common type of cancer. The major cause of the skin cancer is overexposure to harmful radiation and HPV infections, which increases the risk of skin cancer. The major driving factor for the growth of the Skin Cancer Market is increasing the prevalence of skin cancer. Furthermore, extensive R&D pipelines and increasing usage of combination therapies have fueled the growth of the market. On another hand, stringent regulatory guidelines, side effects associated with the treatment and long approval time for the drugs may hamper the growth of the market over the review period.
Ozone depletion and an increase in solar UV radiation reaching Earth's surface are contributing factors in the rising incidence of skin cancer. Overexposure to damaging radiation and HPV infections, which raise the risk of skin cancer, are the primary causes of skin cancer. The rising incidence of skin cancer in Asia and the Pacific is the primary driver fueling the market's expansion in that region. In addition, robust R&D pipelines and rising adoption of combination medicines have contributed to the market's expansion. Drugs used in targeted therapy improve the effectiveness of treating skin cancer.
It is anticipated that the rising incidence of melanoma and non-melanoma skin cancer around the world will boost market revenue in the next years. Immunotherapy, targeted therapy, chemotherapy, and radiation therapy are all viable alternatives for treating skin cancer. The advancement of medicines for the successful treatment of skin cancer, as well as the efforts of governments to manage the disease, are driving forces in the market for such advancements.
July 2023: Nanogenix, a new biotechnology business spun off from UHN's new ventures pipeline on July 2023, plans to begin clinical trials of its innovative photo-immune therapeutic platform in 2024. The company's multifunctional platform combines direct therapeutic, diagnostic imaging, and medication delivery agents, and it is initially focused on skin and pancreatic malignancies. When it comes to doing and commercializing medical research, UHN is unrivaled in Canada. The Toronto Innovation Acceleration Partners (TIAP) also had a role in the company's growth. The porphysome technology underpins the company's novel class of medication and device combo platforms.
Moderna is set to advance the commercialization of a skin cancer vaccine in July 2023. Following its rapid rise to prominence amid the worldwide COVID-19 outbreak, the pharmaceutical company is currently seeking a second drug to introduce to the market. The company is presently open to additional patients for its advanced-stage trials of its mRNA-based vaccination for skin cancer. Merck, a biopharmaceutical business headquartered in New Jersey, is collaborating with Moderna, a startup located in California, with the aim of developing a vaccine that would enhance the effectiveness of Merck's very successful cancer medicine, Keytruda.
Avero Diagnostics unveiled AMBLor in February 2023, marking the debut of the first laboratory test capable of detecting melanoma within its first and highly manageable phases. A diagnosis of melanoma can induce significant stress in patients, and AMBLor is the initial test that can provide an avenue to convey precise and clinically validated prognostic information regarding the progression of the disease. AMBLor will enable physicians to provide a more personalized approach to disease management and will provide patients with reassurance if they are identified as having a low risk of metastasis, as opposed to the current guidance which suggests the same treatment strategy for all patients with early-stage melanoma.
The Skin Cancer Market is segmented on the basis of type, treatment, and end users.
On the basis of the type, it is segmented into basal cell carcinoma, squamous-cell carcinoma, and melanoma.
On the basis of the treatment, it is segmented into non-invasive, chemotherapy, surgical, and other. Furthermore, non-invasive treatments are segmented into laser therapy, radiotherapy, photodynamic therapy, cryotherapy, and others. The chemotherapy is further segmented into systemic and targeted. The surgical treatment is segmented into photodynamic therapy, cryosurgery, Mohs micrographic surgery, and others.
On the basis of end users, the market is segmented into hospital and clinics, cancer diagnostic centers, cancer research institute, and other.
On the regional basis, Asia Pacific market is segmented into Japan, India, China, the Republic of Korea, Australia, and the Rest of Asia Pacific.
Asia Pacific is the fastest growing skin cancer market. Japan, Australia, and China are the major contributor to the market growth. The incidence of skin cancer per 100,000 population is 20-25 cases in Japan, 11-12 cases in China. About 80% of the cases are basal cell carcinoma (BCC), 16% squamous cell carcinoma, and 4% are melanoma.
Continuously increasing the prevalence of skin cancer in Japan is driving the growth of this region. Furthermore, increasing government support for research and continuous development in technology is an important driving factor for the growth of the Asia Pacific market.
Asia Pacific Skin Cancer Industry Developments
In September 2023,
Roche receives approval for Tecentriq (atezolizumab) in combination with Avastin (bevacizumab) and chemotherapy for the treatment of first-line advanced squamous cell carcinoma of the head and neck in Japan.
In October 2023,
Novartis enters into a collaboration with the National Cancer Center Korea (NCCN) to establish a clinical trial network for the investigation of novel cancer therapies, including potential applications in skin cancer.
Skin Cancer Market Key Players
Intended Audience
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 4.89 Billion: 2032 |
| Â Â CAGR | Â 8.08%: 2032 |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024-2032 |
| Â Â Historical Data | Â Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â By Type, Treatment, End Users |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â F. Hoffmann-la Roche Ltd. (Switzerland), Novartis International AG (Switzerland), Sun Pharma Industries Ltd. (India), Elekta AB (Sweden), Varian Medical Systems Inc. (US), Cannabis Science Inc. (US), Cellceutix Corp. (US), LEO Pharma A/S (Denmark), Moberg Pharma AB |
| Â Â Key Market Opportunities | Â Â extensive R&D pipelines and increasing usage of combination therapies have fueled the growth of the market. |
| Â Â Key Market Drivers | Â Â increasing owing to depleting ozone level and increasing solar UV radiation |
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Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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