A recent research study by MarkNtel Advisors states that the Global Malignant Melanoma Market would grow at around 7% CAGR during 2022-27, largely on account of the growing instances of skin cancer & other skin allergies, coupled with the mounting penetration of new potential therapeutic agents. Although malignant melanoma usually develops on the skin, it can spread further to numerous atypical locations through metastasis, and in its early stage, it does not present any specific symptoms.
There are various government initiatives for increasing the awareness about the early diagnosis, high unmet needs of patients for melanoma treatment, and the advent of premium-priced therapeutics, including PD-1 + BRAF/MEK inhibitors, projecting profitable opportunities for the overall market growth over the coming years, further states the research report, "Global Malignant Melanoma Market Analysis, 2022."
Immunotherapy to Continue Dominating the Market, While Targeted Agents Show Promising Future
The rapidly increasing approvals for novel immuno-oncology agents for melanoma treatment are driving the Global Malignant Melanoma Market for immunotherapy drugs like Yervoy (Ipilimumab), Opdivo (Nivolumab) & Keytruda (Pembrolizumab), owing prominently to their higher effectiveness.
Opdualag (Nivolumab + Relatlimab-rmbw) got approval by FDA for patients aged 12 years or above with metastatic or unresectable melanoma. Yervoy is expected to continue its dominance in the global market through 2027 despite high competition. In addition, Keytruda (pembrolizumab) is also likely to get approved for first-line melanoma treatment across the major regions globally.
Nevertheless, targeted therapies are emerging as novel treatment methods for malignant melanoma owing to their enhanced efficiency & reduced side effects. Mekinist (Trametinib) & Tafinlar (Dabrafenib), both alone & combined, and Zelboraf (Vemurafenib) + Cotellic (Cobimetinib) are the FDA-approved targeted agents for melanoma treatment.
Favorable Reimbursement Norms to Drive the North America Malignant Melanoma Market, Asia-Pacific to Record Highest Market Growth owing to Fast Regulatory Approvals
North America Malignant Melanoma Market is driven primarily by the growing instances of melanoma skin cancer, favorable reimbursements norms to fulfill the unmet needs of patients, and the mounting availability of premium-priced drugs. The region hosts the leading biopharma companies taking numerous strategic initiatives to attain enhanced revenues. Moreover, aspects like the excellent healthcare infrastructure, especially in the US & Canada, and the upcoming patent expirations of oncology biologics, also project lucrative prospects for the regional market over the coming years.
On the other hand, the rapidly rising incidence of skin cancers, fast regulatory approvals for therapeutic drugs, and the easy availability of low-cost therapies are driving the Asia-Pacific Malignant Melanoma Market. Across the region, India & China are projected to witness the fastest growing demand for melanoma diagnostics & therapeutics through 2027.
The major companies in the Global Malignant Melanoma Market include Amgen Inc., AstraZeneca PLC, Bristol Myers Squibb, GlaxoSmithKline PLC, Merck & Co., Inc., Novartis International AG, Pfizer Inc., & Sun Pharmaceutical Industries Ltd.
Key Questions Answered in the Research Report