Major players in the global skin cancer drugs market are Novartis AG, Bristol Myers Squibb, Eli Lilly, Meda, and Sun Pharmaceutical Industries Ltd. The global skin cancer drugs market is expected to grow from $1.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Skin Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067906/?utm_source=GNW
44 billion in 2020 to $1.61 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.72 billion in 2025 at a CAGR of 14%.
The skin cancer drugs market consists of sales of skin cancer drugs.Skin Cancer is an unrestricted growth of abnormal skin cells that lead skin cells to proliferate rapidly and form malignant tumors.
Skin cancer can be of various types including actinic keratoses, basal cell carcinoma, squamous cell carcinoma or melanoma. Examples of skin cancer drug include 5-FU, Aldara and Efudex.
In April 2019, Bristol-Myers Squibb acquired Celgene for $74 billion.This acquisition would help Bristol-Myers Squibb to widen its portfolio of drug in skin cancer market.
This acquisition would also help Bristol-Myers Squibb to expedite the development of new innovative drugs which are in the early stages of drug pipeline.Celgene is an innovative biotechnology company that manufactures and develops cancer drugs.
Celgene was founded in 1986 and is headquartered at Summit, New Jersey, United States.
The European Medicines Agency (EMA) is the regulatory body that evaluates and supervises the production and sales of medicines for safety and benefit of the customer, in the European Union Region.The manufacturers of skin cancer drugs and all other drugs need to comply with manufacturing practices specified by the EMA.
EMA also regulates and supervises the drug quality, check for the intended use of the drug and whether the drug is meeting the requirement of clinical trial. EMA also educates the patients regarding the risks associated in taking skin cancer drugs such as Tafinlar and Opdivo, what are the safety measures that are needed to be taken while consuming the drug, benefits of the drug and all other relevant information pertaining to such drugs.
Significant rise in prevalence of skin cancer is driving the demand for the drugs for Skin Cancer.To treat such high cases of skin cancer, more number of new innovative skin cancer drugs is being manufactured.
According to the American Academy Of Dermatology, 192,310 new cases of Melanoma type skin cancer were expected in 2019.Additionally, non-invasive type skin cancer count could rise to 95,830 and 96,480 invasive skin cancer could be diagnosed in US in 2019.
According to the American Academy Of Dermatology, each year roughly around 3 million Americans get diagnosed by skin cancer. This is boosting the demand for skin cancer drugs and thus driving the market.
Increasing use of biologics and targeted therapies is acting as a restraint in the skin cancer drugs market.The targeted therapies drugs targets melanoma cells only.
The chemical drugs attack any fast dividing cells while targeted therapies only attack the skin cancer causing melanoma cells.Thus, doctors are preferring targeted therapies to treat skin cancer.
This is expected to affect the sales of conventional chemical skin cancer drugs and limit the growth of the market going forward.
Companies in the Skin Cancer Market are increasingly looking for Strategic Alliances with other companies in the market.Strategic Alliance would help companies to enhance their R&D capability, expedite the development process of new drugs and reinforce competitive position in the market.
For example Leo Pharma has formed a strategic alliance with PellePharm in 2018, to develop a drug to treat a very rare form of skin cancer called Gorlin syndrome.MorphoSys and LEO Pharma strategically worked together to develop antibodies pertaining to the treatment of skin cancer.
Pfizer had entered into a strategic alliance with Merck KGaA to manufacture an innovative drug pertaining to skin cancer.
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