The size of the Melanoma Therapeutics Market in Europe is predicted to be USD 1.77 billion by 2027 from USD 0.84 billion in 2022, growing at a CAGR of 16.2% during the forecast period.
The market for melanoma therapeutics is growing at a significant rate due to the increasing prevalence of melanoma and improving healthcare facilities. According to the Skin Cancer Foundation, an estimated total of 73,900 new cases of melanoma diagnosed is expected in 2018. In addition, with an expected death toll of 9,999 cases, melanoma would account for the majority of skin cancer deaths in 2018.
Factors which play a key role in the development of the melanoma therapeutics market in Europe include increasing prevalence of melanoma cases, approval and acceptance of expensive products by large companies, good prognosis with immunotherapies effective, extending the label of current therapies to new settings in European nations. With the increase in the number of melanoma cases and its poor end-stage prognosis, it has forced the government to take serious initiatives to fight cancer. Moreover, increased investments in R&D are expected along with significant technological advancements in diagnosis and treatment to facilitate market growth during the forecast period.
The growing population and economies of developing countries in Europe are expected to create substantial opportunities for the melanoma therapeutic market. A more effective drug innovation should create substantial opportunities for the European melanoma therapeutics market. The imminent availability of more effective anticancer drugs should offer good prospects for the European melanoma therapeutics market. In addition, the untapped patient population, especially in Europe, would lead to greater acceptance of new treatments in the near future.
One of the latest trends in melanoma therapy is the adoption of combination therapies. The increased demand for personalized medicine and the high potential of developing countries are expected to provide new opportunities for market players in the future during the forecast period.
However, the reluctance of people to undergo treatment and surgery is one of the major constraints to the growth of the European melanoma therapeutics market. Other factors limiting the growth rate of the market are the lack of awareness in some developing regions as well as the high cost associated with the therapy. Difficult factors with economic crisis in many European countries due to covid -19 pandemic will hamper the growth rate of the market. Regulatory issues and standards for developing and bringing new drugs to market is a long and slow process due to these strict laws, which is a significant challenge to the European melanoma therapeutics market.
This research report on the Europe Melanoma Therapeutics Market has been segmented and sub-segmented into the following categories:
By Cancer Stage:
By Cancer Type:
Geographically, the Europe Melanoma Therapeutics market is the third largest market with a global share of 24%. UK is the largest market share holder for the Melanoma Therapeutics market in this region, followed by Germany and France. Europe shows further market expansion due to treatment rates and infiltration into the premium drug market. Increased competition and continuous technological advancements have led to improvements in the product portfolio; therefore, approvals and product development is one of the key development strategies adopted by UK market players in the European melanoma therapeutics market.
The French market is expected to experience comparatively faster growth in terms of revenue over the next 10 years, due to increased investments from leading companies in emerging markets and growing demand for cost-effective therapies. Other notable factors driving the melanoma therapy market in other European countries such as Ireland, Switzerland and Sweden are increased awareness and improvement of healthcare facilities.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European Melanoma Therapeutics Market profiled in this report are Bristol-Myers Squibb Co., Merck and Co., F. Hoffmann-La Roche, Amgen Inc., Celgene Corp, Daiichi Sankyo, and Pfizer Inc.
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