The size of the Melanoma Therapeutics Market in Latin America is estimated to be growing at a CAGR of 13.80% during the forecast period. As a result, the market size is predicted to value USD 0.59 billion by 2027 from USD 0.31 billion in 2022. The melanoma market in Latin America has seen an unmatched boost in market size due to the dynamically developing nature of melanoma treatments over the recent past.
The market for melanoma therapeutics market in Latin America is growing significantly due to the increasing prevalence of melanoma and improving healthcare facilities. In addition, government initiatives and technical advancements are driving the growth of the market. The extensive ongoing medical research for cancer treatment, drugs, and treatments with various supportive initiatives from government and private organizations are some of the key ideas that can lead to effective treatment options.
According to the WHO, around 132,500 cases of skin cancer occur each year. In addition, a 10% decrease in ozone levels is expected to lead to an increase of 4,600 skin cancer cases worldwide. This is expected to drive demand for melanoma therapeutics during the forecast period. Due to the expiration of the biologics patent in the coming years, many new players are expected to enter the market in this region. Existing companies are undertaking various strategic initiatives to improve their revenue share by introducing better diagnostics devices to gain market growth in Latin America. In addition, the massive increase in the establishment of specialized clinics for the treatment and therapy of skin cancer and the growing awareness of the availability of the treatment is helping to drive the expansion of the market.
Increased investments in R&D activities and technological advancements, which help develop several innovative products for skin cancer treatment, provide key opportunities that can drive market expansion in the years to come.
The high cost of treatment and drug therapy for metastatic melanoma, lack of long-term solutions, and limited availability of drug treatments are the major limiting factors that may hamper the development of the market during the forecast period. In addition, the growth of the market is expected to be hampered between 2020 and 2022 due to the negative impact of the COVID-19 pandemic owing to prioritizing COVID-19 associated symptoms, need for social distancing, and travel ban that affects the import and exports of drugs and diagnostics kits.
This research report on the Latin American Melanoma Therapeutics Market is segmented and sub-segmented into the following categories:
By Cancer Stage:
By Cancer Type:
Geographically, Mexico accounts for the major part of the Latin American Melanoma Therapeutics market, followed by Brazil. This market is projected to grow substantially during the forecast period due to the rising prevalence of melanoma in this region.
The Brazil market for melanoma therapeutics is growing significantly due to the increasing prevalence of melanoma and improving healthcare facilities. Furthermore, the Brazilian government has also developed favorable reimbursement policies for the treatment of melanoma that attempt to meet the unmet needs of patients. This should provide a healthy platform for the growth of the Latin American market. In addition, the presence of many new companies is expected to stimulate the overall market.
Other Latin American regions also have good scope for market growth with an increased awareness of skin disorders and cancer. In addition, in regions such as Mexico, Peru, and Columbia, initiatives are taking place to treat cancer to address unmet patient needs. This should provide a healthy platform for the growth of the Latin American market.
There are also several products in clinical trials across Latin America which are expected to be approved. Hence, the market is expected to continue to experience strong growth during the forecast period.
KEY MARKET PARTICIPANTS:
A few of the prominent companies leading in the Latin America 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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