Actinic Keratosis Treatment Market Report Overview
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The global actinic keratosis treatment market size was USD 3313 million in 2022 and is projected to touch USD 5576.46 million by 2031, exhibiting a CAGR of 5.3% during the forecast period.
Actinic Keratosis is skin damage caused due to excessive exposure to the sun. A fairly prevalent precursor to skin cancer is actinic keratosis. Actinic keratosis is regarded as a chronic condition, and the majority of patients eventually develop recurring lesions. Squamous cell carcinoma (SCC), a frequent and occasionally aggressive skin cancer, can develop from actinic keratosis, increasing the risk of skin cancer. Squamous cell carcinoma, a cancerous skin tumor that arises from keratinizing cells (keratinocytes) in the epidermis or skin adnexa, has actinic keratosis as an early precursor. The likelihood that actinic keratosis will progress to SCC makes therapy typically advised. Cryotherapy, photodynamic therapy, or topical medications are typically used in the treatment of this illness.
The main reasons driving the market are the rising prevalence of the condition, the rising desire for minimally invasive procedures, and rising research & development for the creation of novel therapies. Actinic keratosis can be successfully treated with Tirbanibulin in two months, according to research in the New England Journal of Medicine, published in February 2021; but, at one year, over half of the patients who had a complete response reported recurrence of lesions. The need for more advanced and effective actinic keratosis therapies generated by such data offers industry participants appealing entry points into the market. As a result, it is anticipated to support market growth over the research period.
COVID-19 Impact: Postponement of Non-Urgent Treatments Affected Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with actinic keratosis treatment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The Covid-19 epidemic had a detrimental impact on the actinic keratosis treatment market, particularly in the beginning phases. It led to a number of restrictions on non-emergent doctor visits as well as a complete lockdown in the majority of countries. Actinic keratosis patients have experienced delays in diagnosis and treatment as a result of the pandemic, including delays in patient presentation, diagnostic referral delays brought on by diagnostic capacity constraints, and treatment delays brought on by a higher risk of COVID-19 transmission or health policy restrictions on treatment capacity. The Covid-19 pandemic had a detrimental impact on the market, particularly in the beginning phases. It led to a number of limitations on non-emergent doctor visits as well as a complete lockdown in the majority of countries.
LATEST TRENDS
"Growing Demand for Minimally Invasive Products to Propel Market Growth"
The actinic keratosis treatment market growth is expected to be backed by the rising prevalence of the condition, rising desire for minimally invasive procedures, and rising research & development for the creation of novel therapies. Additionally, a sizable investment in research and development (R&D) activities is generating beneficial possibilities for companies in the market by manufacturing novel medicines with convenient dosing, higher efficacy, and lower costs. The growing number of drug approvals coupled with the anticipated launch of novel therapies for various diseases is expected to foster the market growth.
Actinic Keratosis Treatment Market Segmentation
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- By Type Analysis
By type, the market is segmented into destructive treatment, photodynamic therapy, topical medications, and others.
- By Application Analysis
Based on application, the market is classified into hospitals, clinics, and others.
DRIVING FACTORS
"Rising Prevalence of Skin Diseases to Boost Market Growth"
The actinic keratosis market is anticipated to increase significantly throughout the projected period due to the high efficacy of treatments available for the condition, for instance, following an article published in the monthly peer-reviewed medical journal Australian Family Physician. Additionally, a variety of actinic keratosis therapies are offered globally, giving patients a variety of options. This is anticipated to further support the actinic keratosis market growth. The market is expected to gain traction of the rising number of treatments for actinic keratosis. This disease is common among the population and requires treatment. The population is inclined towards minimally invasive treatment, which is estimated to foster market growth.
"Launch of Advanced Technology to Augment Product Demand"
Actinic keratosis treatment is expected to have a bright future, as seen by the impending entry of pipeline medications and research and development of innovative therapies with improved efficacy, convenient dosing, and lower costs. Significantly less metastases occur when squamous cell carcinoma is treated early. The actinic keratosis treatment market for actinic keratosis therapy is significantly influenced by this. Actinic keratosis medications are in higher demand as people become more aware of the illness's negative effects. Additionally, government and non-profit organizations are launching public awareness campaigns to support the expansion of the market for actinic keratosis treatments.
RESTRAINING FACTORS
"Less Awareness About the Diseases and Lack of Skilled Professionals to Hamper Market Growth"
The treatment of skin diseases requires skilled professionals, which is anticipated to affect the growth of the market. The market is experiencing a shortage of skilled professionals, which is forecasted to be the major cause affecting the growth of the market. Moreover, the population is less aware of the diseases related to skin, which may halt the market growth.
Actinic Keratosis Treatment Market Regional Insights
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"North America to Lead the Market Owing to the Growing Prevalence of Skin Diseases"
North America is anticipated to gain a major part of the actinic keratosis treatment market share owing to the rising prevalence of diseases, coupled with the proactive government measure. Additionally, the availability of advanced healthcare infrastructure coupled with the growing healthcare spending is forecasted to foster market growth.
Europe is forecasted to hold a significant part of the actinic keratosis treatment market share due to the rising prevalence of diseases and expanding adoption of minimally invasive treatment. Moreover, the higher adoption of combination therapies such as cryotherapy, topical agents, and photodynamic therapy.
KEY INDUSTRY PLAYERS
"Key Players Focusing On Innovative Technology Development to Grow in Market"
Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products.
List of Market Players Profiled
- DUSA Pharmaceuticals (U.S.)
- Novartis (Switzerland)
- Perrigo (Ireland)
- LEO Pharma (Denmark)
- Bausch Health (Canada)
- Taro Pharmaceutical (U.S.)
- Galderma (Nestle) (Switzerland)
- Biofrontera (Germany)
- Almirall (Spain)
- Tolmar Pharmaceutical (U.S.)
REPORT COVERAGE
An overview of the product is provided along with the product description. Numerous industry elements are included in the research.
- The pandemic's aftereffects and the subsequent lockdown.
- The market's most recent trend is currently fueling expansion.
- The factors are most likely to stimulate market growth.
- The reasons the market is expected to grow more slowly.
- A comprehensive regional analysis of the market is conducted.
- Significant players and their business offices are also covered in the article.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 3313 Million in 2022 |
Market Size Value By |
US$ 5576.46 Million by 2031 |
Growth Rate |
CAGR of 5.3% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the actinic keratosis treatment market expected to touch by 2031?
Based on our research, the actinic keratosis treatment market is projected to touch USD 5576.46 million by 2031.
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What CAGR is the actinic keratosis treatment market expected to exhibit by 2031?
The actinic keratosis treatment market is expected to exhibit a CAGR of 5.3% by 2031.
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What are the segments of the actinic keratosis treatment market?
By type, the actinic keratosis treatment market is segmented into destructive treatment, photodynamic therapy, topical medications, and others. Based on application, the actinic keratosis treatment market is classified into hospitals, clinics, and others.
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Which are the driving factors of the actinic keratosis treatment market?
Rising prevalence of skin diseases to boost market growth and launch of advanced technology to augment product demand are the factors driving the actinic keratosis treatment market.