Actinic Keratosis Treatment Market Is Projected To Reach $3,548 million, Enlisting a CAGR Of 6.2% By 2030.
The Actinic Keratosis Treatment Market is anticipated to reach USD 3,548 Million by 2030 at 6.2% CAGR during the forecast period 2022-2030.
The global pandemic has disrupted multiple businesses and countries since the spread of the COVID-19 virus in December 2019. It has also been declared a global health emergency by the World Health Organisation. The global impact of coronavirus disease 2019 (COVID-19) is now beginning to be felt and will have a major impact on the actinic keratosis market in 2020. The epidemic of COVID-19 has had an effect on many aspects, such as flight cancellations; travel bans and quarantines; restaurants closed; all indoor/outdoor activities restricted; more than 40 countries declared a state of emergency; massive supply chain slowdown; stock market volatility; deteriorating corporate morale, increasing public fear and confusion about the future.
Adoption of minimally-invasive clinical treatments drives market growth
MRFR projects that the rising incidence of actinic keratosis market, the increasing adoption of minimally invasive clinical treatments, the presence of adequate medical coverage and the growing geriatric population are the drivers of demand development. In the meantime, the improved medical reimbursement environment has given rise to a stronger reaction from the patient. A variety of healthcare providers have begun to offer prescription coverage for selected procedures for actinic keratosis. Such policies have augured well for healthcare providers and patients alike..
Growing Government Initiatives to Create Growth Avenues for the Key Players
Government programmes to make healthcare facilities more affordable and available have also affected the number of patients participating in actinic keratosis therapy. The presence of attractive rebate programmes is projected to fuel demand growth during the forecast period.
High Cost of Treatment Impedes Market Growth
However, the high cost of treatments and complications involved with the care modules currently available are some of the bottlenecks that have yet to be tackled. The clinical cost of procedures such as laser skin surfaces is high. Factors as such have a negative effect on the overall growth of the sector.
Global Actinic Keratosis Treatment Market has been segmented into Type, Medication, Procedure, and End User.
Based on the procedure, the actinic keratosis market is divided into cryotherapy, photodynamic therapy, laser, chemical peel, and others. Among these, the cryosurgery segment had the largest market share in 2017 and is expected to have a high CAGR during the forecast period. Cryotherapy is a widely used medication for actinic keratosis, although creating successful photodynamic therapy is expected to remain a primary focus for major players in the market for actinic keratosis in the coming years..
By medication, the actinic keratosis market is segmented into imiquimod cream, fluorouracil cream, Ingenol mebutate gel, and diclofenac gel. The diclofenac gel segment is expected to have risen comparatively faster than in 2024.
The actinic keratosis market is segmented into drugs and procedures on the basis of the type. In 2017, the procedural division held the largest market share and is likely to outperform the former over the evaluation period. This is partly due to the performance, quick outcomes and ease of use of procedures.
On the basis of end-users, the industry is segmented into hospitals & oncology centres, dermatology clinics, outpatient surgery centres, and others. The hospital and oncology centre market is projected to remain extremely lucrative in 2018 and beyond, as hospitals and oncology centres have a high incidence of patients. Hospitals and oncology centres are expected to hold a commanding actinic keratosis market share in the global market for actinic keratosis over the projected period, with dermatology diagnostic clinics emerging as another leading segment of the actinic keratosis market.
Actinic Keratosis Market Regional Analysis
The geographical overview of the global actinic keratosis market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the Middle East and Africa.
North America leads the Americas with established end-use Sectors
The Americas is dominated by North America and is likely to be the major regional segment of the global actinic keratosis market over the forecast period. The simple availability in North America of advanced therapeutic treatments, including both combination therapy and monotherapy, is expected to be the key driver of the actinic keratosis market over the forecast period. More than 40 percent market share was jointly accounted for by North America and South America in 2017. In specific, North America provides major prospects for players in the industry. The growth of the industry in North America is influenced by factors such as the involvement of major suppliers, the growing prevalence of actinic keratosis, and increased demand for minimally invasive procedures. Growing efforts in cancer research in North America are also expected to fuel the demand for actinic keratosis over the projected period, as therapies for actinic keratosis play a critical role in stopping cancer tumours from developing and thereby helping to reduce the pressure on the healthcare system caused by the increasing incidence of cancer.
Germany to Lead Europe Market
Europe currently holds the second positing in the global actinic keratosis market. The demand in the area is projected to grow exponentially by the end of 2030. It is anticipated that the growing number of recorded cases of actinic keratosis and increasing medical tourism will fuel business growth in this area.
APAC to account as Fastest Growing Region
Due to the emerging geriatric population, Asia-Pacific is expected to be the fastest-growing market and the high prevalence of the disease in southern areas, such as Australia and New Zealand, is likely to create strong opportunities for actinic keratosis market players in this field. Medical tourism has emerged as a highly lucrative avenue for Asia Pacific players in the medical industry and is expected to expand steadily in the coming years, offering steady support for the region's rise in the demand for actinic keratosis.
The Middle East & Africa accounted for the least actinic keratosis market share in 2017, with the presence of low-income countries and strict government regulations.
In the global market for actinic keratosis therapy, the leading players are
December 2020: Athenex, Inc., a multinational biopharmaceutical corporation devoted to the research, production and promotion of innovative cancer treatment treatments and associated disorders, reported that Klisyri (tirbanibulin) has been authorised by the FDA for topical treatment of actinic keratosis (AK) in the face or scalp. Klisyri was the first branded patented medication approved by the FDA for Athenex to be introduced in the United States in 2021 in collaboration with Almirall. Athenex will deliver Klisyri, demonstrating the vertically integrated capabilities of the company, spanning from a preclinical lead to a mature product for commercial launch.
November 2020: Jupiter Wellness, Inc. announced its plan to lauch a clinical trial of its CaniSun sunscreen lotion for the treatment of actinic keratosis (AK), the most prevalent precancer caused by exposure to ultraviolet (UV) rays on the skin.
By Based on Procedure
|Market Size||USD 3,548 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Medication, Procedure, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Stanford Chemicals (US), Alma Lasers (Israel), 3M (US), Sun Pharmaceutical Industries Ltd. (India), Galderma S.A (Switzerland), Leo Pharma (Denmark), Valeant Pharmaceuticals (US), BioLineRx (Israel), Cipher Pharmaceuticals Inc (Canada), Biofrontera AG (Germany|
|Key Market Opportunities||Growing Markets Of Asia-Pacific|
|Key Market Drivers||
The actinic keratosis treatment market CAGR would be 6.2% during the forecast period.
The valuation would be USD 6,088.4 million by 2024.
The restraining factors of the market are high cost and various associated risks.
The valuation was USD 3,548 Million in 2030.
The Americas would dominate the Actinic Keratosis Treatment Market.