ID: MRFR/HC/1746-CRR | June, 2018 | Region: Global | 100 pages | Cooked Research Reports
Global Actinic Keratosis Treatment Market Research Report By Type (Medications And Procedures), By End User (Hospitals & Oncology Centers, Dermatology Clinics And Ambulatory Surgical Center) By Region – Forecast To 2024.
The global market for actinic keratosis treatment is projected to increase at a compound annual growth rate of over 4% between 2018 and 2024. With the increased prevalence of actinic keratosis, demand for its therapeutic medications have also sprung upwards. Actinic keratosis remains an extremely common condition and its existence can be traced all over the world, however people living in countries with thinner ozone layer cover are more prone to the disease. Development of advanced therapeutics and increased focus on delivering cost-effective treatments has partly supported the growth of the market. Nonetheless, longstanding issues such as lack of awareness and patient negligence continue to undermine the market potentials.
The global actinic keratosis market has been discussed thoroughly in this report, which led to identification of key market paradigms. The report commences with an overview of the global actinic keratosis market. This section of the report highlights the key market elements including the micro and macro-economic factors influencing the overall market growth. The section also covers growth opportunity analysis of the market as a part of the overall study. One of the sections of the report delivers information on the key market drivers, trends and opportunities.
The market size in the report covers the parameters of the market, i.e., market by value. A detailed analysis of the market has been provided based on type, end-user, and region. This will help report users to identify the lucrative segments and mitigate risk. By medication, the market has been segmented into fluorouracil cream, imiquimod cream, ingenol mebutate gel, diclofenac gel and others. By procedure, the market has been segmented into cryotherapy, photodynamic therapy, laser, chemical peel and others. Some of the leading end-users of acticnic keratosis therapeutics analysed in this report include hospitals & oncology centers, dermatology clinics, and ambulatory surgical center. All the segments and sub-segments are profiled under five major geographies– North America, South America, Europe, Asia Pacific, Middle East & Africa with the respective country-level market sizes. The report discusses the current and future prospects of the market and delivers an unbiased growth assessment.
Biofrontera AG, Cipher Pharmaceuticals Inc., BioLineRx, Valeant Pharmaceuticals, Leo Pharma, Sun Pharmaceutical Industries Ltd., 3M, Alma Lasers, and Stanford Chemicals.
The report offers insights into the current competition landscape of the market by reviewing company revenue, segmental share, regional strength, SWOT, growth strategies, new product launch, M&A activities, and ongoing R&D activities.
Market Research Future (MRFR) employs a robust research methodology and leverages on its vast industry centric database for creating an impartial perspective towards the market. The analysis is based on data that is sourced from both primary and secondary resources. The data gathered is reevaluated using a fail-safe triangulation process. In addition, both top-down and bottom-up approaches are referred to reach to concrete conclusions pertaining to market sizing. Projections on revenue and demand were made through historical analogy, weighted moving average, time series analysis, panel consensus, and exponential smoothening methods. MRFR is committed to empower its clients and enable them to develop cohesive growth strategies.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for actinic keratosis treatment
The global actinic keratosis market size is set to grow from USD 4,591.4 million in 2017 to USD 6,088.4 million by 2024. This huge plunge indicates towards a steadfast growth of the market in the forthcoming years. Actinic keratosis is a common skin disorder and has the potential to progress to non-melanoma skin cancers, thereby demand for its treatment remains considerably high. The advent of minimally invasive therapeutic procedures has improved the recovery time as well as reduced risk of complications. The disease is more prevalent among the aged population, prolonged UV radiation exposure is the primary cause of the disease. People with fairer skin tone are more susceptible to actinic keratosis. The increased prevalence of the disease in countries such as Australia, the U.S.A, and Canada is necessitating the requirement for more established treatment management strategies and guidelines. According to a study published in the Dermatology and Therapy Journal in 2015, the highest actinic keratosis prevalence rate was recoreded in Australia. The disease affected over 40% of the total population aged 40 years or above in the country within the same year.
Some of the popular actinic keratosis treatment modules include cryotherapy, topical medications, laser therapy, and photodynamic therapy. Meanwhile, the improving medical reimbursement landscape is ushering a greater patient response. A number of healthcare companies have started to provide medical coverage on selected therapeutics for actinic keratosis treatment. Such policies have augured well for both healthcare providers and patients. In addition, the improved caregiving structure in countries such as China and India has resulted in an uptick in demand for actinic keratosis treatment in these counties. Government initiatives to make healthcare services more affordable and accessible have also influenced the number of patients enrolling themselves for actinic keratosis treatment. The presence of favorable reimbursement policies is expected to drive the market growth during the forecast period. However, high cost of procedures and risks associated with the treatment modules that are currently available are some of the bottlenecks that are yet to be addressed. The therapeutic cost of procedures such as laser skin surfacing is high. Factors as such also have a negative impact on the overall growth of the market.
Global Actinic Keratosis Market: Segmental Analysis
Based on procedure, the market is segmented into cryotherapy, photodynamic therapy, laser, chemical peel, and others. Among these, the cryosurgery segment held the largest market share in 2017 and is projected to witness a strong CAGR during the forecast period. The procedure is highly effective and is reported to have cure rates between 75%-99%. By medication, the market is segmented into fluorouracil cream, imiquimod cream, Ingenol mebutate gel, and diclofenac gel. The diclofenac gel segment is estimated to witness a relatively faster growth over 2024.
On the basis type, the market is segmented into medications and procedures. In 2017, the procedures segment held the largest market share and is likely to outperform the former throughout the assessment period. This is primarily attributable to the effectiveness, fast results and ease in the procedures. On the basis of the end user, the market is segmented into hospitals & oncology centers, dermatology clinics, ambulatory surgical center, and others. The hospitals and oncology center segment is expected to remain highly profitable in 2018 and beyond as hospitals and oncology center have a high patient influx.
Global Actinic Keratosis Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Asia Pacific (APAC) South America, Europe, and the Middle East and Africa (MEA). In 2017, North America and South America collectively accounted for more than 40% share of the market. North America, in particular presents significant opportunities for the market players. Factors such as presence of major manufacturers, rising prevalence of actinic keratosis and surged demands for minimally invasive procedures is influencing the growth of the market in North America. Europe currently holds the second positing in the global actinic keratosis market. Towards the end of 2024, the market in the region is expected to surpass a valuation of USD 1,400 Mn.
Global Actinic Keratosis Market: Competitive Analysis
Stanford Chemicals, Alma Lasers, 3M, Sun Pharmaceutical Industries Ltd., Galderma S.A, Leo Pharma, Valeant Pharmaceuticals, BioLineRx, Cipher Pharmaceuticals Inc, Biofrontera AG are some recognized market players. Mergers & acquisitions (M&A) is one of the key growth strategies adopted by many of these market players. Moreover, companies are also ramping up investment to expand into untapped markets.
The market players have adopted the strategy of acquisitions, mergers, and product launches for the development of the market
Valeant Pharmaceuticals is the market leader in the Actinic Keratosis Treatment market with a recorded share of 21.2% in 2017. The company has a huge brand image, broad product portfolio, and strong geographical presence in countries like North America, Europe, the Middle East & Africa, with commercial and manufacturing units. In the last three years, the company adopted the organic strategy of product launches and acquisition to cement its position in the highly dynamic neurovascular devices market. Further, the company has also invested heavily in various research & development activities, with research facilities in more than 12 countries, to bring innovative products to the market and cater to the unmet market needs.
3M held the second position in the global actinic keratosis treatment market with a share of 8.30% in 2017. 3M has 74 manufacturing sites in 27 states and nine sales offices in 8 states in the U.S. Internationally, 3M has 148 sales offices.3M has 148 sales offices, a total of 93 manufacturing units in 32 countries and other than the United States. The company focuses on Product innovation and geographic expansion through increasing its acquisitions.
Sun Pharmaceuticals Industries Ltd. is the third market leader in the global actinic keratosis treatment market with a share of 7.60% in 2017. The company adopted the strategy of acquisitions and joint ventures to expand the market and enlighten to the actinic keratosis treatment market to solidify its position. Additionally, the company has a huge product portfolio and good brand identity.
Leo Pharma is ranked fourth in the global actinic keratosis treatment market with a share of 4.40% in 2017. Leo Pharma has strong product portfolio for dermatology, bone remodeling, thrombosis, and coagulation. The company recorded positive growth in its total revenue in 2017 as compared to 2016. The company’s products are marketed in more than 100 countries, and it also has 1,900 sales and marketing people worldwide. This growth in revenue can be attributed to strong sales in high potential emerging markets.
Cipher Pharmaceuticals, specialty pharma company stood at the 5th position in the global actinic keratosis treatment market with a share of 3.40% in 2017. It has a strong presence and tracks record in dermatology sector. Cipher Pharmaceuticals has complemented growth with several acquisitions and product launch.
The other prominent players in the market include Biofrontera AG, BioLineRx, Alma Lasers, and Stanford Chemicals besides others. Other players accounted for a share of 55.1% in the market in 2017. Majority of the companies have adopted the strategy of acquisition and product launches for the market development. For instance, in March 2017- BiolineRX announced the acquisition of Agalimmune Ltd. Also, new product development will be a key focus area for other market players as the demand for more effective treatment is rising.