by The Global Metastatic Melanoma Therapeutics Market is estimated to be valued at US$ 8011.15 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Metastatic melanoma is an advanced form of skin cancer that occurs when melanoma cells spread from the primary site of formation to other organs in the body. Metastatic melanoma therapeutics aim to destroy or limit the growth of melanoma cells that have spread from the primary site. The therapeutics available for metastatic melanoma include targeted therapies, immunotherapy, chemotherapy, and combination therapies. These therapeutics provide survival and quality of life benefits for patients with advanced stages of melanoma. However, metastatic melanoma remains difficult to treat owing to resistance development against existing therapies.
Market key trends:
One of the key trends in the metastatic melanoma therapeutics market is the rise in adoption of adaptive trial designs. Adaptive trials are clinical trials that allows modifying aspects of the trial like patient population or dosing based on accumulating data from patients already enrolled in the trial. This enables generating results faster and improves the usefulness of the trial findings. Many companies in the market are shifting focus towards adaptive trial designs to expedite drug development and approval process. For instance, Novartis is evaluating various treatment combinations in its ‘CheckMate -9ER’ trial using an adaptive trial design based on interim analyses. Such trends are expected to drive further innovation and provide treatment options to more patients suffering from metastatic melanoma.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Metastatic Melanoma Therapeutics Market is low due to presence of large number of established players and high capital requirement for R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative treatment options for metastatic melanoma.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of large number of suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as research focuses on developing novel therapeutic drugs for treatment of metastatic melanoma.
Competitive rivalry: High.
Key Takeaways
The Global Metastatic Melanoma Therapeutics Market is expected to witness high growth at a CAGR of 11.% over the forecast period, due to increasing incidence of melanoma worldwide.
The North America region dominates the metastatic melanoma therapeutics market and is expected to continue its dominance over the forecast period as well. This is attributed to increasing incidence of melanoma and availability of advanced therapeutics in the region.
Key players operating in the Metastatic Melanoma Therapeutics Market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. Key players are focused on developing innovative drugs for treatment of metastatic melanoma.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
