Report: Global Skin Cancer Treatment Market to Hit $14.5 Billion by 2031

A recent report from Allied Analytics said the global skin cancer treatment market is projected to nearly double, reaching $14.5 billion by 2031, driven by an increasing incidence of skin cancer and advancements in treatment options.

The $7.2 billion (2021) treatment market, according to the report, is expected to grow at a compound annual growth rate (CAGR) of 7.3% over the next decade.

Contributing to the expansion are factors such as the rising number of melanoma and non-melanoma skin cancer cases worldwide. In the United States, over 5.4 million basal and squamous cell skin cancers are diagnosed annually, with approximately 2,000 related deaths. Advancements in medical therapies, including the growth of the immunotherapy space and other targeted therapies, are also driving the market expansion (favored for their effectiveness and reduced side effects versus traditional chemotherapy). 

Additionally, government initiatives and increased public awareness play increasingly important roles in promoting early diagnosis and treatment. The report noted that while North America currently dominates the market, Asia-Pacific is expected to see significant growth.

The high cost of therapies and potential side effects were cited as potential limits to market expansion.

Source: Allied Analytics press release. September 4, 2024.