SAN FRANCISCO, Oct. 28, 2021 /PRNewswire/ -- The global actinic keratosis treatment market size is expected to reach USD 8.12 billion by 2028 according to a new report by Grand View Research, Inc.The market is anticipated to grow at a CAGR of 4.3% over the forecast period owing to a rise in demand for AK treatment products, increasing awareness among people, and favorable government initiatives. However, the COVID-19 pandemic has affected the market adversely. A downfall has been observed in the diagnosis and treatment rate of actinic keratosis in 2020, globally.
Key Insights & Findings:
- Surgical therapy acquired the highest market share in 2020 due to the high penetration of cryotherapy and other surgical options
- Photo-enhancers and photodynamic therapy are anticipated to witness the fastest CAGR over the forecast period
- A paradigm shift in consumer preference towards homecare products is anticipated to drive the homecare end-use segment
- The risk of developing AK increases with age. Hence, the growing geriatric population is expected to accelerate the market growth
- Strategic partnerships among major players are expected to propel the number of new product launches, driving the market
Read 115 page market research report, " Actinic Keratosis Treatment Market Size, Share & Trends Analysis Report By Therapy (Surgery, Photodynamic Therapy), By Drug Class, By End-Use (Hospitals, Homecare), By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
Key pharmaceutical companies are collaborating to develop novel therapies to treat actinic keratosis. For instance, in December 2017, Almirall, S.A., and Athenex, Inc. collaborated to develop KX2-391(tirbanibulin), an investigational drug for AK treatment. According to the deal, Athenex, Inc. granted the development and commercialization rights to Almirall, S.A. in the U.S. and Europe. Furthermore, in December 2020, Almirall, S.A. received the U.S. FDA approval for Klisyri (tirbanibulin) and was commercialized in February 2021 in the U.S.
Actinic keratosis may malignantly transform into Invasive Squamous Cell Carcinoma (iSCC). Although there are several causative factors of iSCC, AK is one of the most common causes. AK could also lead to basal cell carcinoma and non-melanoma skin cancer. Thus, the early diagnosis and treatment of AK as a preventive strategy for the comorbidities is fueling product sales across various sales channels.
Photodynamic therapy is anticipated to grow at the fastest CAGR over the forecast period. The high efficacy of the therapy compared to other treatment options and adoption of aggressive market strategies by key players to increase the market share are driving the segment growth. For instance, BIOFRONTERA AG has collaborated with many regional players to commercialize Ameluz (photo-enhancer) in the market. In December 2020, the company entered into a marketing agreement with Galenica AB to commercialize its products in the Scandinavian region. Moreover, the company has also collaborated with Medac GmbH in Poland and Maruho Co., Ltd. in Japan for the commercialization of Ameluz in the regional market.
Increasing government involvement & initiatives to improve healthcare services across the globe are expected to boost the market growth. The regulatory bodies are closely monitoring the treatment options for AK and adopting strategies accordingly. For instance, in January 2020, the European Medicines Agency recommended to stop using Picato (ingenol mebutate) for treating AK. The Pharmacovigilance Risk Assessment Committee of EMA is reviewing the clinical data related to skin cancer in a patient using Picato.
Grand View Research has segmented the global actinic keratosis treatment market on the basis of therapy, drug class, end-use, and region:
- Actinic Keratosis Treatment Therapy Outlook (Revenue, USD Million, 2017 - 2028)
- Photodynamic Therapy
- Actinic Keratosis Treatment Drug Class Outlook (Revenue, USD Million, 2017 - 2028)
- Nucleoside Metabolic Inhibitor
- Immune Response Modifiers
- Actinic Keratosis Treatment End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Private Clinics
- Actinic Keratosis Treatment Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
Key Players of Actinic Keratosis Treatment Market
- Sun Pharmaceutical Industries Ltd.
- Novartis AG
- Hill Dermaceuticals, Inc.
- Viatris Inc.
- Mylan N.V.
- Bausch Health Companies Inc.
- LEO Pharma A/S
- Almirall, S.A.
- Biofrontera AG
Browse through Grand View Research's coverage of the Global Pharmaceuticals Industry :
- Cryotherapy Market - The global cryotherapy market size is expected to reach USD 8.4 billion by 2028. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028.
- Cancer Supportive Care Drugs Market - The global cancer supportive care drugs market size is projected to reach USD 22.9 billion by 2026. Rising expenditure on healthcare, and availability of effective treatment methods, including target specific and tailored treatments are anticipated to drive the growth.
- Home Healthcare Market - The global home healthcare market size is expected to reach USD 545.1 billion by 2028. It is expected to grow at a CAGR of 7.88% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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