DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
The global actinic keratosis treatment market size is expected to reach USD 8.12 billion by 2028 and is anticipated to grow at a CAGR of 4.3% 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.
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.
Actinic Keratosis Treatment Market Report Highlights
- 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
Market Dynamics
Market driver analysis
- Increasing disease prevalence
- Preventive strategies
- Ease of availability of treatment
Market restrain analysis
- Lack of consumer awareness
- Generic penetration
Actinic Keratosis: Market Analysis Tools
- Industry Analysis – Porter’s
- PESTLE analysis
Major deals and strategic alliances
- New Product Launch
- Acquisition
- Expansion
- Partnerships
- Marketing & Promotions
Companies Mentioned
- Bausch Health Companies Inc.
- LEO Pharma A/S
- Almirall, S.A.
- Biofrontera AG
- Galderma (Nestle S.A)
- Sun Pharmaceutical Industries Ltd.
- Novartis AG
- Hill Dermaceuticals, Inc.
- 3M
- Mylan N.V.
For more information about this report visit https://www.researchandmarkets.com/r/v3f6bm
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