Actinic Keratosis Treatment Market Size to Reach US $1.56 Billion at 4.2% CAGR Globally by 2026
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:The growth of the actinic keratosis treatment market is attributed to rise in prevalence of actinic keratosis across the globe. Furthermore, rise in adoption of topical therapeutics as a first line treatment and increase in number of pipeline drugs for the actinic keratosis treatment are the other factors that contribute to the growth of the market.
“Actinic Keratosis Treatment Market by Drug Type (Fluorouracil, Imiquimod, Diclofenac, and Others), Type (Prescription and OTC), and Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global actinic keratosis treatment industry garnered $1.12 billion in 2018, and is estimated to reach $1.56 billion by 2026, growing at a CAGR of 4.2% from 2019–2026.
Increase in incidence of actinic keratosis, presence of potential drugs in pipeline, and rise in government expenditure on healthcare fuel the growth of the global actinic keratosis treatment market. On the other hand, availability of alternative treatment options impedes the growth to some extent. However, development in emerging markets is expected to create lucrative opportunities in the near future.
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Increase in healthcare awareness toward actinic keratosis treatment. In addition, surge in clinical R&D of new drugs for the treatment of actinic keratosis globe are further expected to boost the market growth during the forecast period. Potential drugs in pipeline are SOR-007, SRT-100, Tirbanibulin, Tuvatexib and others will further influence the market growth. However, availability of alternate treatment are expected to hamper the market growth.
The fluorouracil segment to lead the trail by 2026
Based on drug type, the fluorouracil segment contributed to nearly two-fifths of the global actinic keratosis treatment market share in 2018, and is expected to rule the roost by 2026. Rise in consumption of fluorouracil, ease of availability, use of fluorouracil as first line treatment, and its cost efficiency drive the growth of the segment. Simultaneously, the imiquimod segment would grow at the fastest CAGR of 5.2% during 2019–2026. Rise in patient awareness toward actinic keratosis treatment and availability of imiquimod formulation boost the growth of the segment.
The prescription segment held the largest share in 2018-
Based on type, the prescription segment held the largest share in 2018, garnering more than four-fifths of the global actinic keratosis treatment market. The same segment would also register the fastest CAGR of 4.3% throughout the forecast period. This is due to preferable use of prescription drugs such as fluorouracil, ingenol mebutate, and imiquimod for treatment of actinic keratosis.
North America to rule the roost in terms of revenue-
Based on geography, North America accounted for nearly half of the global actinic keratosis treatment market revenue in 2018, and is projected to maintain the lion’s share by the end of 2026. Development of actinic keratosis treatment therapeutics, increased adoption of actinic keratosis treatment drugs, and higher healthcare awareness fuel the market growth. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 6.3% during the estimated period. This is attributed to increase in disposable income of people, growth in awareness about actinic keratosis treatment products, and rise in prevalence of the disease in southern areas, such as Australia and New Zealand.
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The key players profiled in this report include 3M Company, Almirall, S.A., Bausch Health Companies Inc., Biofrontera, Inc., Hill Dermaceuticals, Inc., LEO Pharma A/S, Mylan N.V., Novartis AG, Stanford Chemicals, and Sun Pharmaceutical Industries Ltd. (DUSA Pharmaceuticals, Inc.).
Frequently Asked Questions By Clients:
Question 1 :- What are the Key Industry Leaders opinion for the actinic keratosis market?
Answer :- The adoption of actinic keratosis is expected to increase in prevalence of actinic keratosis, use of topical therapeutics as a first line treatment option, rise in demand for actinic keratosis therapeutics, strong presence of pipeline drugs, and rise in geriatric population are the key factors that fuel the growth of the actinic keratosis treatment market
Question 2 :-What are the market values / growth % of emerging countries?
Answer :- Emerging countries of Asia-Pacific region are growing at a growth% of 6.3%. Japan, China, Australia, are expected grow at a CAGR of 6.9%, 4.6%, 8.1% respectively.
Question 3 :-Which market holds the maximum market share of the actinic keratosis market?
Answer :- The North America market held a major share in the actinic keratosis market in 2018 and is expected to continue the trend in the forecasting period. This is attributed to rise in demand for actinic keratosis treatment drugs, presence of advanced healthcare facilities with trained medical professionals, and surge in number of R & D activities to develop actinic keratosis therapeutics, thereby contributing toward the growth of the North America market.
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