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The actinic keratosis market is considered as one of the emerging markets over the recent years. Actinic keratosis, also known as solar keratosis, is a skin condition that causes rough, scaly, red patches on the skin that has been exposed to the sun for a long time. It can evolve into squamous cell carcinoma, a type of skin cancer, if left untreated. Topical medications such as 5-fluorouracil, imiquimod, and ingenol mebutate are primarily used to treat actinic keratosis. The need of effective treatments and growing awareness regarding skin cancer prevention is fueling the demand for actinic keratosis treatment products.
The Global Actinic Keratosis Market is estimated to be valued at US$ 8,070.0 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the actinic keratosis are Almirall, S.A., Bausch Health Companies Inc., Perrigo Company plc., Sun Pharmaceutical Industries Ltd., Hill Dermaceuticals, Inc., Spear Pharmaceuticals, Tolmar Pharmaceuticals, Inc., Bioforntera AG, Cipher Pharmaceuticals Inc., Vidac, Athenex, Inc., 3M, and Mayne Pharma Group Limited.
Rising awareness regarding skin cancer prevention and availability of affordable generic drugs for actinic keratosis treatment are the key opportunities in the market. Moreover, growing healthcare expenditure, increasing sales of self-treatment actinic keratosis products, and favorable reimbursement policies are fueling the growth.
The actinic keratosis market is witnessing strong growth in the Asia Pacific region owing to rapidly growing population, greater access to healthcare facilities, and surge in skin cancer cases. The aging population in Japan, China, and India offer significant opportunities for players operating in the actinic keratosis market.
Market drivers
The rising geriatric population is one of the prominent drivers of the global actinic keratosis market. According to the United Nations Population Fund (UNFPA), the proportion of global population aged 60 years or over is expected to nearly double from 12% to 22% between 2015 and 2050. Older individuals are more prone to develop actinic keratosis due to cumulative sun exposure over a lifetime. Hence, the aging demographic will fuel the demand for actinic keratosis treatments.
PEST Analysis
Political: Regulations relating healthcare sector and drug approval process can impact the Actinic Keratosis Market. Stringent regulations can delay drug approvals.
Economic: Increase in healthcare expenditure drives the market growth. However, economic slowdowns can affect spending on Actinic Keratosis treatment.
Social: Rising awareness about precancerous skin conditions like Actinic Keratosis is driving demand. Also, increasing consumer preference for non-invasive treatment options supports the market.
Technological: Advancements in non-invasive treatment procedures like laser and photodynamic therapy reduce complications associated with invasive surgeries. Development of newer drugs is also expected.
The North American region currently dominates the global Actinic Keratosis market in terms of value. This is attributed to factors like high healthcare spending, rapid adoption of advanced non-invasive procedures, and presence of major players.
The Asia Pacific region is projected to witness the highest growth over the forecast period. This is owing to rapidly growing economies, rise in disposable incomes, increasing medical tourism, growing obesity rates leading to skin conditions, and expansion strategies adopted by leading players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
