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Actinic keratosis is a rough, scaly patch that develops on skin that has been exposed to ultraviolet (UV) rays from the sun or other sources for a long period of time. It may appear as a red, pink, or skin-colored patch on the face, lips, ears, back of hands, forearms, scalp, or bald areas. The lesions are precancerous and can develop into squamous cell carcinoma if left untreated. Early treatment of actinic keratosis reduces the risk of skin cancer development. Different treatment options include prescription creams, lotions, gels, immunotherapy, photodynamic therapy, cryotherapy, and surgery. Topical medications are commonly used, including diclofenac gel, fluorouracil cream, and imiquimod cream.
The global actinic keratosis market is estimated to be valued at US$ 8,070.0 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers augmenting the growth of the actinic keratosis market is the rising awareness regarding skin cancer treatment and early diagnosis. According to the Skin Cancer Foundation, skin cancer is the most common cancer in the United States. One in five Americans will develop skin cancer by the age of 70. Actinic keratosis is a precancerous skin condition that can potentially develop into squamous cell carcinoma if left untreated. The increasing initiatives by public and private organizations to spread awareness about skin self-examination and early detection of cancerous and precancerous skin lesions is driving more people to consult physicians and seek treatment.
With growing awareness, more individuals are opting for early treatment of actinic keratosis, which reduces the risk of skin cancer development mentioned as an opportunity in the heading. This is positively impacting the growth of the actinic keratosis treatment market. Various treatment options provide patients with multiple choices to select from depending on the severity of lesions, skin type, cost, and mode of administration. Topical medications are preferred as the first line of treatment owing to their convenience, minimal side effects, and cost-effectiveness. These factors are collectively strengthening the growth of the global actinic keratosis market during the forecast period.
Segment Analysis
The Global Actinic Keratosis Market is segmented based on stage into four main segments – hyperkeratotic actinic keratosis, flat actinic keratosis, nodular actinic keratosis and squamous cell carcinoma. The nodular actinic keratosis segment currently dominates the market as it accounts for around 40% of total AK cases. It is characterized by lesions that appear as firm, red nodules or papules on sun exposed areas of skin such as face, lips, ears and back of hands. This segment is expected to continue its dominance during the forecast period owing to high prevalence of nodular AK worldwide.
PEST Analysis
Political: Changes in reimbursement policies related to Actinic Keratosis therapeutics across various countries could impact the market growth. Economic: Rising healthcare spending in emerging economies will drive the market growth. Social: Increasing awareness about skin cancer and availability of various treatment options are positively impacting the market. Technological: Advancements in photodynamic therapy and development of novel drugs for Actinic Keratosis are expected to offer new opportunities.
Key Takeaways
The global Actinic Keratosis market is expected to witness high growth during the forecast period of 2023-2030.
Regional analysis: North America currently dominates the market and is expected to maintain its lead owing to growing geriatric population and increasing healthcare spending. Europe is also projected to grow at a substantial pace owing to rising incidences of AK in European countries.
Key players operating in the Actinic Keratosis market 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. Almirall’s Klisyri was one of the widely prescribed drugs in 2021 and is expected to further strengthen Almirall’s market position during the forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
