Market Overview:
Actinic keratosis is a skin condition that results from prolonged exposure to ultraviolet radiation (UV light). It usually develops on areas of skin that have been very sun exposed such as the face, lips, ears, back of hands, arms, scalp or lower lips. Treatment helps in reducing the risk of progression to squamous cell carcinoma.
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 key trends:
One of the key trends in the actinic keratosis market is increasing adoption of telemedicine. Telemedicine involves use of virtual platforms for diagnosis and treatment of medical conditions remotely. With increasing internet and smartphone penetration globally, more number of dermatologists are offering teleconsultation for actinic keratosis diagnosis and treatment management. This has improved access to healthcare in remote areas. Moreover, it has reduced waiting time and costs associated with clinic visits. Other key trends include increasing awareness about actinic keratosis, growing geriatric population prone to the condition, and development of novel treatment formulations.
Segment Analysis
The global actinic keratosis market is segmented into treatment type, end-user, and region. By treatment type, the market is segmented into photodynamic therapy, topical treatment, cryotherapy, and surgical procedures. Among these, the photodynamic therapy segment dominated the market and accounted for highest market share in 2020. This is because photodynamic therapy is non-invasive, less painful treatment option compared to other therapies.
Key Takeaways
The global actinic keratosis market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of skin cancer.
Regional analysis
North America dominates the global market and accounts for around 40% of market share. This is attributed to rising awareness about skin cancer and availability of advanced treatment facilities in the region. Europe, on the other hand, has emerged as the second largest market for actinic keratosis treatment.
Key players
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. Perrigo Company plc. and Bausch Health Companies Inc. held major market share in the global actinic keratosis treatment market in 2020.
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