Actinic keratosis is also known as solar keratosis, it is a common skin condition that occurs due to years of sun exposure. Prevalence of actinic keratosis increases with age and among individuals who have fair skin and blue or green eyes that burn or freckle easily.
The 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 Overview:
Actinic keratosis is a precancerous growth on the skin caused by damage from ultraviolet (UV) light. It occurs when flat, rough, scaly patches form on skin that was frequently exposed to the sun or other ultraviolet light sources. If left untreated, actinic keratosis can develop into squamous cell carcinoma. Treatment options for actinic keratosis include prescription creams, cryotherapy, and photodynamic therapy. This helps in preventing the progression of actinic keratosis into squamous cell carcinoma.
Market key trends:
Increasing incidence of non-melanoma skin cancer owing to rise in UV exposure is boosting the actinic keratosis market growth. According to American Academy of Dermatology, over 5.4 million cases of basal cell carcinoma and squamous cell carcinoma are diagnosed each year in the United States. Actinic keratosis if left untreated can progress into squamous cell carcinoma. This is resulting in the rising demand for advanced therapeutics for effective treatment of actinic keratosis. Moreover, growing awareness regarding early diagnosis and treatment of precancerous skin lesions such as actinic keratosis is also fueling the market growth.
Porter’s Analysis
Threat of new entrants: The actinic keratosis market requires high initial investments for R&D of new drugs and therapies, and the presence of strong brands and potential patents pose as entry barriers for new players in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the prevalence of actinic keratosis is high and switching between treatment options is easy for customers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the APIs and raw materials required for the production of drugs in this market are available from multiple suppliers globally.
Threat of new substitutes: Threat from new substitutes are low due to lack of viable treatment alternatives for actinic keratosis.
Competitive rivalry: The market is highly competitive due to presence of many established brands.
SWOT Analysis
Strengths: High prevalence of actinic keratosis, rising incidence of non-melanoma skin cancers, growing awareness.
Weaknesses: Side effects associated with drugs, lack of curative treatment options, risks of disease progression.
Opportunities: Untapped emerging markets, new formulation development, combination therapies.
Threats: Patent expiries, pricing pressure, social stigma hindering treatment seeking.
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 incidence of non-melanoma skin cancers and growing awareness about early treatment.
Regionally, North America is expected to dominate the global actinic keratosis market during the forecast period. This is attributed to robust healthcare infrastructure, rising skin cancer cases and presence of major players in the region. Europe is anticipated to be the second most lucrative region in the market.
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. Major players are focused on product launches and acquisitions to strengthen their market presence.
Keratosis pilaris, also known as actinic keratosis, is a very common dermatological condition.
However, not every case of actinic keratosis is caused by the same thing.
In fact, there are several types of this condition, which can be divided into three main categories.
However, it commonly shows up during childhood years and often affects people with a family history of cancerous skin conditions such as melanoma, basal cell cancer, or squamous cell carcinoma.
There are many treatments available for individuals suffering from actinic keratosis.
Creams and lotions used for treatment are designed to increase moisture content in the skin so that it does not dry out.
