Actinic Keratosis Treatment Market

Actinic Keratosis Treatment Market Outlook (2022 - 2028)

Actinic Keratosis Treatment Market witnessed a CAGR of 6.6% between 2013 and 2021. The global Actinic Keratosis Treatment Market is expected to grow at a rate of 7% between 2022 and 2028. In 2022, the global Actinic Keratosis Treatment Market size was US$ 5,356 million, which is projected to reach US$ 8,029.5 million by the year 2028.

Actinic Keratosis Treatment Market Demand Analysis (2013-2021) v/s Market Outlook (2022-2028)

Actinic Keratosis Treatment Market is expected to witness a CAGR of 7% due to the increase in prevalence of actinic keratosis. Furthermore, increase in need for actinic keratosis treatment products, potential drugs in pipeline, and preferable use of topical therapeutics is driving the market growth.

What is expected to keep the Hopes High for Actinic Keratosis Treatment Market?

• Rise in the prevalence of actinic keratosis

The rising prevalence of actinic keratosis, as well as increasing awareness about treating diseases and increasing demand for minimally invasive therapies, are expected to drive the growth of the actinic keratosis treatment market. The growing awareness regarding the harmful effects of actinic keratosis is boosting the need for actinic keratosis therapy. Furthermore, awareness programs launched by government agencies and non-profit groups contribute significantly to market development. Increasing R&D initiatives are also expected to boost new medication approvals for actinic keratosis treatment. Furthermore, the increased risk of getting actinic keratosis-related skin cancer has increased detection and treatment frequencies.

• Increase in the number of drug approvals and launch of novel therapies

The Actinic Keratosis Treatment Market is expected to grow due to an increase in medication approvals and the introduction of novel medicines for the disease. New drugs for the treatment of actinic keratoses have been authorized by the US Food and Drug Administration (FDA). These drugs include topical fluorouracil, imiquimod, diclofenac, ingenol mebutate, and pharmaceutical treatment combinations. The topical medications category accounts for a sizable market share in the actinic keratosis treatment market and is expected to exhibit a similar trend during the forecast period owing to the ease of product availability, high target specificity, and lesser risk of scarring. Furthermore, potential pipeline drugs and widespread usage of combination treatment are important driving factors to the market. Another factor that is expected to drive market expansion is a rise in the adoption and commercialization of novel medications. The increased R&D efforts are likely to boost the approval of novel medications for the treatment of actinic keratosis, which will further drive the growth of the Actinic Keratosis Treatment Market.

What restraints is the Actinic Keratosis Treatment Market subject to?

• “Lack of skilled professionals and low penetration of treatment”

The primary challenges impeding the growth of the actinic keratosis treatment market are a lack of skilled professionals and limited treatment penetration in emerging economies. Actinic keratosis treatment requires skilled professionals and surgeons to undertake procedures like chemical peels, cryotherapy, and photodynamic therapy. However, a significant scarcity of general surgeons is expected to hinder the growth of the actinic keratosis treatment market. Furthermore, less awareness about the health problem in developing countries, as well as higher treatment costs are projected to limit market expansion. The emergence of alternative natural remedies is also expected to hamper the market growth.

How has Covid-19 affected the Actinic Keratosis Treatment Market?

“Drop in sales due to lockdown”

The COVID-19 pandemic had a negative impact on the global economy and did affect several industries due to travel restrictions, lockdowns, and business closures. Because of the lockdown, the supply chain for medical equipment was disrupted globally, which resulted in the drop in sales in the actinic keratosis treatment market in the year 2020. Due to strict lockdowns, many doctors shifted to telemedicine, which resulted in a significant decrease in the detection and treatment rates. The COVID-19 pandemic has had a significant impact on the Actinic Keratosis Treatment Market but the market situation has started to improve since September 2021.

Competitive Landscape

The Actinic Keratosis Treatment industry is very competitive and highly consolidated due to the presence of a few players. These players are focusing on mergers and strategic alliances as the industry is in the growth phase. Companies are making strategic decisions to launch new products to capitalize and grow their market share.

Recent Developments:

• Sun Pharmaceutical Industries Ltd has acquired Aquinox Pharmaceuticals (Canada) Inc, for $8.2 million. Aquinox Pharma is a pharmaceutical firm that focuses on research and development.
• 3M Completed Acquisition of Acelity, Inc. The acquisition strengthens the company's position in advanced and surgical care. Acelity is a major worldwide medical technology firm that markets enhanced care and speciality surgical applications under the KCI brand.

Actinic Keratosis Treatment Market Industry Report Scope

Actinic Keratosis Treatment Market Categorization

Actinic Keratosis Treatment Market by End User

• Hospitals
• Private Dermatology Clinics
• Laser Therapy Centers
• Cancer Treatment Centers
• Spas and Rejuvenation Centers
• Homecare

Actinic Keratosis Treatment Market by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)

To know more about delivery timeline for this report Contact Sales