Actinic Keratosis Treatment Market to Reach $1.56 Bn, Globally, by 2026 at 4.2% CAGR: Allied Market Research
Increase in prevalence of actinic keratosis, presence of potential drugs in pipeline, and surge in government expenditure on healthcare propel the growth of the global actinic keratosis treatment market
PORTLAND, Oregon, March 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Actinic Keratosis Treatment Market by Drug Type (Fluorouracil, Imiquimod, Diclofenac, and Others), Type (Prescription and OTC), and Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global actinic keratosis treatment industry garnered $1.12 billion in 2018, and is estimated to reach $1.56 billion by 2026, growing at a CAGR of 4.2% from 2019–2026.
Drivers, restraints, and opportunities-
Increase in incidence of actinic keratosis, presence of potential drugs in pipeline, and rise in government expenditure on healthcare fuel the growth of the global actinic keratosis treatment market. On the other hand, availability of alternative treatment options impedes the growth to some extent. However, development in emerging markets is expected to create lucrative opportunities in the near future.
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The fluorouracil segment to lead the trail by 2026
Based on drug type, the fluorouracil segment contributed to nearly two-fifths of the global actinic keratosis treatment market share in 2018, and is expected to rule the roost by 2026. Rise in consumption of fluorouracil, ease of availability, use of fluorouracil as first line treatment, and its cost efficiency drive the growth of the segment. Simultaneously, the imiquimod segment would grow at the fastest CAGR of 5.2% during 2019–2026. Rise in patient awareness toward actinic keratosis treatment and availability of imiquimod formulation boost the growth of the segment.
The prescription segment held the largest share in 2018-
Based on type, the prescription segment held the largest share in 2018, garnering more than four-fifths of the global actinic keratosis treatment market. The same segment would also register the fastest CAGR of 4.3% throughout the forecast period. This is due to preferable use of prescription drugs such as fluorouracil, ingenol mebutate, and imiquimod for treatment of actinic keratosis.
North America to rule the roost in terms of revenue-
Based on geography, North America accounted for nearly half of the global actinic keratosis treatment market revenue in 2018, and is projected to maintain the lion's share by the end of 2026. Development of actinic keratosis treatment therapeutics, increased adoption of actinic keratosis treatment drugs, and higher healthcare awareness fuel the market growth. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 6.3% during the estimated period. This is attributed to increase in disposable income of people, growth in awareness about actinic keratosis treatment products, and rise in prevalence of the disease in southern areas, such as Australia and New Zealand.
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Leading market players-
- Almirall, S.A.
- Bausch Health Companies Inc.
- Hill Dermaceuticals, Inc.
- LEO Pharma A/S
- Mylan N.V.
- Sun Pharmaceutical Industries Ltd. (DUSA Pharmaceuticals, Inc.)
- Biofrontera, Inc.
- Novartis AG
- Stanford Chemicals
- 3M Company
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