Actinic Keratosis, also known as solar keratosis, is a pre-cancerous skin lesion caused by prolonged exposure to ultraviolet radiation from the sun. The Actinic Keratosis treatment includes Cryotherapy, which uses extreme cold to damage and destroy abnormal skin cells. Cryotherapy is seeing increasing adoption due to benefits such as being a low-cost outpatient procedure with minimal side effects.
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:
The increasing adoption of Cryotherapy treatment for Actinic Keratosis is one of the major trends being witnessed in the market. Cryotherapy uses liquid nitrogen to freeze and destroy the abnormal skin cells and is often the first line of treatment recommended due to benefits such as low costs, convenience of application by physicians, ablation of lesions with minimal scarring and high cure rates. It is also associated with faster healing times compared to other treatment options such as Photodynamic Therapy. With rising awareness about Actinic Keratosis, preference for effective yet less invasive therapies is driving the demand for Cryotherapy globally.
SWOT Analysis
Strength: Actinic keratosis market has a high prevalence rate globally due to increasing sun exposure and aging population. Early diagnosis and treatment helps in avoiding chances of skin cancer.
Weakness: Lack of awareness about actinic keratosis in developing regions can negatively impact the market growth. High cost associated with newer treatment options also acts as a weakness.
Opportunity: Rising healthcare expenditure in emerging economies presents lucrative opportunities. Growing demand for minimally invasive treatments opens new avenues.
Threats: Threat of substitutes such as generic drugs can hamper the market growth. Stringent regulatory approval process also poses threats.
Key Takeaways
The global actinic keratosis market is expected to witness high growth owing to increasing aging population globally.
Regional Analysis: North America currently dominates the market due to presence of advanced healthcare facilities and awareness. Europe also captures significant market share due to growing research activities for newer treatments.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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