Merkel cell carcinoma is a rare type of aggressive skin cancer that usually appears as a painless bump on sun-exposed areas of the skin. Merkel cell carcinoma is thought to stem from neuroendocrine cells located in the basal layer of the epidermis. Primary risk factors for Merkel cell carcinoma include advanced age, sun exposure, light skin color, and a weakened immune system. Merkel cell carcinoma rarely spreads to other parts of the body but is a particularly aggressive form of skin cancer. Early detection and treatment can help prevent the cancer from spreading which is why diagnosis is critical.
The Merkel Cell Carcinoma Market is estimated to be valued at US$ 2.51 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Merkel Cell Carcinoma Market are Merck, Incyte Corporation, Kartos Therapeutics, Inc., Bristol-Myers Squibb, Amgen Inc. Merck and Bristol-Myers Squibb are currently the only companies with FDA-approved therapies for Merkel cell carcinoma but several other therapies are in the pipeline from companies like Incyte Corporation and Kartos Therapeutics which could lead to more treatment options.
The rising incidence of Merkel cell carcinoma globally presents a key opportunity for players in this market. According to the American Cancer Society, Merkel cell carcinoma incidence rates in the United States have tripled from 0.15 per 100,000 people in 1986 to 0.44 per 100,000 people in 2013. This rise is partly attributed to better awareness among healthcare professionals.
Major players in the market are actively expanding their geographical presence through collaborations with regional players. For instance, in 2021 Merck partnered with Pfizer to make available its Merkel cell carcinoma therapy Keytruda in Japan to broaden patient access. As global burden of this rare cancer rises, such collaborations are expected to optimize market access.
Market Drivers
The primary market driver is the rising incidence of Merkel cell carcinoma worldwide. According to estimates, around 3000 new cases are diagnosed in the US each year. Multiple factors like older age and sun exposure are contributing to rising disease prevalence globally. This rising patient pool drives uptake of screening, diagnosis and treatment solutions in the market.
Market Restraints
High cost of treatment poses a major challenge in the Merkel cell carcinoma market. According to research, the average annual cost of care per Merkel cell carcinoma patient in the US is estimated to range from $120,000- $134,000. Immunotherapy regimens like those approved by FDA are often priced over $100,000 annually putting them out of reach for many patients. This cost burden acts as a barrier to uptake of expensive targeted therapies.
Segment Analysis
For the Merkel cell carcinoma market, the treatment segment dominates currently due to increasing prevalence of the disease and availability of late-stage drugs in the market. The treatment segment can be further divided into chemotherapy, immunotherapy, targeted therapy, and others. Among these, immunotherapy dominates as it has better efficacy and improved overall survival rates compared to chemotherapy. Immune checkpoint inhibitors like Opdivo and Keytruda have replaced chemotherapy as the preferred first-line therapy. The immunotherapy segment is expected to continue its dominance over the forecast period due to ongoing clinical trials evaluating various immunotherapy combinations and late-stage pipeline drugs.
Global Analysis
North America dominates the Merkel Cell Carcinoma Market currently due to high awareness levels, established healthcare infrastructure, and easy access to advanced treatment options. The region is expected to continue its leading position over the forecast period due to the approval and adoption of new immunotherapies. Europe holds the second largest market share owing to rising cancer incidence and government support for cancer research. However, Asia Pacific is likely to witness the highest growth during the forecast period on account of improving healthcare infrastructure, rising disposable incomes, and increasing focus of global market players on emerging countries. Growing prevalence of skin cancer in Australia and Japan will further support market growth in Asia Pacific.
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What Are The Key Data Covered In This Merkel Cell Carcinoma Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Merkel Cell Carcinoma Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Merkel Cell Carcinoma Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Merkel Cell Carcinoma Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Merkel Cell Carcinoma Market vendors
FAQ’s
Q.1 What are the main factors influencing the Merkel Cell Carcinoma Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Merkel Cell Carcinoma Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Merkel Cell Carcinoma Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it