Actinic keratosis, also known as solar keratosis, are scaly patches that develop on sun-exposed areas of the skin like the face, lips, ears, bald scalp, forearms, the back of the hands, and lower lips as a result of long-term sun exposure. It is considered as the early stage of skin cancer called squamous cell carcinoma. Actinic keratosis initial treatment includes topical agents such as 5-fluorouracil cream, diclofenac gel, and imiquimod cream to repair damaged skin cells. Advance treatment involves cryotherapy to freeze abnormal skin cells or photodynamic therapy using a light-activated medication.

The global actinic keratosis market is estimated to be valued at US$ 8,070.0 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.

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. These companies hold a significant share of the market owing to their diverse product portfolio and global presence.

The growing geriatric population prone to actinic keratosis due to increased sun exposure over lifetime constitutes a key opportunity. According to the United Nations, people aged 60 years and older numbered 962 million globally in 2017 and are projected to reach nearly 2.1 billion by 2050. North America and Europe are the largest markets for actinic keratosis treatment currently. However, Asia Pacific is expected to witness the highest growth during the forecast period with India and China emerging as highly lucrative markets.

The increasing incidence of non-melanoma skin cancer including basal cell carcinoma and squamous cell carcinoma poses a high risk of developing actinic keratosis. According to the Skin Cancer Foundation, actinic keratosis may precede up to 50% of squamous cell carcinomas, which are the second most common form of skin cancer. Additionally, growing awareness regarding early treatment of precancerous skin lesions to prevent progression to skin cancer is driving growth of the actinic keratosis market.

KEY TAKEAWAYS

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.

The growing geriatric population prone to actinic keratosis due to increased sun exposure over lifetime constitutes a key opportunity. According to the United Nations, people aged 60 years and older numbered 962 million globally in 2017 and are projected to reach nearly 2.1 billion by 2050.

North America and Europe are the largest markets for actinic keratosis treatment currently. However, Asia Pacific is expected to witness the highest growth during the forecast period with India and China emerging as highly lucrative markets.

MARKET DRIVERS

The increasing incidence of non-melanoma skin cancer including basal cell carcinoma and squamous cell carcinoma poses a high risk of developing actinic keratosis.

PEST Analysis
Political: Regulations regarding drug approvals and clinical trials impact the growth of the actinic keratosis market.

Economic: Rising disposable income and healthcare spending is driving the actinic keratosis therapeutics market.

Social: Growing awareness regarding skin diseases and available treatment options is influencing the market positively.

Technological: Advancements in drug delivery technologies and development of combination therapies are expected to boost market growth over the forecast period.

The geographical regions where the actinic keratosis market is concentrated in terms of value are North America and Europe. North America dominates due to increasing healthcare expenditure, aging population, and availability of advanced treatment options. Europe holds the second largest share owing to high awareness levels regarding actinic keratosis and its treatment.

The Asia Pacific region is expected to experience the fastest growth over the forecast period for the actinic keratosis market. This is primarily due to increasing healthcare expenditure, growing penetration of health insurance, expanding medical tourism industry, and rising geriatric population in countries such as China, India, Japan and South Korea. Rapid economic development across Asia Pacific is increasing access to advanced treatment technologies, driving the demand for actinic keratosis therapeutics in the region.