ACTINIC KERATOSIS MARKET ANALYSIS

Actinic Keratosis Market Size and Trends

The global actinic keratosis market is estimated to be valued at USD 8.73 Bn in 2024 and is expected to reach USD 12.23 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.

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The growth in elderly population suffering from sun damage combined with increasing awareness regarding skin diseases is expected to drive the demand for actinic keratosis treatment. Additionally, technological advancements in treatment modalities and increasing availability of novel therapeutics are further expected to provide opportunities for the growth of actinic keratosis market players. However, lengthy product approval timelines and high costs associated with new drug development may impede market growth to some extent during the forecast period.

Increasing Product Approvals by Regulatory Authorities

Increasing number of product approvals for the treatment of actinic keratosis from regulatory bodies such as European Commission is expected to drive the growth of the global actinic keratosis market over the forecast period. For instance, in March 2020, Biofrontera AG, a Germany-based pharmaceutical company, announced that it had received approval from the European Commission for the use of its drug, Ameluz, in combination with photodynamic therapy for the treatment of adults suffering from actinic keratosis on the extremities and trunk/neck in Europe.

Increasing research and development activities by key market players are expected to drive the global actinic keratosis market during the forecast period. For instance, in January 2023, Bioforntera AG, a biopharmaceutical company, announced that it had initiated Phase 3 clinical trial to evaluate the safety and efficacy of Ameluz in a field-directed treatment of actinic keratosis (AK) on the extremities, neck, and trunk.