Skin Cancer Treatment Market Report: Size, Share and Outlook by 2031

The skin cancer treatment market size is projected to rise from US$11.79 billion in 2024 to reach US$19.53 billion by 2031. The market is expected to register a CAGR of 7.57% from 2025 to 2031.

Major factors propelling the market growth include the increasing number of cancer cases and increasing approvals and robust pipeline of advanced therapies including immunotherapies and targeted treatments. Further, the inclination towards precision and patient-centered therapies will likely boost the skin cancer treatment market growth during the forecast period. However, the high costs of skin cancer treatment is among the market deterrents.

The U.S. Food and Drug Administration (FDA) has increased the number of approvals for innovative therapies, enhancing treatment options for patients. In April 2025, the FDA approved nivolumab in combination with ipilimumab for both pediatric and adult patients with unresectable or metastatic tumors that are microsatellite instability-high (MSI-H) or mismatch repair-deficient (dMMR), including certain types of melanoma. This approval was based on improved patient outcomes observed in clinical trials.

Additionally, in February 2024, the FDA approved lifileucel (Amtagvi), the first cellular therapy targeting unresectable or metastatic melanoma in patients who have already been treated with anti-PD-1 and BRAF inhibitors. In March 2023, the FDA approved Zynyz (retifanlimab-dlwr) for metastatic or recurrent Merkel cell carcinoma, a rare but aggressive form of skin cancer, showing significant tumor response rates.

These approvals indicate a shift toward personalized medicine, with therapies such as checkpoint inhibitors and tumor-infiltrating lymphocyte therapies improving survival rates. Furthermore, the pipeline for new therapies is expanding, with ongoing clinical trials exploring combination strategies.

Therefore, the growing approvals of novel skin cancer treatments such as immunotherapies and targeted treatments is increasing the skin cancer treatment market growth.

Moreover, there is a growing trend towards personalized, combinatorial treatment regimens that are tailored to the specific tumor profile of each patient or designed to improve responses in cases that have previously been resistant to standard treatments. This shift is supported by public funding, an established trial infrastructure, and regulatory incentives. These developments represent a promising direction for skin cancer care, indicating that the collaboration between scientific advances and government support could lead to more effective, accessible, and adaptable treatment options. This, in turn, creates opportunities for growth in the market.

The comparative company analysis evaluates and categorizes the skin cancer treatment market forecast based on product portfolio (product satisfaction, product features, and availability), recent market developments (merger & acquisition, new product launch & enhancement, investment & funding, award, agreement, collaboration, & partnership, recognition, and expansion), and geographic presence that aids better decision-making and understanding of the competitive landscape. The report profoundly explores the recent significant developments and innovations by the leading vendors in the global skin cancer treatment market. The key market players are Merck KGaAPfizer Inc, Novartis AG, Bristol-Myers Squibb Co, Amgen Inc, F. Hoffmann-La Roche Ltd, Regeneron Pharmaceuticals Inc, GSK Plc, Iovance Biotherapeutics Inc, Genentech Inc.

Based on type, the market is segmented into Melanoma and Nonmelanoma. The Nonmelanoma segment held the largest skin cancer treatment market share in 2024 and is expected to register the highest CAGR during 2025-2031. According to the Skin Cancer Foundation, it is stated that more than 5,400 deaths are reported globally owing to nonmelanoma skin cancer every month. The major causes of nonmelanoma skin cancers are exposure to higher ultraviolet radiation levels. Thus, the incidences are expected to be higher in the countries that lie at decreasing latitude with higher levels of ultraviolet radiations.

By therapy, the skin cancer treatment market is classified into immunotherapy, targeted therapy, chemotherapy, radiation therapy, and others. The immunotherapy segment held the largest share of the skin cancer treatment market in 2024 and is expected to register a higher CAGR during 2025-2031. The immunotherapy segment provides a powerful alternative to traditional treatments like chemotherapy and radiation. This approach utilizes the body's immune system to target and destroy cancer cells, leading to improved survival rates and reduced relapse rates. Notably, immune checkpoint inhibitors such as nivolumab and pembrolizumab have become standard options for treating advanced melanoma, which is the deadliest form of skin cancer. Clinical studies indicate that pembrolizumab has achieved a 5-year overall survival rate of about 34% in patients with advanced melanoma, marking a significant improvement over historical data.

Additionally, combination immunotherapy-using both nivolumab and ipilimumab-has shown enhanced efficacy, with response rates around 58% in some trials, although this often comes with increased toxicity. Beyond melanoma, immunotherapy is also being investigated for non-melanoma skin cancers such as Merkel cell carcinoma and cutaneous squamous cell carcinoma, with promising results.

In terms of end user, the skin cancer treatment market is segmented into dermatology clinics, hospitals, diagnostics center, and others. The hospitals segment dominated the skin cancer treatment market in 2024 and is anticipated to register the highest CAGR during 2025-2031.

Various organic and inorganic strategies are adopted by companies operating in the skin cancer treatment market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, along with contributing to the overall market growth. Furthermore, strategies such as acquisitions and partnerships helped strengthen their customer base and extend their product portfolios.