Rockville , April 14, 2023 (GLOBE NEWSWIRE) -- The global melanoma cancer diagnostics market value reached US$ 4.6 billion in 2023. Over the projection period 2023 to 2033, global melanoma cancer diagnostics demand will surge at around 6.8% CAGR. By the end of 2033, total market size is set to reach US$ 8.9 billion.
Increasing incidence of skin cancer worldwide will drive growth for melanoma cancer diagnostics services. Similarly, growing need for early detection of skin cancer to initiate a proper treatment approach will elevate demand.
In recent years, incidences of skin cancer have been on the rise globally. A large portion of the world population is suffering from various skin cancer types. This includes basal cell carcinoma, melanoma, and squamous cell carcinoma.
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Among these, melanoma accounts for only 1% of skin cancers. But it is the most lethal form of skin cancer having a high mortality rate. For instance, as per the American Cancer Society, around 7,990 people in the USA will die of melanoma in 2023.
If melanoma skin cancer remains untreated or is caught in a late stage, melanomas can spread to other organs beyond the skin. This can make them difficult to treat and increase chances of death. Driven by this, demand for melanoma cancer diagnostics is set to rise at a robust pace through 2033.
Melanoma cancer diagnostics help in the early detection of melanoma skin cancer. This allows medical professionals to start proper treatment approaches, thereby increasing survival chances. Hence, inclination towards opting for various melanoma cancer diagnostic tests will boost the market.
Artificial intelligence (AI) technology is helping to revolutionize the field of medical diagnostics and melanoma cancer diagnostics is no exception. AI algorithms can now be used to identify suspicious areas on the skin, allowing physicians to make fast and more accurate diagnoses.
AI-based software can also assist in diagnosing melanoma by analyzing images of lesions and comparing them to other images. This helps doctors differentiate benign lesions from malignant lesions.
By leveraging AI technology, clinicians can provide better and more efficient care to their patients. As technology advances, it will become even more important for physicians to stay up-to-date with the latest advancements in AI-based diagnostics. This will positively impact melanoma cancer diagnostics industry.
Rising investments in research and development for exploring novel diagnostic and treatment procedures for melanoma will aid in market expansion. Further, growing health awareness and favorable government support will impact melanoma cancer diagnostic product sales.
Regionally, North America is likely to dominate the global market during the forecast period. Increasing incidence of skin cancer and high level of health awareness among people are key factors driving North America market.
Similarly, continuous new product launches and approvals along with favorable government initiatives will fuel demand in the region.
Key Takeaways:
- Global demand for melanoma cancer diagnostics will surge at 6.8% CAGR through 2033.
- Based on test, immunohistochemical tests segment is set to hold a sizable portion of the global market by 2033.
- By end user, pathology laboratories segment will hold nearly 50% of the market by the end of 2033.
- The demand for melanoma cancer diagnostic services in the United Kingdom is set to witness robust growth through 2033.
- Asia Pacific will emerge as a lucrative market for melanoma cancer diagnostics during the projection period.
- The USA will continue to hold a prominent share of the global melanoma cancer diagnostic industry.
Growth Drivers:
- Escalating cases of skin cancer is a prominent factor driving melanoma cancer diagnostics industry.
- Rising demand for minimally invasive procedures will boost sales through 2033.
- Increasing investments in research and development activities in the field of AI and machine learning (ML) to aid medical professionals is likely to support market expansion.
- Growing popularity of preventive healthcare will elevate melanoma cancer diagnostics demand.
Restraints:
- High cost of diagnostic procedures as well as equipment is limiting market expansion.
- Lack of skilled medical professionals is also negatively influencing the market.
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Competitive Landscape:
Key companies are focusing on developing advanced diagnostics solutions to cater to the growing demand. They are investing heavily in research and development to develop innovative products, such as AI-based imaging systems.
For instance,
- In October 2021, Proscia announced study results of its revolutionary technology that uses artificial intelligence (AI) to accurately and automatically diagnose melanoma, the worst type of skin cancer.
- In September 2022, Merlin Assay was commercially released as a CE-IVD distributable testing kit in Europe by SkylineDx, a prominent molecular diagnostics firm.
Key Companies Profiled by Fact.MR
- Thermo Fisher Scientific Inc.
- Quest Diagnostics Incorporated
- BioMerieux SA
- QIAGEN
- Illumina Inc.
- Inivata Ltd.
- F. Hoffman-La Roche Ltd.
- Agilent Technologies Inc.
- Abbott
- Myriad genetics
- Nanostring
- DermLite
- Neracare GmbH
- VERISKIN INC.
More Valuable Insights on Melanoma Cancer Diagnostics Market
In the latest study, Fact.MR offers a detailed study on the global demand for melanoma cancer diagnostic services for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of melanoma cancer diagnostics through detailed segmentation as follows:
By Test:
- Fluorescent In-Situ Hybridization (FISH) Tests
- Comparative Genomic Hybridization (SGH) Tests
- Immunohistochemical (IHC) Tests
- Others
By End User:
- Hospitals
- Pathology Laboratories
- Cancer Research Centers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Melanoma Cancer Diagnostics Market Report
- What is the projected value of the melanoma cancer diagnostics market in 2023?
- At what rate will the global demand for melanoma cancer diagnostics grow until 2033?
- Which are the factors hampering the growth in the melanoma cancer diagnostics industry?
- Which region is expected to lead in the global melanoma cancer diagnostics market from 2023 to 2033?
- Which are the factors driving the demand for melanoma cancer diagnostic procedures during the forecast period?
- What is the expected market value of the melanoma cancer diagnostics industry during the forecast period?
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