Melanoma Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: March 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.2 billion |
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Revenue Forecast in 2031 |
US$ 2.7 billion |
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CAGR |
9.6% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Test Type, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global melanoma diagnostics market was valued at US$ 1.2 billion in 2022 and is expected to register a revenue CAGR of 9.6% to reach US$ 2.7 billion by 2031.
Melanoma Diagnostics Market Fundamentals
Melanoma diagnostics is the process of identifying skin cancer (melanoma) by studying skin cells and dermal molecules. It is specifically designed for measuring or identifying a specific biomarker in skin cells. The melanoma diagnosis industry aims to provide more efficient testing and faster diagnostics. Melanoma diagnostics assist doctors in determining cancer stages to treat patients at various stages effectively.
With the potential for clinical application, several tests provide additional support to improve melanoma cancer diagnosis efficiency. The best chance of survival is achieved by receiving an early diagnosis because melanoma has the highest mortality rate of all skin malignancies. Diagnostic measures include examining potential risk factors for melanoma skin cancer, such as past tanning and sunburns. In a physical examination, the diagnosis is made by examination of the affected area’s size, shape, color, and texture and whether it is bleeding, seeping, or crusting. Dermoscopy, a qualitative visual examination of lesions with inherent low diagnostic reliability and reproducibility, is the basis of the current method for diagnosing melanoma. Various non-invasive diagnostic methods could be beneficial in obtaining more precise information about a lesion. Depending on the type of lesion, dermatoscopy reveals specific characteristics of skin lesions and arranges them into dermoscopic patterns that enable benign and malignant lesions to be distinguished with more than 90% accuracy. Yet, in some circumstances, such as in individuals with featureless melanomas, missing or confusing dermoscopic patterns may result in a false or misdiagnosis. Dermoscopy recently benefited from advancements in imaging and digital cameras. The new technologies, such as digital epiluminescence, opened the door to novel diagnostic methods for telemedicine approaches, making it easier to share clinical images and monitor lesions. Dermatoscopy, followed by a biopsy and subsequent histological examination of the removed tissue, constitutes the current gold standard for diagnosing melanoma. Many ambiguous lesions are biopsied, increasing the overall diagnostic expenses and time to reach the final diagnosis to reduce the risk of misinterpretation of real melanomas.
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Melanoma Diagnostics Market Dynamics
The global melanoma diagnostics market has witnessed significant growth opportunities due to a growing need for non-invasive testing methods globally. Over the last two decades, the increasing prevalence of pigmentary lesions and skin tumors has necessitated using non-invasive diagnostic techniques as an imperative diagnostic tool. The market revenue growth is fueled by the rising interest of the patient population in treatment options other than the traditional ones. A patient may benefit from melanoma diagnostics to prevent further complications. It has the benefit of being a less intrusive therapy choice that encourages the body to mend itself using non-invasive techniques. Also, the increased demand for advanced diagnostic procedures is another major driver for the global melanoma diagnostics market, as genetic data in clinical decision-making may rise due to new technology, advancing cancer patient prevention, surveillance, and safer, more effective pharmacological therapy. Genetic testing, which promises to improve treatment choices for patients with chronic and life-threatening illnesses, serves as the context for personalized medicine in this research.
The major market players are emphasizing the development of faster diagnostic tools. Government initiatives for melanoma diagnosis contribute to the rising demand. Along with research and medical institutes, researchers and scientists worldwide, and prominent stakeholders are increasingly focusing on coordinated efforts to offer more effective diagnostic choices for life-threatening conditions. These collaborative efforts are predicted to significantly stimulate the market for melanoma diagnostics throughout the forecast period. Moreover, the market is anticipated to grow as more new products are launched by the major industry participants. For instance, the newly developed adhesive patch biopsy provides improved sensitivity and specificity for detecting melanoma without performing a skin biopsy, as against other diagnostic tools for helping with skin cancer detection, such as electrical impedance spectroscopy and multispectral imaging, which trade off higher sensitivity for lower specificity.
An increase in skin cancer incidence, substantial research and development pipelines, and growth in skin cancer awareness are some factors boosting the market revenue growth. For instance, according to data from the American Society of Clinical Oncology updated in February 2022, an expected 324,635 people received melanoma diagnosis in 2020. In the same year, about 2,400 instances of melanoma were estimated to be detected in Americans between the ages of 15 and 29. As a result, the market under study is expanding due to the rising cases of skin cancer.
Increasing healthcare infrastructure presents a significant market revenue growth opportunity, as it helps raise awareness of cancer disease and encourages more individuals to get their health evaluated for prevention and treatment. The rise in healthcare costs for improved healthcare services is one reason for the market revenue growth. Rising healthcare spending for melanoma cancer treatment also enables patients to receive sophisticated care without fuss for a better diagnosis and quick recovery. Healthcare expenditure comes from various sources, including out-of-pocket expenses (people paying for their care), government spending, health insurance, and non-governmental organization operations. As a result, rising healthcare costs associated with cancer treatment create an opportunity for the demand to increase.
However, obstacles to market revenue growth include the high cost of melanoma diagnostic methods and the lack of skilled and certified specialists, particularly in developing countries.
Melanoma Diagnostics Market Ecosystem
The global melanoma diagnostics market is analyzed from three perspectives: test type, end-user, and region.
Melanoma Diagnostics Market by Test Type
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Based on the test type, the global melanoma diagnostics market is segmented into dermatoscopy, biopsy, and genetic tests. The genetic tests segment is further sub-segmented into fluorescent in situ hybridization (FISH) tests, comparative genomic hybridization (CGH) tests, and immunohistochemical (IHC) tests.
The dermatoscopy segment accounted for the largest revenue share of the global melanoma diagnostics market in 2022. A popular non-invasive method for identifying skin malignancies is dermoscopy. The usefulness of dermatoscopic evaluation in melanocytic malignancies, such as melanoma and basal cell carcinoma, has been the most effective diagnosis in the past two decades. Dermatoscopy is additionally being used to identify non-melanocytic cancers. Non-melanocytic tumors can be diagnosed through dermatoscopy.
Multiple studies have shown that dermatoscopy improves the sensitivity and specificity of skin cancer detection compared to the naked eye examination. Furthermore, dermatoscopy allows for a more precise selection of lesions that require excision. It can also predict certain histologic findings in skin cancers, assisting in selecting management and treatment options for certain types of skin cancer. It can improve histologic diagnostic accuracy by performing targeted step-sectioning in areas of concern, which the clinician can mark before sending the specimen to the pathologist. Furthermore, as some dermatoscopic structures have been linked to tumor-related mutations, ex vivo dermatoscopy can select tumor areas with genetic significance. Thus, dermatoscopy is considered the first diagnostic option for melanoma.
Melanoma Diagnostics Market by End-user
Based on the end-user, the global melanoma diagnostics market is segmented into hospitals, pathology laboratories, and cancer research centers.
The hospitals segment accounted for the largest revenue share of the global melanoma diagnostics market in 2022. The market has taken the lead as hospitals receive more financial support to invest in front-line, advanced healthcare. Hospitals are the best place to get therapy as they have all the pharmaceuticals needed to provide comprehensive patient care. The category is growing as healthcare reimbursements become more widely available in many developed countries and technological advances in regenerative therapies continue. Sufficient funds allow hospitals to obtain cutting-edge, recently developed diagnosis options and reasonably priced diagnostic machines. As a result, regardless of their ability to pay, patients can simply rely on hospitals for treatment.
Melanoma Diagnostics Market by Region
Based on the region, the global melanoma diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global melanoma diagnostics market in 2022. Also, according to statistics from the Skin Cancer Foundation, updated in May 2022, about 197,700 new instances of melanoma were anticipated to be detected in the United States in 2022, including around 97,920 in situ cases and 99,780 invasive cases. About 42,600 women and 57,180 men were expected to be involved in the intrusive instances. Furthermore, the incidence and prevalence of melanoma in the nation make it necessary to create cutting-edge therapies and diagnostics for treatment, driving regional market revenue growth. The key driving forces for market expansion in North America include the established healthcare infrastructure, several participants in research and development for cancer therapies, recent product launches, and the rising incidence of skin cancer.
Melanoma Diagnostics Market Competitive Landscape
The melanoma diagnostics market is highly competitive both globally and regionally. The market is dominated by a few major players constantly developing and launching new products.
The key players in the global market are:
Melanoma Diagnostics Market Strategic Developments
The increased prevalence of melanoma cancer is the most important factor driving the global melanoma diagnostics market revenue growth.
The high cost of dermatoscopy and molecular diagnostic methods and the lack of skilled professionals restrict the revenue growth of the global melanoma diagnostics market, particularly in developing countries.
Key companies operating the global melanoma diagnostics market are FotoFinder Systems, Inc., Optilia Instruments AB, HEINE Optotechnik GmbH & Co. KG, Caliber Imaging & Diagnostics, Inc., and Firefly Global.
The global melanoma diagnostics market is expected to grow at a revenue CAGR of 9.6% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain