Melanoma Diagnostics and Therapeutics Market Forecasts to 2028 – Global Analysis By Product (Diagnostics and Therapeutics), By Applications (Diagnostic Center, Medical Institution, Hospitals, and Other Applications) and By Geography

Melanoma Diagnostics and Therapeutics Market Forecasts to 2028 – Global Analysis By Product (Diagnostics and Therapeutics), By Applications (Diagnostic Center, Medical Institution, Hospitals, and Other Applications) and By Geography

According to Stratistics MRC, the Global Melanoma Diagnostics and Therapeutics Market is growing at a CAGR of 17.1% during the forecast period. Melanoma is a form of skin cancer that develops from melanocytes, cells that produce pigment. Melanomas can grow in the mouth, intestines, and eyes but are most frequently found on the skin. An abnormal proliferation of skin cells is referred to as skin cancer. It grows in areas that are exposed to the sun. The most prevalent type of cancer is skin cancer.

According to the American Cancer Society, about 99,780 new melanomas will be diagnosed in the United States in 2022, and around 7,650 people are expected to die of melanoma in the same year. These statistics highlight the need for drugs that help in the management of melanoma over the coming years.

Market Dynamics:

Driver:

Rising prevalence of melanoma cases and supporting government programmes

Due to the rising prevalence of melanoma cases, rising government programs for early diagnosis and skin cancer treatment, and rising technological innovations, the market for melanoma diagnostics and therapies is anticipated to rise rapidly. The introduction of cutting-edge therapies and diagnostics for the treatment of melanoma is also anticipated to promote market expansion. For instance, Bristol Myers Squibb obtained FDA approval in March 2022 for Opdualag (nivolumab and relatlimab-rmbw), a brand-new, first-in-class fixed-dose combination of nivolumab and relatlimab that is administered as a single intravenous infusion for the treatment of adult and pediatric patients 12 years of age and older with unresectable or metastatic melanoma.

Restraint:

Rise in cost of treating melanoma

Depending on the patient's diagnosis and treatment options, the cost of treating melanoma has changed over time. The number of people seeking treatment for malignant melanoma is rising as a result of extended flight times, an increase in UV radiation exposure from tanning beds, and a decrease in ozone levels. For instance, the cancer treatment cisplatin has been produced by numerous pharmaceutical companies around the world since it became non-patentable.

Opportunity:

Affordable medicines due to growing demand

The high incidence of melanoma, various types of skin cancer, and skin allergies in emerging nations offers a market opportunity for pharmaceutical companies to expand their presence there. Major businesses have been prompted to produce more affordable and effective medicines as a result of the growing demand for cost-effective therapies in developing regions, including the Middle East, Africa, and the Asia Pacific. In the upcoming years, these elements are anticipated to support the market's overall expansion.

Threat:

High therapy cost

Over the forecast period, market expansion is anticipated to be hampered by high therapy costs and strict regulatory requirements. Skin cancer diagnostics and therapeutics market growth is being constrained by causes like the high cost of skin cancer treatment, and a lack of knowledge about cutting-edge treatments for cancer-associated diseases.

Covid-19 Impact:

Due to the COVID-19 pandemic, patients with skin cancer have experienced delays in diagnosis and treatment, including delays in patient presentation, diagnostic referral delays brought on by diagnostic capacity constraints, and treatment delays caused by an increased risk of COVID-19 transmission or health policy restrictions on treatment capacity. Studies from the United Kingdom Northern Cancer Network and United States dermatology practices reported a significant decline in skin cancer diagnoses during the lockdown months in 2020, according to an article from July 2021 titled The impact of the COVID-19 pandemic on a diagnostic delay of skin cancer: a call to restart screening activities.

The therapeutics segment is expected to be the largest during the forecast period

Therapeutics segment is expected to have largest share over the projection period, due to the efficiency of the medications employed in immunotherapy and a rise in their approvals, immunotherapy is determined to occupy the largest portion of the market. Additionally, immune therapy includes giving drugs to help the body's defenses recognize and efficiently combat cancer cells. Melanoma cancer can be treated with a variety of immunotherapies that are now accessible. However, there are currently numerous melanoma immunotherapy treatments that have received approval from the Food and Drug Administration, which supports the market's expansion.

The diagnosis segment is expected to have the highest CAGR during the forecast period

Diagnosis segment is expected to have highest CAGR over the forecast period. A handheld instrument called a dermatoscope functions as a magnifying glass for the skin. It can amplify by a factor of 10 at its maximum. AI-based categorization systems provide rapid and precise distinctions between benign and malignant tumors. Databases are a useful tool in this process because of advances in software. However, patients will provide their permission for the storage of their lesion photos in a database that will act as a repository and allow artificial intelligence systems to compare recently acquired images to those already maintained.

Region with largest share:

Due to the region's increasing melanoma and other skin cancer instances, North America will continue to maintain the largest share of the market over the projection period. The most frequent cancer in the United States, according to statistics from the American Academy of Dermatology Association (AAD) from 2022, is skin cancer. According to the AAD, skin cancer will affect one in five Americans at some point in their lives. Additionally, every day in the United States, about 9,500 people receive a skin cancer diagnosis.

Region with highest CAGR:

South America is expected to have lucrative growth over the projection period due to rise in the incidence of skin cancer in Brazil. Because of this factor brazil will drive the market expansion in this region. For instance, melanoma skin cancer accounts for 3% of malignant skin tumors in Brazil, according to an article in Sociedade Brasileira de Dermatologia, 2021. Additionally, during the course of the projected period, the market will develop as a result of the rising launches and initiatives in the nation. These recent breakthroughs are anticipated to increase demand for melanoma diagnostics and therapies across the nation, boosting market expansion across the area.

Key players in the market

Some of the key players in Melanoma Diagnostics and Therapeutics market include AB Sciences, Abbott Diagnostics, Amgen, Inc., bioMérieux SA , Bristol-Myers Squibb, Caliber Imaging & Diagnostics, Inc., Canfield Scientific, Inc., Dermlite, DermTech, F. Hoffman-La Roche Ltd., GlaxoSmithKline PLC, Merck & Co., Inc, Novartis AG and Pfizer, Inc..

Key Developments:

In January 2022, Pfizer Inc. received approval from the United States Food and Drug Administration (FDA) for CIBINQO (abrocitinib), which is an oral, once-daily, Janus kinase 1 (JAK1) inhibitor, for the treatment of adults living with refractory, moderate-to-severe atopic dermatitis (AD) whose disease is not adequately controlled with other systemic drug products, including biologics, or when the use of those therapies is inadvisable.

In January 2022, Immunocore received FDA approval for its KIMMTRAK (tebentafusp-tebn) for the treatment of unresectable or metastatic uveal melanoma.

Products Covered:
• Diagnostics
• Therapeutics

Applications Covered:
• Diagnostic Center
• Medical Institution
• Hospitals
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements