Latin America Melanoma Diagnostics & Therapeutics Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 13.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Melanoma Diagnostics & Therapeutics Market Analysis
The Latin America Melanoma Diagnostics and Therapeutics Market is expected to register a CAGR of 13.8% over the forecast period.
The COVID-19 pandemic has resulted in delays in the diagnosis and treatment of patients with skin cancer, including patient presentational delays and diagnostic referral delays due to diagnostic capacity limitations, and treatment delays due to increased risk of COVID-19 transmission or health policy limitations on treatment capacity. The average number of cancer diagnoses in all Brazilian regions has decreased significantly since the beginning of the pandemic. Data from the Brazilian National Cancer Institute for the year 2020 indicated melanoma incidence rates of 4.03 new cases per 100,000 for men and 3.94 new cases per 100,000 for women in Brazil. However, mortality data for different Brazilian regions remain scarce and are potentially affected by underreporting. Therefore, it is expected that in the post-pandemic period, there will be an increase in the diagnosis and treatment of melanoma cancer in the region.
The melanoma diagnostics and treatment market is estimated to show good growth due to the increasing incidence of melanoma cases in the region, increasing government initiatives for early detection and treatment of skin cancer, and increasing technological advancements. According to Globocan, 2020, there were 2051 new cases of melanoma in Mexico for the year 2020. The high incidence of melanoma is expected to increase the demand for diagnosis and treatment in the industry, fueling the market growth in the region.
Additionally, rising initiatives in the region are fueling the growth of the market. For example, in May 2021, the Bristol Myers Squibb Foundation launched a new initiative in Brazil, awarding four grants to improve the delivery of high-quality lung and skin cancer care to underserved rural communities. Organizations that have received grants focus on community awareness and education about the disease, strengthen collaboration between primary care physicians and oncologists, and support efforts for early diagnosis and treatment. Such initiatives by major players in the region are expected to boost market growth over the forecast period.
Therefore, the above factors are collectively attributed to the studied market growth during the forecast period. However, high costs associated with therapies and stringent regulatory frameworks are expected to hinder market growth over the forecast period.
Latin America Melanoma Diagnostics & Therapeutics Market Trends
This section covers the major market trends shaping the Latin America Melanoma Diagnostics & Therapeutics Market according to our research experts:
Biological Therapy is Expected to Witness High Growth Over the Forecast Period
Immunotherapy or biological therapy is the treatment of disease by activating or suppressing the immune system. Immunotherapy has a significant share, which can be attributed to the effectiveness of drugs used in immunotherapy and the increase in their approval. For example, in April 2021, PlantForm Corporation, PlantPraxis Biotecnologia, and Bio-Manguinhos/Fiocruz (Ministry of Health of Brazil) announced an R&D collaboration agreement to develop biosimilar pembrolizumab for the Brazilian market. The original antibody drug, pembrolizumab, is widely used in immunotherapy to treat a variety of cancers, including melanoma, lung cancer, head and neck cancer, and stomach cancer. Such collaborations enhance the research of biological therapy for melanoma in the region and support the growth of the segment.
As per the article published by the AGRIS in 2021, the operations range in dendritic cell (DC) numbers and injection times, for which therapy significantly reduces the tumor. The study concluded that pulsed dendritic cell immunotherapy prevents tumor relapse when doses and periods fall within a certain range. This rising research and the growing incidence of melanoma in these regions further boosts growth over the forecast period.
Brazil is Expected to have a Higher CAGR over the Forecast Period
An increase in the incidence of skin cancer in Brazil is anticipated to drive the melanoma diagnostics and therapeutics market in the country. For instance, according to the article published in Sociedade Brasileira de Dermatologia, 2021, melanoma skin cancer represents 3% of malignant skin tumors in Brazil. In the evaluated sample, 60.5% of cases were diagnosed with basal cell carcinoma, 30.2% squamous with cell carcinoma, and 9.3% with melanoma. Furthermore, the increasing launches and initiatives in the country propel the growth of the market over the forecast period. In December 2021, the December Orange campaign, a melanoma awareness campaign conducted every year in Brazil combined the care for the covid-19 pandemic with the prevention of skin cancer. The campaign recommends adopting the habit of photoprotection in society. Such initiatives create an awareness of the diagnosis and in turn propel the treatment market as well in the country.
Latin America Melanoma Diagnostics & Therapeutics Industry Overview
The studied market is highly competitive in nature with the presence of several players in the industry. Some of the major players in the market are Amgen, Novartis, F. Hoffman-La Roche Ltd., GlaxoSmithKline PLC, etc.
Latin America Melanoma Diagnostics & Therapeutics Market Leaders
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Abbott
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Amgen Inc.
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F. Hoffman-La Roche Ltd.
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GlaxoSmithKline PLC
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Novartis AG
*Disclaimer: Major Players sorted in no particular order
Latin America Melanoma Diagnostics & Therapeutics Market News
- In November 2022, Medison Pharma announced the addition of South and Central America and the Caribbean markets, to its multi-territorial agreement with Immunocore Holdings plc, a commercial-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer like melanoma, infection and autoimmune disease.
- In April 2021, Melanoma Research Alliance announced that it is supporting creative partnerships between researchers, for example, a multi-national team of scientists in Mexico, Brazil, and the United Kingdom focused on unraveling the ways in which acral melanoma spreads throughout the body.
Latin America Melanoma Diagnostics & Therapeutics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidences of Melanoma Cases
4.2.2 Advancements in Diagnosis and Treatments and Rising Government Initiatives
4.3 Market Restraints
4.3.1 Lack of Awareness and High Cost Associated With the Therapy
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Diagnostics
5.1.1.1 Dermatoscopy Devices
5.1.1.2 Biopsy Devices
5.1.2 Therapeutics
5.1.2.1 Chemotherapy
5.1.2.2 Targeted Therapy
5.1.2.3 Immune Therapy
5.2 Geography
5.2.1 Brazil
5.2.2 Argentina
5.2.3 Mexico
5.2.4 Rest of Latin America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Diagnostics
6.1.2 Amgen, Inc
6.1.3 F. Hoffman-La Roche Ltd.
6.1.4 GlaxoSmithKline PLC
6.1.5 Merck & Co., Inc
6.1.6 Pfizer, Inc.
6.1.7 Novartis AG
6.1.8 bioMerieux SA
6.1.9 DermTech
6.1.10 Dermlite
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Latin America Melanoma Diagnostics & Therapeutics Industry Segmentation
As per the scope of the report, melanoma is one of the serious types of skin cancer that develops from pigment-containing cells called melanocytes. Melanomas typically occur in the skin, but may rarely occur in the mouth, intestines, or eye. Moles, brown spots, and growths on the skin are found to be the symptoms associated with the disease. The Latin America Melanoma Diagnostics and Therapeutics Market is segmented by Product Type (Diagnostics and Therapeutics) and Geography (Brazil, Mexico, Argentina, Rest of Latin America). The report offers the value (in USD million) for the above segments.
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| Geography | |
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Latin America Melanoma Diagnostics & Therapeutics Market Research FAQs
What is the current Latin America Melanoma Diagnostics and Therapeutics Market size?
The Latin America Melanoma Diagnostics and Therapeutics Market is projected to register a CAGR of 13.80% during the forecast period (2024-2029)
Who are the key players in Latin America Melanoma Diagnostics and Therapeutics Market?
Abbott, Amgen Inc., F. Hoffman-La Roche Ltd., GlaxoSmithKline PLC and Novartis AG are the major companies operating in the Latin America Melanoma Diagnostics and Therapeutics Market.
What years does this Latin America Melanoma Diagnostics and Therapeutics Market cover?
The report covers the Latin America Melanoma Diagnostics and Therapeutics Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Latin America Melanoma Diagnostics and Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Melanoma Diagnostics and Therapeutics Industry Report
Statistics for the 2024 Latin America Melanoma Diagnostics and Therapeutics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Melanoma Diagnostics and Therapeutics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
