Melanoma Diagnostics & Therapeutics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 15.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Melanoma Diagnostics & Therapeutics Market Analysis
The Melanoma Diagnostics and Therapeutics market is expected to register a CAGR of 15.1% over the forecast period, 2022-2027.
The COVID-19 pandemic has resulted in delays in the diagnosis and treatment of patients with skin cancer, including patient presentational delays, 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. According to an article published in July 2021 titled "The impact of the COVID-19 pandemic on a diagnostic delay of skin cancer: a call to restart screening activities," studies from the United Kingdom Northern Cancer Network and United States dermatology practices reported a significant decrease in skin cancer diagnoses during the lockdown months in 2020. Moreover, research conducted by the National Cancer Control Program in January 2021, in Ireland found a decline in referrals for skin cancer during the lockdown. Additionally, dermatologists from 36 nations assessed that the epidemic was to blame for one-third of missed skin check sessions and one-fifth (21%) of misdiagnosed melanoma cases, according to a survey performed by the Global Coalition for Melanoma Patient Advocacy, in July 2021.
The melanoma diagnostics and therapeutics market is estimated to show good growth due to the increasing incidence of melanoma cases, rising government initiatives for early detection and skin cancer treatment, and rising technological advancements. Furthermore, the launch of advanced diagnostics and therapeutics for Melanoma treatment is also projected to boost the market growth. For instance, in March 2022, Bristol Myers Squibb received the United States Food and Drug Administration approval for Opdualag (nivolumab and relatlimab-rmbw), a new, first-in-class, fixed-dose combination of nivolumab and relatlimab, administered as a single intravenous infusion, for the treatment of adult and pediatric patients 12 years of age or older with unresectable or metastatic melanoma.
Furthermore, according to the World Health Organization (WHO) statistics updated in May 2021, every year, around two million people are diagnosed with non-melanoma skin cancers and 132,000 with melanoma, and the frequency of the disease continues to rise. The main cause of increased skin cancer rates is ozone depletion, which means more harmful UV radiation reaches the Earth's surface; the WHO estimates that a 10% decline in ozone levels leads to an additional 300,000 instances of skin cancer. Also, as per the American Society of Clinical Oncology (ASCO) updates from February 2022, an estimated 324,635 people were diagnosed with melanoma globally in 2020 and an estimated 57,043 people worldwide died from melanoma in the same year. Thus, the prevalence of skin cancer among the target population globally is augmenting the growth of the market studied.
Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However excessive costs associated with therapies and stringent regulatory framework are expected to hinder the market growth over the forecast period.
Melanoma Diagnostics & Therapeutics Market Trends
This section covers the major market trends shaping the Melanoma Diagnostics & Therapeutics Market according to our research experts:
Immune Therapy is Anticipated to Hold Major Share in Therapeutics Segment During the Forecast Period
Immune therapy is the use of medicines to stimulate a person's immune system to recognize and destroy cancer cells effectively. Several types of immunotherapies available can be used to treat melanoma cancer.
Immunotherapy is found to hold the largest share which can be attributed to the effectiveness of drugs used in immunotherapy and an increase in their approvals. There are currently many Food and Drug Administration-approved immunotherapy options for melanoma that helps in the growth of the market. For instance, in February 2021, the United States Food and Drug Administration approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) as the first immunotherapy indicated for patients with advanced basal cell carcinoma (BCC) previously treated with a hedgehog pathway inhibitor (HHI) or for whom an HHI is not appropriate. Libtayo is now approved for patients with advanced stages of the two most common skin cancers in the United States. Also, in December 2021, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) for the adjuvant treatment of adult and pediatric (12 years of age) patients with stage IIB or IIC melanoma following complete resection.
Additionally in March 2022, The United States Food and Drug Administration approved a novel therapy for patients with metastatic or inoperable melanoma, an aggressive type of skin cancer. The treatment, developed based on original research conducted at the Johns Hopkins Kimmel Cancer Center, is comprised of two immunotherapy agents, relatlimab (anti-LAG-3) and nivolumab (anti-PD-1)There have also many advances in using immunotherapy drugs known as checkpoint inhibitors to treat melanoma.
Thus the strong emerging pipeline for melanoma treatment is expected to drive the immunotherapy segment over the forecast period.
North America is Expected to Occupy a Significant Share in the Melanoma Diagnostics and Therapeutics Market Over Forecast Period
Over the previous decade, the incidence of skin cancer has increased in North America, as has the number of skin cancer biopsies. The COVID-19 epidemic was unprecedented, and it resulted in a significant drop in non-urgent medical visits. Early in the COVID-19 epidemic, there was a significant decrease in skin biopsies. With the commencement of COVID-19 cases, a precipitous decline in total skin biopsies, biopsies for Keratinocyte carcinoma (KC), and melanoma were found, according to an Ontario-based research study titled "Impact of the COVID-19 pandemic on skin cancer diagnosis: A population-based analysis" released in March 2021. Over the next 10 weeks, there was a significant improvement in biopsy rates. However, a considerable backlog of predicted cases remained 28 weeks after lockdown, compared to 2019.
North America holds a dominant share of the market owing to the rising incidence of melanoma and other skin cancer cases in the region. According to the American Academy of Dermatology Association (AAD) updates from 2022, Skin cancer is the most common cancer in the United States. AAD also estimated that one in five Americans will develop skin cancer in their lifetime. Also, approximately 9,500 people in the United States are diagnosed with skin cancer every day. Also, 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.
Additionally, in January 2022, Immunocore, 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 received approval from the United States Food and Drug Administration (FDA) for KIMMTRAK (tebentafusp-tebn) for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma (mUM). Additionally, in May 2022, Labcorp. launched a new assay for treatment options for melanoma. The new test enables the measurement of Lymphocyte-activation gene 3 (LAG-3) expression levels by immunohistochemistry (IHC) in tumor tissue. LAG-3 is an immune-oncology target with demonstrable clinical benefit in patients with melanoma. These recent developments are expected to drive the melanoma diagnostics and therapeutics demand in the country, driving the overall market growth in the region.
Hence, as per the factors mentioned above, the skin cancer cases in the United States is anticipated to create opportunity for advanced melanoma cancer diagnostics and therapeutics, driving the overall market growth in the country.
Melanoma Diagnostics & Therapeutics Industry Overview
The market is highly competitive, with many key players involved in market expansion, partnerships, new product development, and R&D to increase market penetration. There are also several products under clinical trials which are expected to receive approval and thus, the market is likely to continue witnessing high competitive rivalry over the forecast period.
Melanoma Diagnostics & Therapeutics Market Leaders
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Abbott Laboratories
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Amgen, Inc.
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Bristol-Myers Squibb
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Novartis AG
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F. Hoffmann-La Roche Ltd
*Disclaimer: Major Players sorted in no particular order
Melanoma Diagnostics & Therapeutics Market News
- 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.
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 Burden of Melanoma Cases
4.2.2 Rising Governments Initiatives for Early Detection and Skin Cancer Treatment
4.2.3 Rising Technological Advancements
4.3 Market Restraints
4.3.1 High Cost Associated with the Therapy
4.3.2 Stringent Regulatory Policies
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 Biological Therapy
5.1.2.3 Targeted Therapy
5.1.2.4 Immune Therapy
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Diagnostics
6.1.2 Amgen, Inc.
6.1.3 Bristol-Myers Squibb
6.1.4 F. Hoffman-La Roche Ltd.
6.1.5 GlaxoSmithKline PLC
6.1.6 Merck & Co., Inc
6.1.7 Novartis AG
6.1.8 Pfizer, Inc.
6.1.9 DermTech
6.1.10 bioMérieux SA
6.1.11 Dermlite
6.1.12 Canfield Scientific, Inc.
6.1.13 Caliber Imaging & Diagnostics, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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. In women, they most commonly occur on the legs, while in men they are most common on the back. Moles, brown spots, and growths on the skin are found to be the symptoms associated with the disease. The market for melanoma diagnostics and therapeutics is increasing at a significant rate due to an increase in the prevalence of melanoma and improvement in healthcare facilities. The Melanoma Diagnostics and Therapeutics Market is Segmented by Product Type (Diagnostics (Dermatoscopy Devices, Biopsy Devices), Therapeutics (Chemotherapy, Biological Therapy, Targeted Therapy, Immune Therapy), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above-mentioned segments.
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Melanoma Diagnostics & Therapeutics Market Research FAQs
What is the current Global Melanoma Diagnostics and Therapeutics Market size?
The Global Melanoma Diagnostics and Therapeutics Market is projected to register a CAGR of 15.10% during the forecast period (2024-2029)
Who are the key players in Global Melanoma Diagnostics and Therapeutics Market?
Abbott Laboratories, Amgen, Inc., Bristol-Myers Squibb, Novartis AG and F. Hoffmann-La Roche Ltd are the major companies operating in the Global Melanoma Diagnostics and Therapeutics Market.
Which is the fastest growing region in Global Melanoma Diagnostics and Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Melanoma Diagnostics and Therapeutics Market?
In 2024, the North America accounts for the largest market share in Global Melanoma Diagnostics and Therapeutics Market.
What years does this Global Melanoma Diagnostics and Therapeutics Market cover?
The report covers the Global Melanoma Diagnostics and Therapeutics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Melanoma Diagnostics and Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Melanoma Diagnostics and Therapeutics Industry Report
Statistics for the 2024 Global Melanoma Diagnostics and Therapeutics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global 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.
