Melanoma Cancer Diagnostics Market

Melanoma Cancer Diagnostics Market Outlook (2023 to 2033)

The global melanoma cancer diagnostics market accounts for a valuation of US$ 4.6 billion in 2023 and is extrapolated to secure a revenue of US$ 8.9 billion by the end of 2033. Over the next ten years, global demand for melanoma cancer diagnostics is forecasted to rise at 6.8% CAGR.

Melanoma is a serious type of skin cancer that develops in melanocytes and is responsible for a majority of deaths related to skin cancer across the world.

• Despite melanoma only accounting for 1% of total skin cancer cases, demand for its diagnosis and treatment is increasing rapidly owing to the high mortality rates associated with it.

The prevalence of all types of cancers has increased noticeably in the past few years and this is a key factor that is anticipated to boost demand for skin cancer diagnostics, breast cancer diagnostics, etc. over the coming years. Surging demand for early diagnosis of melanoma around the world is also slated to uplift sales of melanoma cancer diagnostic products through 2033.

The rising popularity of minimally-invasive diagnostic procedures, increasing prevalence of cancer, growing preference for preventive healthcare, and increasing healthcare expenditure are other factors that could augment sales of melanoma cancer diagnostic devices over the next ten years. The launch of several new initiatives to promote awareness about skin cancer conditions is also expected to supplement market growth in the future.

• In January 2023, The Hospital Research Foundation, Skin Check Champions, and the University of South Australia collaborated to launch a pop-up clinic that utilizes artificial intelligence (AI) technology to diagnose skin cancer.

Surging investments in research and development of novel diagnostic and treatment procedures for melanoma by governments and non-profit organizations are also expected to bolster sales of melanoma diagnosis and treatment products.

• In October 2022, Warwickshire (UHCW) NHS Trust and University Hospitals Coventry, announced the launch of a new trial that has the potential to revolutionize the future of skin cancer treatment and diagnosis. The study was expected to use an innovative device dubbed ‘skinometer’, which aids in determining how far cancers have reached under the skin.

On the flip side, the dearth of skilled medical professionals to operate and monitor advanced melanoma cancer diagnostic equipment is expected to hamper market development across the forecast period. Furthermore, the high costs of diagnostic equipment and diagnostic procedures are also anticipated to constrain melanoma cancer diagnostic demand going forward.

Report Attributes	Details
Melanoma Cancer Diagnostics Market Size (2023)	US$ 4.6 Billion
Projected Market Value (2033F)	US$ 8.9 Billion
Global Market Growth Rate (2023 to 2033)	6.8% CAGR
Market Share of Pathology Laboratories (2033F)	> 50%
Key Companies Profiled	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 Damae Medical DermLite Neracare GmbH VERISKIN INC.

Which Start-ups are Altering the Future of Skin Cancer Diagnostics?

“Start-up Ecosystem led by AMLo Biosciences, Geneseq Biosciences, and ANAPIX Medical”

Increasing awareness regarding melanoma around the world has resulted in high demand for early diagnosis of the condition as it increases the chances of successful treatment and survival for skin cancer patients. Incoming providers of melanoma cancer diagnostics are focusing on developing novel diagnostic products and solutions that allow easy and fast diagnosis of melanoma.

Growing use of AI in diagnostics is a major trend that almost all upcoming melanoma cancer diagnostic companies are expected to focus on and capitalize on over the coming years.

• ANAPIX medical, a French medical technology start-up founded in 2016, has developed a decision support algorithm called DIAMELA that allows clinicians to diagnose melanoma by leveraging artificial intelligence technology to analyze dermoscopic images of melanocytic lesions. The company also provides an algorithm that utilizes pathology databases to identify melanoma-related anomalies, which is named SKINAN.
• An Australian start-up founded in 2017 called Geneseq Biosciences, is offering liquid biopsy testing solutions for medical professionals to identify skin cancer in their patients. The company offers ‘Melseq’, a test that is capable of measuring 38 microRNAs and could also be able to trace the genetic fingerprint of melanoma.
• AMLo Biosciences, a new company focused on developing revolutionary diagnostics products using cancer biomarkers, is investing in the creation of a prognostic test named ‘AMBLor’ for stage 1 and stage 2 melanoma detection. The test is based on two protein markers namely loricrin and AMBRA1.

New melanoma cancer diagnosis providers are also focusing on bagging new capital to fund their research and expansion efforts and compete with established players in the global landscape.

• In September 2020, Skin Analytics, a start-up based in the United Kingdom, announced that it had raised US$ 4.89 billion in a Series A funding round that was led by Hoxton Ventures. The company had developed an artificial intelligence-based skin cancer screening service and had plans to use the raised capital to expand its business in the United States.

An exhaustive and detailed assessment of how new developments by start-ups are affecting local supply, product standards, and other industry-altering trends has been listed in this latest melanoma cancer diagnostics industry survey by Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Should Melanoma Cancer Diagnostic Providers Invest in the United States?

“Surging Investments in Cancer Research in the Country”

Cases of melanoma and other types of cancers have been increasing in the United States over the past few years and this is projected to uplift the demand for melanoma cancer diagnostics across the forecast period as well.

• The American Cancer Society estimated that around 97,610 new cases of melanoma will be recorded in the United States in 2023 and the mortality for the same would be 7,990 people.

Increasing awareness regarding melanoma diagnosis, the presence of key medical device companies, the high availability of skilled medical professionals, and rising investments in medical research and development by companies and the government are other aspects that could augment market growth in the country through 2033.

Which Countries are Crucial Markets in the APAC Region?

“Australia, China, New Zealand, and Korea to Be Prime Markets”

The prevalence of melanoma in the East and Southeast Asian regions is comparatively lower than it is in North America. However, Asian melanoma patients are generally diagnosed with advanced disease and this is what results in a high mortality rate among Asian skin cancer patients. Australia, New Zealand, China, and South Korea are some countries where the incidence of melanoma is higher than in other APAC countries.

Increasing investments in the development of healthcare infrastructure, a rising number of clinical trials for melanoma diagnosis and treatment, and high mortality rates are other factors that could influence shipments of melanoma cancer diagnostic devices in the region going forward.

Where Will Melanoma Cancer Diagnostic Demand Soar in Europe?

“Germany and United Kingdom – Leading Markets in Europe”

Incidence of melanoma in Germany and the United Kingdom has been increasing in recent years and this is a key factor that is predicted to bolster demand for melanoma cancer diagnostics throughout the forecast period and beyond.

• As per Cancer Research UK, on average 16,700 new cases of melanoma cancer are recorded in the United Kingdom each year, and is the 5th most common type of cancer in the country.

Increased life expectancy and rising UV (ultraviolet exposure) are anticipated to be major factors driving up the number of melanoma cancer patients in the majority of European countries. Increasing healthcare expenditure and rising investments in cancer research are also expected to crucially augment melanoma cancer diagnostics market growth trajectory in Germany and the United Kingdom over the next ten years.

Category-wise Insights

Where Will Demand for Melanoma Cancer Diagnostics Shine Bright?

“Pathology Labs to Lead Skin Cancer Diagnostic Product Sales”

Based on end user, the melanoma cancer diagnostics market is segmented into hospitals, pathology laboratories, and cancer research centers.

Pathology laboratories provide critical information on melanoma progression in patients and also aid in the apt diagnosis of the condition. The deployment of laboratory information management systems in these pathology labs is also expected to benefit the screening and diagnosis procedure for various skin cancer conditions.

• By the end of the forecast period, pathology laboratories are estimated to account for more than 1/2 of the global melanoma cancer diagnostics market share.

Competitive Landscape

Top providers of melanoma cancer diagnostics are focusing on the development and launch of novel and innovative products that improve the chances of treatment for people suffering from skin cancer.

• In March 2023, Genetic Technologies Limited, a biotechnology company headquartered in Australia, announced the launch of three new disease assessments in its geneType Multi Risk-Test that already was used to test 6 other diseases. Melanoma, atrial fibrillation, and pancreatic cancer are the three new diseases that were added and could be tested by the geneType Multi Risk-Test with just a single saliva sample of the patient.
• In May 2022, Labcorp, a leading life sciences organization, announced the launch of a new immunohistochemistry (IHC) test that measures Lymphocyte-activation gene 3 (LAG-3) expression levels in tumor tissue. The test was available for the treatment of patients as well as clinical trials.

More insights about new developments by leading melanoma cancer diagnostic companies and how they alter future pricing trends have been discussed in detail in this latest Fact.MR research analysis.

Key Segments of Melanoma Cancer Diagnostics Industry Research

• By Test :

  • Fluorescent In-Situ Hybridization (FISH) Tests
  • Comparative Genomic Hybridization (CGH) Tests
  • Immunohistochemical (IHC) Tests
  • Others

• By End User :

  • Hospitals
  • Pathology Laboratories
  • Cancer Research Centers

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA