How Has The Skin Cancer Diagnostics Market Size Evolved In Recent Years?
The skin cancer diagnostics market has seen considerable growth due to a variety of factors.
•The market size for skin cancer diagnostics has seen robust growth in the past few years. The market size, which stood at $3.13 billion in 2024, is projected to reach $3.39 billion in 2025, yielding a compound annual growth rate (CAGR) of 8.4%.
The historic period of growth is linked to factors such as a rise in skin cancer cases, an increasing aged population, heightened awareness alongside educational programs, and governmental pushes for early detection.
What Is The Projected Growth Of The Skin Cancer Diagnostics Market?
The skin cancer diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market for skin cancer diagnostics is predicted to experience substantial expansion in the upcoming years, escalating to $4.69 billion in 2029 with a compound annual growth rate (CAGR) of 8.4%.
Factors contributing to the anticipated growth during the forecast period involve increasing awareness about sun exposure, the application of personalized medicine, advancements in telemedicine and remote patient monitoring, as well as the worldwide development of healthcare facilities. Key trends expected to shape the forecast period encompass the adoption of digital health solutions, introduction of novel skin cancer medications, practice of multi-disciplinary methodologies, breakthroughs in dermatopathology, and heightened patient education and cognition.
What Are The Key Drivers Fueling Growth In The Skin Cancer Diagnostics Market?
The escalation in melanoma occurrences is postulated to boost the expansion of the skin cancer diagnostics market in the forthcoming period. Melanoma, a specific form of skin cancer, forms in the pigment-producing cells that give color to the skin, hair, and eyes. The importance of skin cancer diagnostics lies in their ability to identify and characterize skin lesions, subsequently facilitating early detection, precise diagnosis, and the planning of optimum cancer treatment. For instance, a report by the American Cancer Society Inc., a voluntary health organization aiming to eradicate cancer in the US, revealed that the count of male melanoma patients in the United States rose from 57,180 in 2022 to 58,120 in 2023. Additionally, as per the American Society of Clinical Oncology, another US-based organization which represents oncology practitioners, even though melanoma only forms about 1% of all skin cancers diagnosed in the US, it is the primary cause of skin cancer-associated deaths. It is projected that 7,990 deaths (5,420 males and 2,570 females) in the US in 2023 will be due to melanoma. Thus, a surge in melanoma rates is propelling the advancement of the skin cancer diagnostics market.
What Are The Principal Market Segments In The Global Skin Cancer Diagnostics Industry?
The skin cancer diagnostics market covered in this report is segmented –
1) By Cancer Type: Basal Cell Carcinoma, Squamous Cell Carcinoma, Malignant Melanoma, Other Cancer Types
2) By Type: Diagnosis, Therapeutics
3) By Application: Hospital, Clinic, Laboratory, Other Applications
Subsegments:
1) By Basal Cell Carcinoma: Diagnostic imaging Techniques, Biopsy Procedures, Molecular Diagnostic Tests
2) By Squamous Cell Carcinoma: Diagnostic imaging Techniques, Biopsy Procedures, Molecular Diagnostic Tests
3) By Malignant Melanoma: Diagnostic Imaging Techniques, Biopsy Procedures, Molecular Diagnostic Tests
4) By Other Cancer Types: Non-Melanoma Skin Cancers, Dermatofibrosarcoma Protuberans, Merkel Cell Carcinoma
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Which Emerging Market Trends Are Altering The Skin Cancer Diagnostics Sector?
Key players in the skin cancer diagnostics market are focusing on the development of innovative products such as the PRAME protein, designed to improve detection methods and treatment plans for melanoma and other types of skin cancer. PRAME, or Preferentially Expressed Antigen in Melanoma, is a cancer/testis antigen that has demonstrated promise as a biomarker in diagnosing melanoma. For example, in October 2022, the global healthcare firm based in Switzerland, Roche, launched the PRAME (EPR20330) Antibody. This antibody, a melanoma-related antigen, specializes in identifying PRAME protein expression in tissue samples taken from patients potentially suffering from melanoma. The function of the antibody is to differentiate between benign and malignant lesions. The identification of PRAME expression indicates malignancy, a crucial factor in ensuring accurate diagnosis and formulating effective treatment plans.
Who Are the Key Players in the Skin Cancer Diagnostics Market?
Major companies operating in the skin cancer diagnostics market include:
• Pfizer Inc.
• F. Hoffmann-La Roche Limited
• Merck & Co.
• Bayer AG
• Novartis AG
• Bristol-Myers Squibb Company
• Sanofi
• Eli Lilly and Company
• Canon Medical Systems Corporation
• Amgen Inc.
• GE Healthcare
• Daiichi Sankyo Company Limited.
• National Cancer Institute
• Agilent Technologies Inc.
• bioMerieux SA
• Teva Pharmaceutical Industries
• Bruker Corp
• Almirall
• Genentech
• Castle Biosciences
• Sun Pharmaceutical Industries Limited.
• American Academy of Dermatology
• Biolitec Ag
• Alma Lasers
• DermTech Inc.
• SkylineDx BV
• DermLite LLC
• AMLo Biosciences Limited
What are the Regional Insights into the Skin Cancer Diagnostics Market?
North America was the largest region in the skin cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the skin cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
