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Melanoma Cancer Diagnostics Market to Experience Significant Growth during the Forecast Period 2017-2022 including Key Players - Foundation Medicine Inc., Cancer Genetics Inc., Abbott Laboratories, etc.

11-27-2018 11:48 AM CET | Health & Medicine

Press release from: Fact.MR

Melanoma Cancer Diagnostics Market to Experience Significant

Melanoma or malignant melanoma is a common type of skin cancer where melanocytes, cells containing pigments, begin to grow rapidly. Since occurrence of melanoma is restricted to skin, mouth, intestines or eyes, the diagnostics of melanoma comprises of multiple tests & screening methods such as excisional biopsy, lymph node status analysis, shave biopsy, and fine needle aspirate test. The Global Melanoma Cancer Diagnostics Market Is Projected To Grow At A Steady CAGR during the forecast period 2017-2027. The melanoma cancer diagnostics market will be influenced by a combination of macroeconomic and microeconomic factors. Increasing spending on healthcare and advances in cancer detection and management are expected to contribute to the growth of the melanoma cancer diagnostics market. However, dearth of advanced solutions in developing countries will continue to pose growth challenges.

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By test type, the BRAF mutation test type segment will continue to be used widely for detecting the early onset of melanoma. In terms of revenue share, North America will account for majority share of revenues for the BRAF mutation segment globally. Use of BRAF mutation test type will also remain prevalent in Europe and APEJ.

The CTC segment will grow at a higher CAGR than BRAF mutation test type, with North America holding largest market share. However, it is the APEJ market where revenues will grow at the highest pace.

The immunohistochemistry segment of the global melanoma market is valued at over US$ 80 million in 2017. North America will remain the largest market for immunohistochemistry, followed by Europe and APEJ. Overall, the immunohistochemistry segment is projected to grow at a significant CAGR through 2022.

Analysis by End-Users

By end-users, the key segments of melanoma cancer diagnostics market include hospital associated labs, independent diagnostic laboratories, cancer research institutes, and ‘others’.

The hospital associated labs segment in North America is currently valued at over US$ 137 million, and is expected to grow at a steady CAGR through 2022. The hospital associated labs segment in Europe is anticipated to grow at a significant CAGR through 2022.

Independent diagnostic laboratories end-user segment in North America is expected to surpass US$ 100 million in revenues by 2022, growing at a high single-digit CAGR.

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North America will remain an attractive market for global melanoma cancer diagnostic market. As discussed previously, BRAF mutation will remain the most widely used test type, followed by CTC. Hospital associated labs will continue to be the largest end-users in the North America melanoma cancer diagnostics market.

Europe, the second-largest market for melanoma cancer diagnostics, will continue to offer growth opportunities to manufacturers. By test type, the CTC cancer diagnostics market will continue to grow at highest CAGR, whereas hospital associated labs will be the largest end-users.

Overall, North America and Europe will continue to be the two most lucrative markets for melanoma cancer diagnostics globally.

Competition Tracking

The key companies profiled in the Fact.MR’s report on global melanoma cancer diagnostics market include Foundation Medicine, Inc., Cancer Genetics, Inc., Pathway Genomics Corporation, Abbott Laboratories, and Myriad Genetics Inc.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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