Skin Cancer Diagnostics Market worth USD 5,480.45 million by 2028 - Exclusive Research by The Insight Partners

The skin cancer diagnostics market is projected to reach US$ 5,480.45 million by 2028 from US$ 3,364.46 million in 2021; it is expected to grow at a CAGR of 7.2% from 2021 to 2028.

The report highlights trends prevailing in the skin cancer diagnostics market and factors governing its growth. The increasing incidence of skin cancer and launch of new product are driving the growth of the market. However, barriers to early skin cancer diagnostics in low and middle-income countries hinders the skin cancer diagnostics market growth.

Skin cancer means abnormal growth of skin cells. It develops in the areas exposed to the sun. Ultraviolet radiation changes the genetic material (DNA) in cells and is the leading cause of skin cancer. Skin cancer is the most common form of cancer. There are two main categories of skin cancer such as melanoma and non-melanoma. Various imaging solutions such as CT scans, MRIs, PET scans, bone scans, and chest X-rays are used to diagnose skin cancer. The skin cancer diagnostics market also includes various diagnostics and therapies related to skin cancer, such as chemotherapy, targeted therapy, immunotherapy, radiotherapy, freezing treatment, and scraping therapy that helps cure skin cancer.

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Market Insights
Increasing Incidence of Skin Cancer Drives the Skin Cancer Diagnostics Market Growth
According to the World Health Organization (WHO), in 2020, cancer accounted for 10 million deaths worldwide. Breast, lung, colon and prostate, skin, and stomach cancer were the commonly seen types in the world in that year. According to the WHO data, ~1.20 million of the new cases reported in 2020 were skin cancer cases. Skin cancer is by far the most common of all cancer types. Melanoma and non-melanoma are the two types of skin cancer. Although melanoma accounts for ~1% of total skin cancer cases, it causes maximum skin cancer deaths. According to the Skin Cancer Foundation, during 2012-2022, annual diagnosis for invasive melanoma cases increased by 31%. As per GLOBOCAN 2020, worldwide 19.3 million new cancer cases, excluding 18.1 million nonmelanoma skin cancer cases, were registered in 2020. Several countries have adopted national programs for cancer awareness and early cancer diagnosis. Furthermore, increased exposure of people to ultraviolet rays leads to genetic mutations, which may cause skin cancer in the long term. The growing awareness about such aspects drives the skin cancer diagnostics market growth.

Launch of New Products Contributes Significantly to Market Growth
The need for the timely diagnosis of skin cancer boosts the demand for better and advanced diagnosis solutions. In response to such prominent demand, various companies focus on offering better products for the diagnosis of skin cancer. In January 2020, 3Derm Systems, Inc. received two FDA Breakthrough Device designations for its 3DermSpot. 3DermSpot is an AI-based algorithm that autonomously detects melanoma, squamous cell carcinoma, and basal cell carcinoma using standardized skin images saved in it. In May 2021, this device was awarded a breakthrough device designation by the FDA. Moreover, the device has received the CE certification and is available in the countries such as Australia and New Zealand. Presently, the company is awaiting to receive FDA approval for its commercial launch in the US.

In May 2021, SciBase Holding AB launched its Non-Melanoma Skin Cancer (NMSC) clinical application (app) and MDR certification process. The NMSC application is designed to support the company's Nevisense technology platform. The Nevisense, which helps detect melanoma, is a CE-marked device available in Europe; moreover, it has received the TGA and FDA approvals for commercial use in Australia and the US, respectively. The company is looking forward to integrating the NMSC clinical application into its Nevisense 3.0 version. In December 2021, Foundation Medicine, Inc. received FDA approval for its FoundationOneCDx. The FoundationOneCDx is a next-generation sequencing-based in-vitro diagnostic device. It is FDA approved therapeutics in melanoma for present and future. It is enabled with the BRAF inhibitor monotherapies targeting the BRAFV600E mutations and BRAF/MEK inhibitor combination therapies targeting the BRAFV600E or V600K mutations. It is considered an important step toward enabling simplified decision-making for oncologists. Such innovations by cancer diagnostics companies are driving the skin cancer diagnostics market growth.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Skin Cancer Diagnostics Market: Competitive Landscape and Key Developments
SkylineDx BV; AMLo Biosciences Limited; NeraCare GmbH; DermLite LLC; bioMerieux SA; Veriskin Inc.; Castle Biosciences, Inc.; DermTech Inc.; HOFFMANN-LA ROCHE LTD., and Michelson Diagnostics Ltd are among the leading companies operating in the skin cancer diagnostics market.

Based on type, the skin cancer diagnostics market is segmented into melanoma and non-melanoma. The non-melanoma segment held the largest share of the skin cancer diagnostics market in 2021 and is expected to register the highest CAGR during the forecast period. Non-melanoma skin cancers are more frequent than melanoma skin cancer. Non-melanoma comprises of Merkel cell carcinoma, basal cell carcinomas and squamous cell carcinomas. These are completely curable through surgery and are rarely lethal, however, surgical treatment is painful and disfiguring. It is said that the incidences of non-melanoma skin cancers are difficult to determine due to inefficient reliable registration. Although countries such as the US, Canada, and Australia have conducted specific studies that indicates that the prevalence of non-melanoma cancers has increased significantly between 1960s-1980s.

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