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Skin Cancer Diagnostics Global Market Analysis, Trends, Growth, Research And Forecast 2033
Skin Cancer Diagnostics Global Market
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According to The Business Research Company's, The skin cancer diagnostics market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased incidence of skin cancer, growing aging population, awareness and education programs, government initiatives for early detection..
The skin cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rising sun exposure awareness, personalized medicine approaches, telemedicine and remote monitoring, global expansion of healthcare infrastructure.. Major trends in the forecast period include integration of digital health platforms, innovative skin cancer drugs, multi-disciplinary approaches, dermatopathology innovations, patient education and awareness..
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Market Drivers and Trends:
The increase in the incidence of melanoma is expected to propel the growth of the skin cancer diagnostics market going forward. Melanoma is a type of skin cancer that develops in the cells that produce melanin, the pigment responsible for skin color, hair, and eyes. Skin cancer diagnostics are crucial in identifying and characterizing skin lesions, aiding in early detection, accurate diagnosis, and effective treatment planning for skin cancer. For instance, in 2023, according to the report published by the American Cancer Society Inc., a US-based nationwide voluntary health organization dedicated to eliminating cancer, the number of male individuals suffering from melanoma in the United States increased from 57,180 in 2022 to 58,120 in 2023. Furthermore, in March 2023, according to the American Society of Clinical Oncology, a US-based professional organization representing all oncology physicians, melanoma accounts for around 1% of all skin cancers diagnosed in the United States. Yet, it is responsible for most skin cancer mortality. Melanoma is expected to kill 7,990 people in the United States in 2023 (5,420 males and 2,570 women). Melanoma killed a total of 57,043 people worldwide in 2020. Therefore, an increase in incidences of melanoma is driving the growth of the skin cancer diagnostics market.
Product Innovation is the key trend gaining popularity in the skin cancer diagnostics market. Major companies involved in the skin cancer diagnostics market are focused on innovating new products to improve their observation power and sustain their position in the market. For Instance, in May 2021, DermaSensor Inc., an Australia-based health technology company designing non-invasive tools, received FDA Breakthrough Device Designation for its DermaSensor device, an objective tool to assess lesions suggestive of skin cancer. It analyses and provides feedback on the cellular substructure, which is undetectable to the human eye even when aided by a dermatoscopy, and the ability to do so in seconds can assist healthcare providers during the critical period of patient assessment and medical decision-making.
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Major Key Players of the Market:
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.
Skin Cancer Diagnostics Market 2024 Key Insights:
• The skin cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Melanoma Cases Fueling Growth In Skin Cancer Diagnostics Market
• Innovative Solutions Reshape The Landscape Of Skin Cancer Diagnostics Market
• North America was the largest region in the skin cancer diagnostics market in 2023
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