According to a latest market research by fast-growing market research and consulting firm, the global melanoma cancer diagnostics market is poised to grow at over 7% CAGR and surpass US$ 853.5 million in revenues by 2022. Fact.MR’s report forecasts that North America and Europe will remain the most lucrative markets for melanoma cancer diagnostics market globally.
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Non-Invasive Techniques Show Promising Results in Skin Cancer Diagnostics
Non-invasive skin cancer diagnostics methods are being used on a large scale for skin cancer diagnosis. Although biopsy is considered to be the best way for skin cancer diagnosis, it is leading to a number of complications including infection, scarring, and bleeding. Hence, researchers are focusing on developing less invasive or non-invasive methods for skin cancer diagnosis.
For instance, Pigmented Lesion Assay (PLA) test by DermTech uses sticky adhesive patch to collect skill cells from lesion to diagnose melanoma and clinical trials found that PLA has high sensitivity and very low probability of missing melanoma. Meanwhile, ongoing technological advancements in optical imaging techniques is also resulting in development of new tools in diagnosis and treatment of skin cancer.
Increasing Incidences of Skin Cancer Driving Demand for Melanoma Cancer Diagnostics
According to the World Health Organization (WHO), around 132,000 melanoma skin cancers occur worldwide every year. It is also estimated that about 10% decrease in ozone levels is likely to result in 4,500 melanoma skin cancer cases. There were nearly 300,000 new melanoma of skin cases in 2018, as per the American Institute of Cancer Research.
With the number of skin cancer cases going up in the past few years, focus on providing early detection and diagnosis is increasing. Melanoma cancer is on a rise owing to the changing environmental conditions and increasing exposure to UV rays. This is driving the demand for rapid diagnostics for early detection of melanoma cancer.
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Absence of Accurate Diagnostic Methods to Remain Key Challenge
With rise in cases of melanoma skin cancer across various regions, researchers and scientists are focusing on developing more precise methods of diagnosis along with cost-effectiveness. According to the Agency of Healthcare Research and Quality, cancer is one of the most expensive conditions to treat in the US. Moreover, insurance providers with cost sharing measures are also shifting a huge portion of the medical cost to patients. This has resulted in more out-of-pocket cost for diagnosis and treatment of skin and other types of cancer.
Diagnostic accuracy for melanoma varies significantly with potential financial implications. With advanced diagnostics technologies, the cost of diagnostic procedures, screening, treatment, and medical follow-up is also increasing. According to the study published in the American Journal of Preventive Medicine, in 2007-2011, the average annual cost for skin cancer increased by 126%. Economic burden of skin cancer treatment is significantly increasing with a substantial increase in cost in diagnostics and treatment for melanoma.
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