Market Size of Latin America Melanoma Diagnostics and Therapeutics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 13.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Melanoma Diagnostics & Therapeutics Market Analysis
The Latin America Melanoma Diagnostics and Therapeutics Market is expected to register a CAGR of 13.8% over the forecast period.
The COVID-19 pandemic has resulted in delays in the diagnosis and treatment of patients with skin cancer, including patient presentational delays and diagnostic referral delays due to diagnostic capacity limitations, and treatment delays due to increased risk of COVID-19 transmission or health policy limitations on treatment capacity. The average number of cancer diagnoses in all Brazilian regions has decreased significantly since the beginning of the pandemic. Data from the Brazilian National Cancer Institute for the year 2020 indicated melanoma incidence rates of 4.03 new cases per 100,000 for men and 3.94 new cases per 100,000 for women in Brazil. However, mortality data for different Brazilian regions remain scarce and are potentially affected by underreporting. Therefore, it is expected that in the post-pandemic period, there will be an increase in the diagnosis and treatment of melanoma cancer in the region.
The melanoma diagnostics and treatment market is estimated to show good growth due to the increasing incidence of melanoma cases in the region, increasing government initiatives for early detection and treatment of skin cancer, and increasing technological advancements. According to Globocan, 2020, there were 2051 new cases of melanoma in Mexico for the year 2020. The high incidence of melanoma is expected to increase the demand for diagnosis and treatment in the industry, fueling the market growth in the region.
Additionally, rising initiatives in the region are fueling the growth of the market. For example, in May 2021, the Bristol Myers Squibb Foundation launched a new initiative in Brazil, awarding four grants to improve the delivery of high-quality lung and skin cancer care to underserved rural communities. Organizations that have received grants focus on community awareness and education about the disease, strengthen collaboration between primary care physicians and oncologists, and support efforts for early diagnosis and treatment. Such initiatives by major players in the region are expected to boost market growth over the forecast period.
Therefore, the above factors are collectively attributed to the studied market growth during the forecast period. However, high costs associated with therapies and stringent regulatory frameworks are expected to hinder market growth over the forecast period.
