Global Melanoma Diagnostics and Therapeutics Market Size

Melanoma Diagnostics & Therapeutics Market Analysis

The Melanoma Diagnostics and Therapeutics market is expected to register a CAGR of 15.1% over the forecast period, 2022-2027.

The COVID-19 pandemic has resulted in delays in the diagnosis and treatment of patients with skin cancer, including patient presentational delays, 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. According to an article published in July 2021 titled "The impact of the COVID-19 pandemic on a diagnostic delay of skin cancer: a call to restart screening activities," studies from the United Kingdom Northern Cancer Network and United States dermatology practices reported a significant decrease in skin cancer diagnoses during the lockdown months in 2020. Moreover, research conducted by the National Cancer Control Program in January 2021, in Ireland found a decline in referrals for skin cancer during the lockdown. Additionally, dermatologists from 36 nations assessed that the epidemic was to blame for one-third of missed skin check sessions and one-fifth (21%) of misdiagnosed melanoma cases, according to a survey performed by the Global Coalition for Melanoma Patient Advocacy, in July 2021.

The melanoma diagnostics and therapeutics market is estimated to show good growth due to the increasing incidence of melanoma cases, rising government initiatives for early detection and skin cancer treatment, and rising technological advancements. Furthermore, the launch of advanced diagnostics and therapeutics for Melanoma treatment is also projected to boost the market growth. For instance, in March 2022, Bristol Myers Squibb received the United States Food and Drug Administration approval for Opdualag (nivolumab and relatlimab-rmbw), a new, first-in-class, fixed-dose combination of nivolumab and relatlimab, administered as a single intravenous infusion, for the treatment of adult and pediatric patients 12 years of age or older with unresectable or metastatic melanoma.

Furthermore, according to the World Health Organization (WHO) statistics updated in May 2021, every year, around two million people are diagnosed with non-melanoma skin cancers and 132,000 with melanoma, and the frequency of the disease continues to rise. The main cause of increased skin cancer rates is ozone depletion, which means more harmful UV radiation reaches the Earth's surface; the WHO estimates that a 10% decline in ozone levels leads to an additional 300,000 instances of skin cancer. Also, as per the American Society of Clinical Oncology (ASCO) updates from February 2022, an estimated 324,635 people were diagnosed with melanoma globally in 2020 and an estimated 57,043 people worldwide died from melanoma in the same year. Thus, the prevalence of skin cancer among the target population globally is augmenting the growth of the market studied.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However excessive costs associated with therapies and stringent regulatory framework are expected to hinder the market growth over the forecast period.