Global Skin Cancer Diagnostics and Therapeutics Market Size

Skin Cancer Diagnostics and Therapeutics Market Analysis

The Global Skin Cancer Diagnostics and Therapeutics Market size is estimated at USD 13.82 billion in 2024, and is expected to reach USD 17.82 billion by 2029, growing at a CAGR of 5.21% during the forecast period (2024-2029).

The outbreak of the COVID-19 pandemic had a significant impact on the market studied. After the pandemic began, the World Health Organization (WHO) guidelines suggested that chronic disease patients remain indoors. Hence, this hampered the skin cancer diagnostic market. However, the surge in the number of research for studying the impact of the treatment delay on patients with non-melanoma skin cancer (NMSC) or melanoma cancer amid Covid-19 increased. A study, 'The impact of the Covid-19 pandemic on quality of life in skin cancer patients' published in August 2021, mentioned that due to an immunocompromised/-suppressed status and dependent on the underlying tumor disease and burden, cancer patients might be at an increased risk of developing severe Covid-19 disease and requiring treatment in an intensive care setting. Thus, the increased skin cancer incidences during the pandemic increased the diagnostics for the same and created demand for new advanced therapeutics for treatment. Therefore, the pandemic is predicted to have a positive impact on skin cancer diagnostics and therapeutics during the pandemic phase.

Certain factors driving the market growth include increasing incidence of skin cancer, extensive research and development (R&D) pipelines, and rising awareness about skin cancer. For instance, updated in February 2022 by the American Society of Clinical Oncology, an estimated 324,635 people were diagnosed with melanoma in 2020, and in 2020, about 2,400 cases of melanoma were estimated to be diagnosed in people aged 15 to 29 in the United States. Thus, the prevalence of skin cancer among the population is augmenting the growth of the market studied.

Moreover, the increased R&D is predicted to drive the demand for skin cancer therapeutics over the forecast period. For instance, in January 2022, Immunocore, a commercial-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, received approval from the United States Food and Drug Administration (FDA) for KIMMTRAK (tebentafusp-tebn) for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma (mUM). Additionally, In April 2022, barnaclànic+ launched its Dermatological Diagnosis Unit for the diagnosis and treatment of skin cancer, and the new unit will also have the latest technology on the market in dermatological diagnosis and skin cancer. Thus, this increasing R&D is expected to drive the growth of the studied market.

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