Skin Cancer Diagnostics Market Expanding at CAGR of 7.2% by 2028

Global skin cancer diagnostics market projected to account for USD 5,480.45 million by 2028

NEW YORK, UNITED STATES, April 28, 2023 /EINPresswire.com/ -- The Insight Partners Latest Research on "Skin Cancer Diagnostics Market" Includes Size, Share and COVID-19 Impact Analysis by Type (Melanoma and Non-Melanoma), Screening Type (Blood Tests, Dermatoscopy, Imaging Tests, Lymph Node Biopsy, and Skin Biopsy), and Regional Forecast (2021–2028)

The skin cancer diagnostics market is projected to reach US$ US$ 5,480.45 million by 2028 from US$ 3,364.46 million in 2021; it is estimated to grow at a CAGR of 7.2% during 2021–2028. The report highlights trends prevailing in the market and factors driving its growth. The market's growth is attributed to the increasing incidence of skin cancer and launch of new products. However, the barriers to early skin cancer diagnostics in low and middle-income countries hampers the market growth.

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Skin cancer means abnormal growth of skin cells. It develops in the areas exposed to the sun. Ultraviolet radiation changes the genetic material (DNA) in cells and is the leading cause of skin cancer. There are two main categories of skin cancer such as melanoma and non-melanoma. Various imaging solutions such as CT scans, MRIs, PET scans, bone scans, and chest X-rays are used to diagnose skin cancer. The skin cancer diagnostics market also includes various diagnostics and therapies related to skin cancer, such as chemotherapy, targeted therapy, immunotherapy, radiotherapy, freezing treatment, and scraping therapy that helps cure skin cancer.

Leading Players Outlook:

Leading companies operating in the market have undertaken various organic growth strategies in the market. The skin cancer diagnostics market is majorly comminated by SkylineDx BV; AMLo Biosciences Limited; NeraCare GmbH; DermLite LLC; bioMerieux SA; Veriskin Inc.; Castle Biosciences, Inc.; DermTech Inc.; F. Hoffmann-La Roche Ltd., and Michelson Diagnostics Ltd. The companies have been implementing various strategies that have helped their growth and, in turn, brought about several breakthroughs and transitions in the industry. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the market players have also deployed several utilized inorganic strategies, including mergers & acquisitions, partnerships, and collaborations.

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Below are the major growth strategies undertaken by the players operating in the global skin cancer diagnostics market:

February 2022: Castle Biosciences, Inc. has announced the collaboration with National Cancer Institute (NCI) to link DecisionDx-Melanoma testing data with data from the Surveillance, Epidemiology and End Results (SEER) Program’s registries on cutaneous melanoma (CM) cases. The analysis of the first subset of linked SEER patient data demonstrates DecisionDx-Melanoma testing was associated with improved overall survival rates compared to untested patients

April 2021: Castle Biosciences, Inc. has signed a definitive agreement to acquire all of the equity of Myriad myPath, LLC (Myriad myPath Laboratory), from Myriad Genetics for $32.5 million. After this acquisition Castle strategically expands its suite of genomic tests for skin cancer and expects to offer the most comprehensive testing solution for difficult-to-diagnose melanocytic lesions

June 2021: AI specialists Manchester Imaging Ltd have won a UK Innovation Scholars grant to support the part time secondment of AI expert Tom Williams to skin scanner specialists Michelson Diagnostics Ltd over two years.

Segments of Skin Cancer Diagnostics Market:

By screening type, dermatoscopy segment is the second largest shareholder of skin cancer diagnostics market. Dermatoscopy is the primary test for skin cancer, it increases the sensitivity for detecting skin cancer, decreases the number of benign lesions biopsied for each malignant diagnosis, and enables the diagnosis of thinner melanomas compared with naked eye examination. Addition, dermatoscopy is cost effective, which is leading to decreased number of excised benign lesions. Furthermore, the advancements in the technology are enabling players to launch upgraded versions of their existing dermatoscopes and new dermatoscopes in the market. Thus, the above-listed factors are vitally contributing to the growth of market.

Based on type, the global skin cancer diagnostics market has been segmented into melanoma and non-melanoma. The non-melanoma segment held the largest share of the market in 2021 and is anticipated to register highest CAGR in the market during the forecast period. Based on screening type, the market is segmented into blood tests, dermatoscopy, imaging tests, lymph node biopsy, and skin biopsy. The skin biopsy segment held the largest share of the market in 2021 and is anticipated to register a high CAGR in the market during the forecast period.

A few of the major primary and secondary sources referred to while preparing the report on the skin cancer diagnostics market are the National Center for Health Statistics, Indian Council of Medical Research, Centers for Disease Control and Prevention (CDC), the National Center for Biotechnology Information (NCBI), and World Health Organization.

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