Skin Cancer Diagnostics Market Size Worth $5.48Bn, Globally, by 2028 at 7.2% CAGR - Exclusive Report by The Insight Partners

- The Skin Cancer Diagnostics Market Size, Growth driven by the rising prevalence and incidences of skin cancer supported by the increasing awareness among people and increase in product launches. The non-melanoma segment held the largest market share of 65.13% in 2021. The skin biopsy segment dominated the global market and held the largest market share of 52.31% in 2021.

NEW YORK, March 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Skin Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Melanoma and Non-melanoma), Screening Type (Blood Tests, Dermatoscopy, Imaging Tests, Lymph Node Biopsy, and Skin Biopsy)", the global skin cancer diagnostics market is projected to reach $5.48 Bn by 2028 from $3.36 Bn in 2021; it is expected to grow at a CAGR of 7.2% from 2021 to 2028.

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Skin Cancer Diagnostics Market: Competitive Landscape and Key Developments

Companies operating in the skin cancer diagnostics market implement various organic developments that led to dynamic improvements in the market. Various organic growth strategies, such as product launch, product approval, and product development, enhance the market growth. Similarly, several companies are implementing inorganic numerous strategies, such as partnerships, collaborations, merger & acquisition.

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In June 2020, Michelson Diagnostics Ltd. had announced the launch of VivoTools, an advanced software suite for the analysis of VivoSight Dx OCT images. VivoSight Dx isone of the leading Optical Coherence Tomography (OCT) skin imaging system which can see over 1 mm deep into the skin to produce images of skin structural elements, vascularity and pathology. The company have made a couple of significant advances to the image analysis software, resulting in the debut of a new brand, called VivoTools.

In May 2021, DermaSensor Inc. announced that it has received award for breakthrough device designation from the FDA. The company has developed DermaSensor device as an objective tool that will support the assessment of lesions suggestive of skin cancer.

In 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.

In December 2021, SkylineDx had announced a 3-year strategic partnership with life sciences institute VIB for the evaluation and initiation of collaborative projects focused on molecular diagnostics. The collaboration aims to progress high potential research projects into in vitro diagnostic device (IVD) development trajectories to create commercially viable products linked to unmet medical needs for global markets.

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Global Skin Cancer Diagnostics Market: Key Insights – Future Trend

Early detection of cancer provides good chances of recovery and most common skin cancer can be cured with cure rate of 95%. types of skin cancer with a cure rate of 95%. Majority of the skin cancers are detected by self-examination with a naked eye. However, the advancement in the technology have assisted in the use of dermatoscopes for better visualization of skin cancers. It has improved diagnostics sensitivity by 10–30%. The trend of continuous developments has offered extraordinary technologies that can detect cancers at an early stage.

Similarly, the developments have enabled to offer AI for the detection of skin cancer at an early stage and are expected to increase skin cancer diagnosis and screening significantly in coming years. For instance, In February 2022, Teams of researchers at Fraunhofer Center for Assistive Information and Communication Solutions (AICOS) in Porto and Lisbon have announced the launch of AI software known as Derm.AI. Derm.AI offers smooth primary assessment of skin lesions on skin surface and looks potentially dangerous and helps dermatologists to access and analyze the decision of the respective the cases and their risks of skin cancer, which are supported by platform. Such innovations in the field of skin cancer diagnosis are likely to enhance the development of AI diagnostics products for skin cancer that will eventually lead the skin cancer diagnostics market growth in the following years

Skin Cancer Diagnostics Market: Segmental Overview

Based on type, the skin cancer diagnostics market is segmented into melanoma and non-melanoma. The non-melanoma segment held the largest share of the skin cancer diagnostics market in 2021 and is expected to register the highest CAGR during the forecast period.

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Non-melanoma skin cancers are more frequent than melanoma skin cancer. Non-melanoma comprises of Merkel cell carcinoma, basal cell carcinomas and squamous cell carcinomas. These are completely curable through surgery and are rarely lethal, however, surgical treatment is painful and disfiguring. It is said that the incidences of non-melanoma skin cancers are difficult to determine due to inefficient reliable registration. Although countries such as the US, Canada, and Australia have conducted specific studies that indicates that the prevalence of non-melanoma cancers has increased significantly between 1960s–1980s.    

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Skin Cancer Therapeutics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By isease Type (Melanoma, Non-melanoma); Treatment (Chemotherapy, Radiotherapy, Cryosurgery, Immunotherapy, Photodynamic Therapy, Surgery, Other Treatments); End User (Hospital And Clinics, Diagnostic Centres, Cancer Research Institute, Others) and Geography

Skin Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Cancer Type (Melanoma, Non-melanoma); Type (Diagnosis, Therapeutics), and geography

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