Global Skin Cancer Diagnostics and Therapeutics Market Share - Segmented by Cancer Type, Process (Diagnosis and Treatment), and Geography - Growth, Trends, and Forecast (2022 - 2030)

The skin cancer diagnostics and therapeutics market is expected to register a CAGR of 9.2%, over the forecast period. Cancers that develop in the tissues of skin are termed as skin cancers. On the basis of the type of tissue affected, there are three major types of skin cancer, namely, basal cell carcinoma, squamous-cell carcinoma, and melanoma. Factors such as increasing incidences of skin cancer, favorable government initiatives, the development of novel immunotherapies, and the extension of current therapies are fueling the growth of the market. However, high cost associated with therapy, a stringent regulatory environment, and the lack of awareness in the general population could adversely affect market growth.

Increasing Incidences of Skin Cancer
The incidence of skin cancers has been increasing over the past few decades. According to WHO statistics, each year, more than two million people develop non-melanoma skin cancer, and around 132,000 people develop melanoma. As per estimates of the Skin Cancer Foundation, one in every five Americans is likely to develop a kind of skin cancer during his/her lifetime. Furthermore, the American cancer society estimates 91,270 new cases of melanoma in the United States in 2018 alone. Apart from the increasing incidence of skin cancer, factors such as favorable government initiatives, the development of novel immunotherapies, and the extension of current therapies are driving the global market for skin cancer diagnostics and therapeutics.

High Cost Associated with Therapy
Despite high disease burden and major technological advantages in the field of cancer treatment, the cost of therapies remain high, and the cost of therapies for the management of skin cancer is significantly higher in comparison to other forms of cancer. According to Centers for Disease Control and Prevention, the average annual cost for skin cancer treatment increased by approximately 126.2%, as opposed to an increase of 25.1% in average annual cost of treatment of other cancers during the time period 2007 – 2011 which has continued to increase further. High cost associated with diagnosis and management remains the major barrier for market growth, especially in developing countries.

Other factors that could potentially impede the growth of the market include a stringent regulatory environment and the lack of awareness about the disease and its progression.

North America Dominates the Skin Cancer Diagnostics and Therapeutics Market
In 2017, North America was the largest regional market, in terms of revenue. The high prevalence of skin cancer and its risk factors, a favorable reimbursement environment, and high adoption rate of novel technologies are primary factors behind the large market size. The Asia-Pacific region is expected to grow at a rapid pace over the forecast period, owing to increasing healthcare expenditure and government initiatives aimed at increasing awareness in the developing economies of the region.

Key Developments in the Skin Cancer Diagnostics and Therapeutics Market
May 2017: FDA approved BAVENCIO® (AVELUMAB), which is an Injection for the treatment of patients with locally advanced or metastatic urothelial carcinoma. The formulation was jointly developed by Pfizer Inc. and Merck KGaA.

Skin Cancer Diagnostics and Therapeutics Market Major Players:
Abbott Inc.
Agilent Technologies Inc.
AstraZeneca PLC
Bristol-Myers Squibb Co.
Eli Lilly And Co.
GlaxoSmithKline PLC
Merck & Co. Inc.
Novartis AG
Pfizer Inc.
Qiagen NV
F. Hoffmann-La Roche AG
Sanofi SA

Reasons to Purchase the Skin Cancer Diagnostics and Therapeutics Market Report
Analysis of various perspectives of the global skin cancer diagnostics and therapeutics market, with the help of Porter’s five forces analysis
Information on the segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identification of the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)

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