Metastatic Melanoma Cancer Diagnostics Market

Global Market Study on Metastatic Melanoma Cancer Diagnostics: Pathology Laboratories to Remain Largest End User across Geographies

Metastatic Melanoma Cancer Diagnostics Market Segmented By Biopsy, Chest, X-ray, Ultrasound, CT Scan, MRI, PET Scan Test in Hospitals, Pathology Laboratories, Cancer Research Centers

  • May-2021
  • PMRREP32446
  • 201 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

About the Report

Rising prevalence of metastatic melanoma cancer has necessitated innovation in its diagnostic procedures. Increasing healthcare spending coupled with efforts by manufacturers to offer innovative advanced diagnostic products in developing countries is expected to drive demand for metastatic melanoma cancer diagnostics.PET scan tests are the most popular across the world for metastatic melanoma cancer diagnostic purposes.

A new report by Persistence Market Research details trends in 20+ high growth markets, along with the impact the COVID-19 pandemic has had on the healthcare industry in general, and on the demand for metastatic melanoma cancer diagnostics in particular.

This edition (2021-2031) brings readers up-to-date with key market developments, providing analysis on how manufacturers and other stakeholders are reacting to change. The study expands on the competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants in the market.

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Historical Trends Vs. Future Market Outlook

Metastatic melanoma stands 19th in the list of most commonly occurring cancers in men and women, worldwide. According to the American Cancer Society report 2021, estimated new yearly cases are around 1.5 Mn and estimated death rate is around 0.7 Mn.

Diagnosis or detection is composed of identifying the cancer cells precancerous lesion in the body of a metastatic melanoma cancer patient. Unfortunately, early diagnosis was not available for melanoma cancer, which induced worldwide research & development of the same.

Increasing awareness about cancer and diagnostics in emerging countries and rising need for cost-effective diagnosis in emerging regions are creating huge opportunities providers of metastatic melanoma cancer diagnostics. Increasing government initiatives for research & development are also expected to provide significant opportunities to market players.

According to the Indian Journal of Cancer, metastatic melanoma is diagnosed only 3% as compared to 75% in emerging countries with skin cancer-related death. At the same time, a high incidence rate of skin cancer is seen in the Asia Pacific region, such as in Australia.

According to Persistence Market Research’s analysis, the metastatic melanoma cancer diagnostics market is projected to progress at a CAGR of close to 8% from 2021 to 2031.

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Will Rising Prevalence of Metastatic Melanoma Disorders Aid Market Growth?

People with a family history of melanoma are likely to have a 2.2% more risk of developing melanoma cancer. The above 65 age group is more at risk. Additionally, people with sunburns have 5% or more chances of getting diagnosed with melanoma. In the U.S., more than 9,500 people are diagnosed with metastatic melanoma every day, and more than two people die of the disease every hour.

According to the National Cancer Institute, 5 years relative survival rate is around 93%. Most patients who are exposed to UVB rays are more prone to skin cancer. Melanoma is diagnosed in 4% of the cases when it spreads to distal parts of the body. Increasing cases of metastatic melanoma disorders and rising awareness for diagnostics are expected to drive market expansion over the coming years.

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What is the impact of Increasing Development in Metastatic Melanoma Cancer Diagnostics?

Technological advancements in medical imaging systems is a factor boosting growth of the metastatic melanoma cancer diagnostics industry. Progress in diagnostic imaging and innovations have enhanced clinical data. Accessibility of instant clinical information has therefore lessened healthcare costs by displacing more costly diagnostics tests.

Miniaturization of ultrasound metastatic melanoma imaging systems, computed tomography [CT] scans, and PET-CT scans, has made it conceivable to pack expanding measures of handling units into smaller restorative devices. One critical improvement has been the commercialization of handheld ultrasound devices by manufacturers, with cutting-edge computational power.

This trend has been embraced by more diagnostic OEMs with convenient, handheld ultrasound systems. Introduction of new technologies by manufacturers is expected to increase demand for cancer imaging systems from end users.

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What are the Opportunities Expected for Metastatic Melanoma Cancer Diagnostic Providers?

Growing need for safe, non-invasive screening techniques, increasing awareness about cancer diagnostics, and rising need for cost-effective diagnosis in emerging regions are providing opportunities for metastatic melanoma cancer diagnostic providers. Development of effective cancer screening methods will play a significant role in early detection and subsequent reduction in mortality.

Awareness and screening of cancer have increased over the last couple of decades, resulting in early diagnosis of cancer. However, the ultimate goal of reducing the rate of late-stage disease and mortality has not been achieved. This is mainly due to ineffective methods of screening, which often give false-positive and false-negative results. Innovative diagnostics tests to cater to these requirements will lead to fast adoption among physicians and patients.

Will Lack of Skilled Professionals and High Cost of Equipment Restrain Market Expansion?

Lack of skilled laboratory professionals is a major factor that is expected to hinder progress of the market for metastatic melanoma cancer diagnostics. Moreover, growth of diagnostic laboratories is also hampered by lack of skilled professionals that are well-versed in molecular techniques, as diagnostic laboratories use advanced equipment and automating processes.

Although the need for medical laboratory professionals is increasing, the number of new students graduating from clinical laboratory programs is declining, which is hampering overgrowth of the market.

High cost of medical imaging equipment is the biggest limiting factor market growth. Computed tomography [CT] scans and PET-CT scans are extremely costly. Along with equipment cost, there is a huge amount of spending on the infrastructure of a diagnostic room, especially in developing countries. Due to high cost of the equipment, there is high cost of services as well, which makes it inaccessible for most patients in many countries.

While comparing the cost of metastatic melanoma cancer diagnostics with the incomes in low- and medium-income countries, there exists a huge economic burden on the population, thus restraining market growth in these regions. Due to this reason, national healthcare authorities in various countries also face challenges to provide efficient and high-quality cancer care at a reasonable cost.

Along with this, customers in low- and medium-income countries are also price-sensitive, and cannot bear very high equipment cost. Furthermore, low funding toward operational costs and limited manpower at these facilities are factors that are likely to restrain market growth in a number of developing nations.

Metastatic Melanoma Cancer Diagnostics Market

Country-wise Insights

In the U.S. a Lucrative Market for Metastatic Melanoma Cancer Diagnostics?

Rising prevalence of metastatic melanoma cancer in the U.S. is likely to boost demand for cancer diagnostics. According to the American Cancer Society's report, it is estimated that around 106,110 new melanoma cases will be diagnosed in the United States in 2021, and around 7,180 people are predicted to die due to the same.

Moreover, the U.S. is considered as the largest market for medical devices in the world, which invariably makes it profitable for cancer diagnostics. As per Select USA, the medical devices market in the U.S. is expected to reach US$ 203 billion in valuation by 2023.

Favourable healthcare policies together with high per capita healthcare expenditure has formed a favourable environment for the adoption of advanced cancer diagnostic technologies in the country. Moreover, product launches and strategic agreements will continue supporting overall growth in the U.S. The market in the U.S. is expected to expand at a CAGR of close to8% during the estimated time frame.

Which Factors are Hampering Market Growth in South Africa?

Insufficient treatment options and lack of awareness regarding advanced cancer screening tests have led to increased incidence of metastatic melanoma cancer in South Africa. Furthermore, insufficient healthcare facilities in South Africa as compared to developed countries is hampering growth of the market for metastatic melanoma cancer diagnostics.

Other factors responsible for limitation of metastatic melanoma cancer diagnostic services in South Africa are government’s failure to provide proper screening, high financial burden, and inadequate diagnosis facilities for cancer. The market in South Africa is expected to witness sluggish growth with a revenue share of around 29% in the MEA region at the end of 2031.

Why is Adoption of Metastatic Melanoma Cancer Diagnostics Surging across Australia & New Zealand?

Market growth in Oceania is expected to take place at a faster pace. According to the World Health Organization report of 2020, metastatic melanoma is the most common type of cancer in Australia and New Zealand among men and women. According to GLOBOCAN 2020, 111 patients per 100,000 were diagnosed with melanoma skin cancer in Australia and New Zealand in 2020.

Most of the population in Australia and New Zealand is light? skinned, and excessive sun exposure is prevalent, in combination with augmented detection of the disease. Thus, metastatic melanoma cancer is the leading type of cancer in these countries.

These figures are indicative of opportunities for wider penetration in Australia and New Zealand, consequently in Oceania. Rising incidence of skin cancer and increasing awareness related to early detection of cancer in Asian countries such as Australia and New Zealand are key factors driving rapid growth of the market.

Category-wise Insights

Why are PET Scan Tests Immensely Popular across Regions?

Adoption of Positron Emission Tomography (PET) scanning is increasing globally. These advanced technologies shorten acquisition time and provide accurate attenuation correction and fusion imaging, leading to an increase in diagnostic sensitivity and specificity. In a PET scan (positron emission tomography test), a patient is injected with a small amount of radioactive glucose substance.

Quick-growing cancer cells absorb glucose, which helps 'light up' the cancer cells. The PET scan detects these radioactive areas in the patient’s body and takes pictures. A PET scanning procedure requires around 15 to 60 minutes. Thus, PET scan tests hold a larger share in the market.

What Makes Pathology Laboratories Hold a High Share in the Market for Metastatic Melanoma Cancer Diagnostics?

The pathology laboratories segment is expected to hold a larger revenue share in the global metastatic melanoma cancer diagnostics industry. In terms of revenue, the segment is expected to account for a share of over 50% in 2021.

Similarly, it has brought improved cost-effectiveness for different treatment and diagnostic administrations, which has encouraged more individuals to receive approaches for their cancer screening. This has driven the market share of pathology laboratories in this industry.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Test Type
  • Service Provider
  • Region

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Market by Segmentation Category

By Test:

  • Biopsy
    • Local Excision/Excisional Biopsy
    • Punch Biopsy
    • Shave Biopsy
    • Fine Needle Aspiration (FNA) Biopsy
    • Sentinel Lymph Node Biopsy
  • Chest X-ray
  • Ultrasound
  • CT Scan
  • MRI
  • PET Scan

By Service Provider:

  • Hospitals
  • Pathology Laboratories
  • Cancer Research Centres

By Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • MEA

Key Questions Answered in Report

  • Which is the most lucrative market for metastatic melanoma cancer diagnostics?

    The U.S. currently is the leading regional market for metastatic melanoma cancer diagnostics. Sales in the U.S will be around 85% of total demand in North America over the forecast period.

  • Which is the most commonly used test type for metastatic melanoma cancer diagnostics?

    PET scans are widely adopted in every market. Demand for PET scans is expected to remain high in the near future, especially due to their advantages such as detection of radioactive areas in the patient’s body and ability to take pictures.

  • Which service provider is driving revenue of metastatic melanoma cancer diagnostics suppliers?

    Pathology laboratories are the leading service providers in the market, owing to their advanced medical facilities and higher flow of patients for the diagnosis of cancer.

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  • Is this research conducted by Persistence Market Research?

    Yes, the research has been conducted by expert analysts of Persistence Market Research, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

  • What research methodology is followed by Persistence Market Research?

    Persistence Market Research follows a methodology that encompasses demand-side assessment of the market, and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

  • Who are the respondents for primary research?

    Persistence Market Research speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    Persistence Market Research conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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