Skin Cancer Diagnostics Global Market Report 2024

The skin cancer diagnostics market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to factors such as the increased incidence of skin cancer, a growing aging population, awareness and education programs, and government initiatives aimed at early detection.

The skin cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to increased awareness of sun exposure, the adoption of personalized medicine approaches, the integration of telemedicine and remote monitoring, and the global expansion of healthcare infrastructure. Key trends expected in the forecast period encompass the integration of digital health platforms, the development of innovative skin cancer drugs, the implementation of multi-disciplinary approaches, advancements in dermatopathology, and initiatives focused on patient education and awareness.

The skin cancer diagnostics market is poised for growth, driven by the increasing incidence of melanoma. Melanoma, a form of skin cancer arising from melanin-producing cells, necessitates effective diagnostics for early detection and accurate treatment planning. In 2023, the American Cancer Society reported a rise in male melanoma cases in the United States from 57,180 in 2022 to 58,120 in 2023. According to the American Society of Clinical Oncology, melanoma constitutes approximately 1% of diagnosed skin cancers in the United States but is a leading cause of skin cancer-related mortality, projected to claim 7,990 lives in 2023. Consequently, the escalating incidence of melanoma is propelling the skin cancer diagnostics market's growth.

The skin cancer diagnostics market is anticipated to benefit from increased investments in cancer research. This involves allocating financial resources to scientific endeavors aimed at studying, preventing, diagnosing, and treating cancer. Such funding supports the development of innovative technologies, including advanced imaging techniques, molecular diagnostics, and biomarker identification for skin cancer diagnostics. For instance, in March 2022, the Department of Health and Aged Care in Australia allocated $893.5 million to enhance cancer services and outcomes. This substantial investment in cancer research is expected to fuel advancements in skin cancer diagnostics.

A prominent trend in the skin cancer diagnostics market is the focus on product innovation by major companies. These companies are committed to introducing novel products to enhance diagnostic capabilities and maintain a competitive edge. For example, in May 2021, DermaSensor Inc., an Australia-based health technology company, secured FDA Breakthrough Device Designation for its DermaSensor device. This non-invasive tool objectively assesses lesions suggestive of skin cancer by analyzing cellular substructure, aiding healthcare providers in critical patient assessments and decision-making within seconds.

Major players in the skin cancer diagnostics market are directing their efforts toward advanced services, including AI-powered pop-up clinics, to gain a competitive advantage. AI-powered pop-up clinics utilize artificial intelligence technologies to offer efficient and technologically advanced medical services. In January 2023, Skin Check Champions, in collaboration with The University of South Australia and The Hospital Research Foundation, introduced an AI-powered pop-up clinic dedicated to skin cancer diagnosis. Managed by nurses, this clinic captures high-quality lesion images, subjecting them to AI algorithms for preliminary diagnoses, later confirmed by local general practitioners.

In August 2022, Bristol Myers Squibb, a US-based biopharmaceutical company, acquired Turning Point Therapeutics Inc. for an undisclosed amount. This strategic acquisition enhances Bristol's portfolio with investigational medicines targeting common oncogenic mutations, including repotrectinib. Turning Point Therapeutics, Inc., is a US-based pharmaceutical company specializing in targeted therapies for breast, ovarian, and melanoma cancer treatment.

Major companies operating in the skin cancer diagnostics market report are Pfizer Inc., F. Hoffmann-La Roche Limited, Merck & Co., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, Sanofi, Eli Lilly and Company, Canon Medical Systems Corporation, Amgen Inc., GE Healthcare, Daiichi Sankyo Company Limited., National Cancer Institute, Agilent Technologies Inc., bioMerieux SA, Teva Pharmaceutical Industries, Bruker Corp, Almirall, Genentech, Castle Biosciences, Sun Pharmaceutical Industries Limited., American Academy of Dermatology, Biolitec Ag, Alma Lasers, DermTech Inc., SkylineDx BV, DermLite LLC, AMLo Biosciences Limited.

North America was the largest region in the skin cancer diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the skin cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the skin cancer diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of skin cancer diagnostics include basal cell carcinoma, squamous cell carcinoma, malignant melanoma, and others. Basal Cell Carcinoma is the most prevalent form of skin cancer, originating from the basal cells of the skin's lower epidermis. Various diagnostic and therapeutic methods are widely applied in hospitals, clinics, laboratories, and other healthcare settings.

The skin cancer diagnostics market research report is one of a series of new reports that provides skin cancer diagnostics market statistics, including skin cancer diagnostics industry global market size, regional shares, competitors with skin cancer diagnostics market share, detailed skin cancer diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the skin cancer diagnostics industry. This skin cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The skin cancer diagnostics market consists of revenues earned by entities by providing skin cancer diagnostics services such as diagnostic tests, visual inspection, dermoscopy, biopsy, imaging techniques (ultrasound, CT scan, MRI), laboratory tests (immunohistochemistry, molecular testing, genetic analysis). The market value includes the value of related goods sold by the service provider or included within the service offering. The skin cancer diagnostics market also includes sales of dermatoscope, biopsy tools, imaging equipment (ultrasound, CT scanners, MRI machines), molecular testing kits, immunohistochemistry (IHC) kits, laboratory analysis software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.