The melanoma diagnostics and therapeutics market is estimated to show good growth due to the increasing incidences of melanoma cases, rising governments initiatives for early detection and skin cancer treatment and rising technological advancements.

There has been a rapid increase in the melanoma cases that is found to be one of the major causes of morbidity and mortality in the US. Melanoma is one of the most common types of cancer in men and women. Among young adults, it is the second most common invasive cancer. According to WHO statistics, there are more than two million people that develops non-melanoma skin cancer, and around 132,000 people that develop melanoma.

Also according to 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. Therefore the rising number of cases of melanoma will eventually lead to the high CAGR for the melanoma diagnostics and therapeutics market.

Key Market Trends

Immune Therapy is Anticipated to be the Dominant in Therapeutics Segment during the Forecast Period

Immunotherapy is the use of medicines to stimulate a person immune system to recognize and destroy cancer cells effectively. There are several types of immunotherapies available that can be used to treat melanoma cancer.

Immunotherapy is found to hold the largest share that can be attributed to the effectiveness of drugs used in immunotherapy and an increase in their approvals. There are currently many FDA-approved immunotherapy options for melanoma that helps in the growth of the market. There have also many advances in using immunotherapy drugs known as checkpoint inhibitors to treat melanoma. Thus the strong emerging pipeline for melanoma treatment is expected to drive the immunotherapy segment over the forecast period.

North America Dominates the Melanoma Diagnostics and Therapeutics Market

North America holds a dominant share of the market owing to the rising incidence of melanoma and other skin cancers cases in the region. According to the CDC, over 71,943 people were affected by melanoma in 2013. As per the American Cancer Society, this number is expected to go up to 87,100 cases in 2017. These statistics highlight the need for drugs that help in the management of melanoma over the coming years.

The United States government has also developed favorable reimbursement policies for treatment of melanoma diseases that is an attempt to fulfil unmet patient needs. This is expected to provide a healthy platform for growth to the North American market. Furthermore, the presence of numerous new players is expected to drive the overall market.

Competitive Landscape

The market is highly competitive in nature, with many key players involved in market expansion, partnerships, new product development, and R&D to increase market penetration. There are also several products are under clinical trials which are expected to receive approval and thus the market is likely to continue witnessing high competitive rivalry over the forecast period.

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