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Digitization-powered products and services to take the Metastatic Melanoma Cancer Diagnostics Market by storm at a CAGR of 7.7%

The rising prevalence of metastatic melanoma cancer has been witnessed over the years. Verified therapeutics and diagnostics have a positive impact on treating the disease and extending the life span of patients. Improving sophistication in healthcare facilities and technological developments across the world are key factors expanding the market for metastatic melanoma cancer diagnostics. Government initiatives related to creating awareness for early diagnosis and treatment are also expected to drive demand for metastatic melanoma cancer diagnostics.

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The global metastatic melanoma cancer diagnostics market is estimated to be valued at US$ 2.9 Bn in 2021, and exhibit a CAGR of close to 8% over the forecast period (2021 – 2031).

Key Takeaways from Market Study

  • PET scan test holds the highest value share in the market under products, owing to advantages such as it shortens test time and provides accurate attenuation correction and fusion imaging, leading to an increase in diagnostic sensitivity and specificity.
  • By service provider, pathology laboratories hold a notable revenue share of more than half in the market.
  • Owing to rising cancer cases and increased awareness about cancer screening, the pathology laboratories segment is expected to experience lucrative growth among all service providers at a CAGR of 8.5% through 2031.
  • North America accounted for a share of more than 45% in 2020. It is the most lucrative market among all regions and is expected to experience significant growth over the next ten years.
  • Europe is the next dominating region with a market share of 35% in 2020, due to the flourishing cancer diagnostics industry in the region.

“Rising prevalence of metastatic melanoma disorders, increasing demand for non-invasive diagnostic therapy, and developments in metastatic melanoma cancer are is expected to drive market growth,” says a Persistence Market Research analyst.

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COVID-19 Impact

According to the American Society of Clinical Oncology, the COVID-19 disease has tremendously disrupted healthcare facilities, globally. COVID-19 has also led to disruption in cancer services. The pandemic has resulted in heavy reduction in diagnosis, non-elective surgeries, and non-essential medical visits. Delay in visits for diagnosis can lead to delay in treatment for melanoma and other skin cancers, leading to serious health issues. All in all, the market witnessed sluggish growth due to the onset of the COVID-19 outbreak. However, as things have opened up, the market is set to recover some of its lost pace over the coming months and years.

What else is in the report?

Persistence Market Research offers a unique perspective and actionable insights on the metastatic melanoma cancer diagnostics market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021–2031, based on product (biopsy, chest X-ray, lymphoscintigraphy, ultrasound, CT or CAT (computed axial tomography) scans, MRI (magnetic resonance imaging) scans, and PET (positron emission tomography) scans)) and service provider (hospitals, pathology laboratories, and cancer research centers), across seven key regions of the world.

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