Skin Cancer Diagnostics Market Latest Trends, Demand and Advancement 2021 to 2028

Skin Biopsy Segment by Screening Type to Lead Skin Cancer Diagnostics Market during 2021–2028

NEW YORK, UNITED STATES, November 21, 2022 / -- Skin cancer means abnormal growth of skin cells. It develops in the areas exposed to the sun. Ultraviolet radiation changes the genetic material (DNA) in cells and is the leading cause of skin cancer. There are two main categories of skin cancer such as melanoma and non-melanoma. Various imaging solutions such as CT scans, MRIs, PET scans, bone scans, and chest X-rays are used to diagnose skin cancer. The skin cancer diagnostics market also includes various diagnostics and therapies related to skin cancer, such as chemotherapy, targeted therapy, immunotherapy, radiotherapy, freezing treatment, and scraping therapy that helps cure skin cancer.

Skin Cancer Diagnostics market size is projected to reach US$ 3,730.12 million by 2028 from US$ 2,309.60 million in 2021; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

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Leading companies operating in the market have undertaken various organic growth strategies in the market. The skin cancer diagnostics market is majorly comminated by SkylineDx BV; AMLo Biosciences Limited; NeraCare GmbH; DermLite LLC; bioMerieux SA; Veriskin Inc.; Castle Biosciences, Inc.; DermTech Inc.; F. Hoffmann-La Roche Ltd., and Michelson Diagnostics Ltd. The companies have been implementing various strategies that have helped their growth and, in turn, brought about several breakthroughs and transitions in the industry. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the market players have also deployed several utilized inorganic strategies, including mergers & acquisitions, partnerships, and collaborations.

Below are the major growth strategies undertaken by the players operating in the global skin cancer diagnostics market:

In February 2022, Castle Biosciences, Inc. has announced the collaboration with National Cancer Institute (NCI) to link DecisionDx-Melanoma testing data with data from the Surveillance, Epidemiology and End Results (SEER) Program’s registries on cutaneous melanoma (CM) cases. The analysis of the first subset of linked SEER patient data demonstrates DecisionDx-Melanoma testing was associated with improved overall survival rates compared to untested patients

In April 2021, Castle Biosciences, Inc. has signed a definitive agreement to acquire all of the equity of Myriad myPath, LLC (Myriad myPath Laboratory), from Myriad Genetics for $32.5 million. After this acquisition Castle strategically expands its suite of genomic tests for skin cancer and expects to offer the most comprehensive testing solution for difficult-to-diagnose melanocytic lesions.

In June 2021, AI specialists Manchester Imaging Ltd have won a UK Innovation Scholars grant to support the parttime secondment of AI expert Tom Williams to skin scanner specialists Michelson Diagnostics Ltd over two years. It will process images of basal cell carcinoma, the most common form of skin cancer affecting millions worldwide, scanned by dermatologists using the innovative VivoSight OCT scanner already manufactured by Michelson Diagnostics.

In April 2020, The company had announced that Merlin Assay for melanoma is officially added to their test menu and available as Laboratory Developed Test from their CAP/CLIA lab. The Merlin Assay is the first diagnostic test that resulted from the Falcon R&D Program, an R&D centered partnership with clinicians and academia, aimed at the development of tools to optimize the clinical pathway of melanoma patients

The increasing incidence of skin cancer and launch of new products drive the market growth. However, the tedious and barriers to early skin cancer diagnostics in low and middle-income countries hampers the market growth.

Based on screening type, the global skin cancer diagnostics market is segmented into blood tests, dermatoscopy, imaging tests, lymph node biopsy, and skin biopsy. The skin biopsy segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.

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