The melanoma diagnostics and therapeutics market are expected to register a CAGR of about 15%, during the forecast period, 2018 to 2023. Melanoma is one of the serious types of skin cancer that develops from pigment-containing cells called melanocytes. The market for melanoma diagnostics and therapeutics is increasing at a significant rate due to an increase in the prevalence of melanoma and improvement in healthcare facilities. The melanoma diagnostics and therapeutics market are going to witness growth in the forecasted future.
Increasing Incidences of Melanoma Cases
Melanoma is one of the major causes of morbidity and mortality in the US. It is one of the most common types of cancer in men and women. Among young adults, melanoma is the second most common invasive cancer. The lifetime risk of melanoma is 1.5 times higher in males than in females. The rising number of cases of melanoma will eventually lead to the high CAGR for the melanoma diagnostics and therapeutics market. Along with this the effective immunotherapies, label extension of current therapies into the new settings and government initiatives will play a major role in driving the market for melanoma diagnostics and therapeutics.
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High Costs Associated with the Therapy
Managing the after-effects resulting from melanoma treatment can incur significant costs, even accounting for variation in country-level or individual differences in treatment approach. Payer-perspective costs of total resources administered or recommended by a medical oncologist or dermatologist (i.e., not including resources required for continuing care by another specialist), ranged from the cost of an excess physician visit to high hospitalization costs. This is a conservative estimate of the resources used to treat toxicities related to metastatic melanoma treatments, if other specialists are consulted to manage specific events, for instance, additional resources may be required. This acts as a deterrent for patients with melanoma from getting the best treatments available. Along with that lack of awareness about melanoma in some of the developing and underdeveloped nations and stringent regulatory issues will lead to the slowdown in the growth of the melanoma diagnostics and therapeutics market.
North America to Witness Considerable Growth in the Forecast Period
North America currently has the most advanced diagnostics and therapeutics available and the level of awareness about melanoma and the diagnostics and therapeutics involved will lead the US to witness the maximum CAGR. APAC and Europe will also witness substantial growth owing huge population base and rising incidence of melanoma in these regions.
Key Developments in the Market
• December 2017 - FDA granted regular approval to the anti-PD1 monoclonal antibody, nivolumab (OPDIVO, Bristol-Myers Squibb Company) for the adjuvant treatment of patients with melanoma with the involvement of lymph nodes or in patients with metastatic disease who have undergone complete resection. Nivolumab was previously approved for the treatment of patients with unresectable or metastatic melanoma
Major players- ABBOTT DIAGNOSTICS, AGILENT TECHNOLOGIES, ASTRAZENECA, BRISTOL-MYERS SQUIBB, ELI LILLY, GLAXOSMITHKLINE, MERCK, NOVARTIS, PFIZER, QIAGEN N.V. COMPANY, ROCHE, AND SANOFI, amongst others.
Reasons to Purchase this Report
• Current and future melanoma diagnostics and therapeutics market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
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Companies Mentioned:
Abbott Diagnostics, Agilent Technologies, Astrazeneca, Bristol-Myers Squibb, Eli Lilly, Glaxosmithkline, Merck, Novartis, Pfizer, Qiagen N.V. Company, Roche, Sanofi
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