The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Melanoma Cancer Diagnostics Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Melanoma Cancer Diagnostics Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Melanoma Cancer Diagnostics Market are thoroughly studied in the presented market study.
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According to a latest market research by fast-growing market research and consulting firm, the global melanoma cancer diagnostics market is poised to grow at over 7% CAGR and surpass US$ 853.5 million in revenues by 2024. Fact.MR’s report forecasts that North America and Europe will remain the most lucrative markets for melanoma cancer diagnostics market globally.
Key takeaways from Fact.MR’s report are,
- The U.S. melanoma cancer diagnostics market will grow at over 7% CAGR and reach US$ 409.2 Mn by 2024. By test type, BRAF mutation segment will continue to be the leading segment.
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- Germany is one of the largest markets for melanoma cancer diagnostics in Europe. Fact.MR projects the Germany melanoma cancer diagnostics market to grow at 7.4% CAGR through 2024. Hospital associated labs are the largest end-users of melanoma cancer diagnostics in Germany. The market in United Kingdom will grow at a higher rate than Germany, but it will be continue to be smaller in market size.
- The market will be positive influenced by increasing R&D on cancer diagnosis and management. Increasing prevalence of melanoma and effective immunotherapies are expected to drive growth of the market globally.
- Although the outlook on the global melanoma cancer diagnostics market is positive, limited funds in emerging countries, combined with challenges surrounding regulatory issues can stymie growth during the forecast period.
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- By test type, BRAF mutation segment will account for a significant share of global revenues. This test type will continue to be used widely in major markets of North America and Europe. The CTC segment, on the other hand, is projected to grow at a higher CAGR than BRAF segment. Immunohistochemistry, another test type, is projected to grow at over 6% CAGR in the global melanoma cancer diagnostics market.
- The key end-use segments of the global melanoma cancer diagnostics market have been identified as hospital associated labs, cancer research institutes, and independent diagnostic laboratories. Among these, the hospital associated labs end-use segment is the most prominent globally. According to Fact.MR’s research, hospital associated labs will remain the largest end-users for melanoma cancer diagnostics market during the forecast period.
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- Demand is also expected to remain steady from independent diagnostic laboratories segment. In North America, demand from this segment is expected to surpass US$ 100 million by 2024. The trend will also remain strong in Europe, with this segment growing at nearly 8% CAGR during the forecast period.
- Leading companies profiled in the report include Cancer Genetics, Inc., Myriad Genetics Inc. Abbott Laboratories, Foundation Medicine, Inc., and Pathway Genomics Corporation
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