Melanoma Diagnostics Market size was valued at USD 3.1 billion in 2021 and is expected to reach USD 5.0 billion by 2028, at a CAGR of 7% during the forecast period 2022-2028. Melanoma is the more serious type of cancer that develops in cells of the skin called melanocytes that produce melanin. Melanoma not only affects the skin but it also affects the eyes and rarely, affects internal organs such as the intestine. The exact cause of melanoma is not clearly known, but the exposure of skin to UV radiation or tanning lamps and beds increases the risk of developing melanoma. The Melanoma Diagnostics market is primarily driven by the increase in the number of people suffering from melanoma coupled with the advancements and approvals of new technologies for the diagnosis of melanoma. In addition, the growing number of developments, current pipeline tests and biomarkers and their expected approvals during the forecast period projected to boost the market over the forecast period. Furthermore, increase in government support and R&D activities to fight against cancer coupled with various initiatives by government and non-government organizations expected to bolster the market growth over the forecast period. However, high cost associated with the diagnosis process, regulatory constraints may hinder the growth of the market globally.
In January 2014, Michelson diagnostics, UK based medical device company focused on multi beam optical coherence tomography technology and received award of €2.26 million Framework 7 grant to a consortium of seven partners, towards the cost of project targeting malignant with OCT imaging.