Market Size of Latin America Melanoma Diagnostics and Therapeutics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 13.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Melanoma Diagnostics & Therapeutics Market Analysis
The Latin America Melanoma Diagnostics and Therapeutics Market is expected to register a CAGR of 13.8% over the forecast period.
The COVID-19 pandemic has resulted in delays in the diagnosis and treatment of patients with skin cancer, including patient presentational delays and diagnostic referral delays due to diagnostic capacity limitations, and treatment delays due to increased risk of COVID-19 transmission or health policy limitations on treatment capacity. The average number of cancer diagnoses in all Brazilian regions has decreased significantly since the beginning of the pandemic. Data from the Brazilian National Cancer Institute for the year 2020 indicated melanoma incidence rates of 4.03 new cases per 100,000 for men and 3.94 new cases per 100,000 for women in Brazil. However, mortality data for different Brazilian regions remain scarce and are potentially affected by underreporting. Therefore, it is expected that in the post-pandemic period, there will be an increase in the diagnosis and treatment of melanoma cancer in the region.
The melanoma diagnostics and treatment market is estimated to show good growth due to the increasing incidence of melanoma cases in the region, increasing government initiatives for early detection and treatment of skin cancer, and increasing technological advancements. According to Globocan, 2020, there were 2051 new cases of melanoma in Mexico for the year 2020. The high incidence of melanoma is expected to increase the demand for diagnosis and treatment in the industry, fueling the market growth in the region.
Additionally, rising initiatives in the region are fueling the growth of the market. For example, in May 2021, the Bristol Myers Squibb Foundation launched a new initiative in Brazil, awarding four grants to improve the delivery of high-quality lung and skin cancer care to underserved rural communities. Organizations that have received grants focus on community awareness and education about the disease, strengthen collaboration between primary care physicians and oncologists, and support efforts for early diagnosis and treatment. Such initiatives by major players in the region are expected to boost market growth over the forecast period.
Therefore, the above factors are collectively attributed to the studied market growth during the forecast period. However, high costs associated with therapies and stringent regulatory frameworks are expected to hinder market growth over the forecast period.
Latin America Melanoma Diagnostics & Therapeutics Industry Segmentation
As per the scope of the report, melanoma is one of the serious types of skin cancer that develops from pigment-containing cells called melanocytes. Melanomas typically occur in the skin, but may rarely occur in the mouth, intestines, or eye. Moles, brown spots, and growths on the skin are found to be the symptoms associated with the disease. The Latin America Melanoma Diagnostics and Therapeutics Market is segmented by Product Type (Diagnostics and Therapeutics) and Geography (Brazil, Mexico, Argentina, Rest of Latin America). The report offers the value (in USD million) for the above segments.
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Latin America Melanoma Diagnostics and Therapeutics Market Size Summary
The Latin America melanoma diagnostics and therapeutics market is poised for significant growth, driven by an increasing incidence of melanoma cases and advancements in technology. The market is expected to expand at a robust pace over the forecast period, supported by government initiatives aimed at early detection and treatment of skin cancer. The COVID-19 pandemic had previously caused delays in diagnosis and treatment, but post-pandemic, a surge in melanoma diagnoses and treatments is anticipated. Initiatives by organizations such as the Bristol Myers Squibb Foundation, which focus on enhancing cancer care in underserved communities, are expected to further propel market growth. However, challenges such as high therapy costs and stringent regulatory frameworks may impede progress.
Immunotherapy is a key segment within the market, benefiting from the effectiveness of drugs and increased approvals. Collaborations, such as those involving PlantForm Corporation and Bio-Manguinhos/Fiocruz, are enhancing research in biological therapies for melanoma. The rising incidence of skin cancer, particularly in Brazil, is driving market expansion, with campaigns like the December Orange raising awareness and promoting prevention. The market is highly competitive, with major players like Amgen, Novartis, and GlaxoSmithKline actively participating. Strategic agreements, such as Medison Pharma's expansion into South and Central America, and international collaborations, like those supported by the Melanoma Research Alliance, are further contributing to the dynamic landscape of the melanoma diagnostics and therapeutics market in Latin America.
Latin America Melanoma Diagnostics and Therapeutics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidences of Melanoma Cases
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1.2.2 Advancements in Diagnosis and Treatments and Rising Government Initiatives
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1.3 Market Restraints
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1.3.1 Lack of Awareness and High Cost Associated With the Therapy
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Diagnostics
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2.1.1.1 Dermatoscopy Devices
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2.1.1.2 Biopsy Devices
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2.1.2 Therapeutics
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2.1.2.1 Chemotherapy
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2.1.2.2 Targeted Therapy
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2.1.2.3 Immune Therapy
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2.2 Geography
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2.2.1 Brazil
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2.2.2 Argentina
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2.2.3 Mexico
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2.2.4 Rest of Latin America
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Latin America Melanoma Diagnostics and Therapeutics Market Size FAQs
What is the current Latin America Melanoma Diagnostics and Therapeutics Market size?
The Latin America Melanoma Diagnostics and Therapeutics Market is projected to register a CAGR of 13.80% during the forecast period (2024-2029)
Who are the key players in Latin America Melanoma Diagnostics and Therapeutics Market?
Abbott, Amgen Inc., F. Hoffman-La Roche Ltd., GlaxoSmithKline PLC and Novartis AG are the major companies operating in the Latin America Melanoma Diagnostics and Therapeutics Market.
