Market Trends of Basal Cell Carcinoma Treatment Industry
This section covers the major market trends shaping the Basal Cell Carcinoma Treatment Market according to our research experts:
Hospital Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The hospital segment is expected to hold a major share of the market by end-user segmentation over the analysis period.
The increasing healthcare expenditures, along with investment in new hospitals and the expansion of existing ones, are expected to boost growth in the studied segment over the forecast period. For example, the Indian government is developing sixteen additional AIIMS across the country in different phases. And as per the Indian Ministry of Health and Family Welfare, under Phase-V, in September 2020, INR 1,264 crore (USD 153.5 million) was approved by the cabinet for the development of AIIMS Darbhanga, which is located in the Bihar state of India. AIIMS in India is one of the major centres in India dealing with surgical oncology patients.
Furthermore, to support care for skin cancer, Hampshire Hospitals acquired new equipment, including the FotoFinder. The dermatology team's capacity to detect, track, and treat skin cancer for regional patients will be drastically altered by the FotoFinder mole mapping device.
Similarly, there are multiple projects of hospital development that are ongoing worldwide and are expected to boost the growth of the studied segment. The AHA statistics for 2022 show that the number of active hospitals in the United States increased from 5,534 in 2016 to 6,093 in 2020. Further, as per the same source, the total hospital admissions in the hospitals of the United States stood at about 33.4 million, with a total hospital expense of about USD 1.2 trillion. Thus, the increase in the number of hospitals is expected to boost growth in the studied segment. In March 2021, the Ontario government, a Canadian province, invested up to USD 41.8 million in the new Grey Bruce Health Services Markdale Hospital for expansion and other activities like the purchase of instruments.
Thus, the growing prevalence of basal cell carcinoma and the increasing number of hospital facilities providing the treatment is expected to boost the segment's growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall basal cell carcinoma treatment market throughout the forecast period. This is due to the factors such as the growth in the geriatric population, surge in R&D activities by key market players, rising awareness of advanced treatments, favorable reimbursement scenarios, and high prevalence of basal cell carcinoma in this region.
The increasing number of skin disorders in the region is a key factor driving the growth of the market. For instance, in 2020, a report published by the Canadian Dermatology Association stated that around 8,000 people were suffering from melanoma skin cancer, out of which around 4,400 were men and 3,600 were women. Melanoma is now the 7th most common cancer in Canada and one of the few cancers with rising incidence rates among Canadians. The same source stated that non-melanoma skin cancer is the most common form of skin cancer. Among the non-melanoma forms, basal cell carcinoma (BCC) makes up 75% to 80% of cases, and squamous cell carcinoma (SCC), around 20%.
Furthermore, clinical trials are another factor responsible for the market's growth. The Center for Biomedical Research, Inc. completed a randomized comparative trial of a 30% solution of ascorbic acid in 95% dimethylsulfoxide applied topically twice a day for 8 weeks vs. 5% imiquimod cream in the treatment of biopsy-proven basal cell carcinomas in otherwise healthy adult patients in November 2021. A biopsy-verified remission of the malignancy served as an outcome measure. Thus, such clinical trials are expected to provide insight into the new methods to be used for the treatment of basal cancer.
Hence, such factors are altogether contributing to the growth of the market over the forecast period.
