At 8.1% CAGR, Global Basal Cell Carcinoma Treatment Market to Hit USD 12.8 Billion by 2028, Says Zion Market Research | Industry Trends, Share, Growth, Value, Analysis & Forecast Report
NEW YORK, June 22, 2022 /PRNewswire/ -- As per Zion Market Research study, The global basal cell carcinoma treatment market had total revenues of roughly USD 5.53 billion in 2021 and is predicted to grow to around USD 12.8 billion by 2028, with a CAGR of around 8.1 percent.
Key Industry Insights & Finding of the Basal Cell Carcinoma Treatment Market Reports:
- As per the analysis shared by our research analyst, the Basal Cell Carcinoma Treatment Market is expected to grow annually at a CAGR of around 8.1 % (2022-2028).
- Through the primary research, it was established that the Basal Cell Carcinoma Treatment Market was valued approximately USD 5.53 Billion in 2021 and is projected to reach to roughly USD 12.8 Billion by 2028.
- North America is expected to dominate the global basal cell carcinoma treatment market throughout the projected period.
- The United States is anticipated to hold the major share owing to the presence of major players, and well-developed healthcare infrastructure. Asia Pacific is expected to grow at a rapid rate during the forecast period.
- As botanical drugs were granted FDA approval in 2004, an increasing number of established and developing companies, notably large pharmaceutical companies, have begun to produce plant-derived and botanical drugs.
Zion Market Research published the latest report titled as "Basal Cell Carcinoma Treatment Market By Treatment Type (Radiation Therapy, Drugs, And Surgery), By End-User (Specialty Clinics, Hospitals, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Basal Cell Carcinoma Treatment Market : Overview
Basal cell carcinoma is a type of skin cancer that is commonly found in all types of cancers. Basal cell carcinoma is caused by the uncontrolled development of basal cells. Since basal cell carcinoma has a slower growth rate, it is curable and can cause relatively little damage if identified early and treated. The malignancy must be removed in order to treat basal cell carcinoma. Treatment is determined by the location, size, and type of cancer. The type of treatment depends on whether the carcinoma is a newly diagnosed or reoccurring cancer.
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Industry Dynamics:
Basal Cell Carcinoma Treatment Market : Growth Drivers
- Increasing prevalence of basal cell carcinoma to drive the market growth.
Skin cancers (the majority of which are basal and squamous cell skin tumors) are the most frequent of all cancers. Each year, roughly 5.4 million squamous and basal cell skin malignancies are detected in the United States, according to one study. Basal cell tumors account for about eight out of ten of these malignancies. For many years, the incidence of these cancers has been rising. This is likely due to a combination of increased sun exposure and improved skin cancer detection. Thus, the rising prevalence of basal cell carcinoma is among the primary factor boosting the growth of the market. In addition to this, developing healthcare infrastructure and growing initiatives for awareness regarding the early diagnosis of diseases are estimated to foster market growth.
Basal Cell Carcinoma Treatment Market : Restraints
- High costs related to basal cell carcinoma treatment to hinder the market growth.
The cost for basal cell carcinoma depends on its stage and location. Radiation, chemotherapy, and surgery are some of the treatment options for this cancer. Some expenses are covered by insurance, but out-of-pocket expenses might be hefty. Treatment for all types of skin cancer, according to the CDC, costs approximately $8 billion each year. By 2030, the organization estimates that treating new patients will cost $1.6 billion each year. Many cancer medications, particularly immunotherapy treatments, are quite costly. It is also being observed that persons with metastatic cancer spend more than 6 times more on care in the 12 months after their initial diagnosis than those with localized cancer. Also, one or maybe more chemotherapeutic drugs are frequently used to treat skin cancer. Many are brand-new drugs with a hefty price tag. New cancer treatments, according to the National Cancer Institute, can cost over $100,000 per patient annually. Thus, such high costs associated with the treatment of basal cell carcinoma are likely to impede the growth of the global basal cell carcinoma treatment market.
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Global Basal Cell Carcinoma Treatment Market : Opportunities
- Heavy investment by major players in the development of drugs and R&D activities to fuel market.
As botanical drugs were granted FDA approval in 2004, an increasing number of established and developing companies, notably large pharmaceutical companies, have begun to produce plant-derived and botanical drugs. As a result, both public and private investment is increasing in this industry. Botanicals are expected to rise rapidly as advances in plant culture technologies improve efficiency and lower development costs. As a result, major medical organizations are expected to increase their investments in basal cell carcinomas drugs & therapies, thereby propelling the global basal cell carcinoma treatment market growth forward during the forecast period.
Global Basal Cell Carcinoma Treatment Market : Challenges
- Management of advanced and high-risk basal cell carcinoma is a challenge for the market.
For advanced basal cell carcinoma, Hedgehog inhibitors and surgical treatments, particularly Mohs surgery, have ruled the therapy landscape. However, not every patient is suitable for surgery, and for Hedgehog inhibitors, tolerance and progression difficulties can make long-term disease care difficult. Some BCC patients progress to a stage where they face considerable management issues. Recurring, locally advanced, or metastatic BCC, as well as tumors that exist in anatomical places where surgical treatment would result in substantial deformity, are examples of such situations. Thus, management of advanced BCC coupled with strict regulatory standards for the approval of new drugs acts as major challenge to the growth of the market.
Global Basal Cell Carcinoma Treatment Market : Segmentation
- The global basal cell carcinoma treatment market is categorized into treatment type, end-user, and region.
Based on the treatment type, the global market is divided into radiation therapy, drugs, and surgery. The end-user segment consists of specialty clinics, hospitals, and others.
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List of Key Players of Basal Cell Carcinoma Treatment Market :
- Sun Pharmaceuticals Ltd
- Mylan N.V.
- F. Hoffmann-La Roche Ltd.
- Valeant Pharmaceuticals International Inc
- Merck and Co. Inc.
- Sanofi
- Strides Arcolab Ltd.
- Perrigo Company plc
- Allergan Inc.
- Bausch Health Companies
Key questions answered in this report:
- What are the growth rate forecast and market size for Basal Cell Carcinoma Treatment Market ?
- What are the key driving factors propelling the Basal Cell Carcinoma Treatment Market forward?
- What are the most important companies in the Basal Cell Carcinoma Treatment Market Industry?
- What segments does the Basal Cell Carcinoma Treatment Market cover?
- How can I receive a free copy of the Basal Cell Carcinoma Treatment Market sample report and company profiles?
Report Scope:
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Recent Developments
- In June 2021, Sanofi and Regeneron's PD-1 inhibitor Libtayo® has received approval from the European Commission to treat people with locally advanced or metastatic basal cell carcinoma who have advanced or are intolerant to a Hedgehog pathway inhibitor.
- In June 2020, Provectus unveiled approval from The Indian Patent Office for its patent application for the combination of novel autolytic cancer immunotherapy PV-10® with systemic immunomodulatory therapy, such as immune checkpoint inhibition (CB). PV-10, which is based on small molecules, is injected into superficial melanoma and non-melanoma skin cancer including squamous cell carcinoma, Merkel cell carcinoma, and basal cell carcinoma via cutaneous intratumoral injection.
Regional Dominance:
- North America to lead the market during the forecast period.
North America is expected to dominate the global basal cell carcinoma treatment market throughout the projected period. This is attributable to key aspects such as the favorable reimbursement policies, increased awareness of advanced treatments, the growing senior population, and the region's high prevalence of basal cell carcinoma. The United States is anticipated to hold the major share owing to the presence of major players, and well-developed healthcare infrastructure. Asia Pacific is expected to grow at a rapid rate during the forecast period.
Global Basal Cell Carcinoma Treatment Market is segmented as follows:
Basal Cell Carcinoma Treatment Market : By Treatment Type Outlook (2022-2028)
- Surgery
- Drugs
- Radiation Therapy
Basal Cell Carcinoma Treatment Market : By End-Use Outlook (2022-2028)
- Hospitals
- Specialty Clinics
- Others
Basal Cell Carcinoma Treatment Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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