Basal Cell Carcinoma Market size is forecast to reach $7.37 billion by 2025, growing at a CAGR of 8.56% during the forecast period 2020-2025. Basal cell carcinoma (BCC) is the most common form of skin cancer and the most frequently occurring form of all cancers. In the U.S. alone, more than 4 million cases are diagnosed each year. BCCs arise from abnormal, uncontrolled growth of basal cells. This is owing to slow growth of BCCs which are mostly curable and cause minimal damage when caught and treated early. Understanding BCC causes, risk factors and warning signs can help detect them early, when they are easiest to treat and cure. Growing incidences of Basal cell carcinoma among the geriatric population, changing habits of the urban population living in the developed countries and increased awareness about the reoccurrence rate and progressiveness of the disease are driving the market growth in recent years. In addition, major market development of key players like Sanofi and Provectus are other factors driving the growth of the market.
Key Takeaways
- North America dominated the Basal Cell Carcinoma Market in the year 2019 owing to growing cases of BCC in the geriatric population, increased use of immunosuppressants and increasing key developments by market players. The Basal Cell Carcinoma Market scope for different regions will be provided in the final report.
- Growing incidences of Basal cell carcinoma among the geriatric population, changing habits of the urban population living in the developed countries and increased awareness about the reoccurrence rate and progressiveness of the disease have helped in significant growth of Basal Cell Carcinoma Market.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Basal Cell Carcinoma Market report.
- Delay in accessing medical condition, lack of awareness among patients and cost of certain therapeutics are anticipated to hamper the market growth of the Basal Cell Carcinoma Industry.
Treatment Type - Segment Analysis
Surgery held the largest share in the treatment type segment of Basal Cell Carcinoma Market in 2019 and is estimated to grow at a CAGR of 7.89% during the forecast period 2020-2025. Basal cell carcinoma is most often treated with surgery to remove the cancer and some of the healthy tissue around it. Options might include: Surgical excision. In this procedure, the doctor cuts out the cancerous lesion and a surrounding margin of healthy skin. Cost-efficiency of Basal Cell Carcinoma surgery and R&D activities on better acting surgeries by key market companies are further aiding in the growth of this segment. Drugs segment held the second largest share in 2019, owing to their advantages of cosmetic outcome which has been repeatedly shown to be superior to cryotherapy, and hence, recommended as a treatment of choice for patients with multiple superficial or thin nodular BCCs, particularly if located at cosmetically important locations. Surgery segment is set to be the fastest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025, owing to increasing demand for efficient and quicker treatment methods which is done with the help of surgeries and increasing awareness about its effectiveness among people.
Distribution Channel - Segment Analysis
Hospitals held the major share in the distribution channel segment of Basal Cell Carcinoma Market in 2019. For patients diagnosed with basal cell carcinoma, the hospitals provide renowned experts in skin cancer and dermatologic surgery which develop a personalized treatment plan for patients which can include a number of options that have been shown to be very successful in treating BCC. The types include Mohs micrographic surgery, Cryosurgery and electrodesiccation and curettage among others. As a result, people are attracted greatly to the treatment done in hospitals. This has driven the demand of this segment. Hospitals are forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to their increasing financial capability and more key players investing in hospitals for therapies.
Geography - Segment Analysis
North America dominated the geography segment of Basal Cell Carcinoma Market in 2019 with a share of more than 40.2% in 2019, followed by Europe. Presence of developed healthcare infrastructure in countries such as the U.S., Canada, Mexico, and others, technological advancement in healthcare infrastructure, with better and advanced healthcare facilities growing prevalence of basal cell carcinoma, and increasing key developments by market players have helped in the growth of Basal Cell Carcinoma Market infrastructure in this region. Europe held the second place in the geography segment share of the market, owing to increasing awareness about BCC and presence of well-developed healthcare infrastructure in this region.
However, Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing to rapidly increasing budget of healthcare funds, entry of new market players in the region and increasing disposable income of the population.
Drivers – Basal Cell Carcinoma Market
- Growing incidences of Basal Cell Carcinoma among the geriatric population
In the last decade, incidences of BCC increased by a large margin. The estimated lifetime risk for BCC in the white population is 33-39% for men and 23-28% for women. BCC incidence doubles every 25 years. The therapies that are currently used for basal cell carcinoma offer an 85 to 95 percent recurrence-free cure rate. This means that the specific lesion being treated is effectively cured by the first round of treatment. This is set to drive the market growth in the forecast years 2020-2025.
- Increasing investments in development of BCC medication by key market companies
Since botanical drugs received official FDA status in 2004, more and more established and emerging companies, including large pharmaceuticals, are beginning to develop botanical and plant-derived drugs. As a result, public and private investment in this market is growing. Indeed, as advancements in plant cultivation technology continue to improve efficiency and reduce development costs, botanicals are estimated to experience tremendous growth. As a result, the key medical organizations are set to invest more in Basal Cell Carcinomas treatments and drugs, and this is projected to drive the Infusion Market growth during the forecast period 2020-2025.
Challenges – Basal Cell Carcinoma Market
- Delay in accessing medical conditions
There is often a delay between the clinical emergence of a basal cell carcinoma (BCC) and the point in time at which the patient presents for definitive diagnosis and treatment. This acts as a constraint and can cause lesser demand in treatments owing to late diagnosis. Thus, it is anticipated to hamper the market growth during the forecast period 2020-2025.
Basal Cell Carcinoma Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Basal Cell Carcinoma Market. In 2019, Basal Cell Carcinoma Market share is consolidated by the top players present in the market. Basal Cell Carcinoma Market top 10 companies are Allergan, Inc., Novartis AG, Taro Pharmaceutical Industries Ltd., Perrigo Company plc, Valeant Pharmaceuticals International, Inc., Apotex Inc., Sandoz AG, Strides Arcolab Ltd., TOLMAR Pharmaceuticals, Inc. and Provectus Biopharmaceuticals, Inc. among others.
Acquisitions/Product Launches
- In May 2020, Sanofi announced that its Libtayo® (cemiplimab) shows clinically meaningful and durable responses in second-line advanced basal cell carcinoma.
- In July 2015, FDA approved Novartis drug Odomzo® (sonidegib) for locally advanced basal cell carcinoma (laBCC).
- In May 2020, Provectus announced PV-10® STING agonist abstract at American Association for Cancer Research (AACR) 2020 Virtual Annual Meeting II.
