The rivalry between Sun Pharmaceuticals Ltd., Valeant Pharmaceuticals International Inc., Mylan N.V., F. Hoffmann-La Roche Ltd., and Merck Co. Inc. characterizes the competitive landscape present in the global basal cell carcinoma treatment market, states a new research study by Transparency Market Research (TMR).
Currently, the leading players are focusing on increasing the efficiency of their products by inculcating the latest technologies, in order to gain a competitive edge over the peers. Over the coming years, these participants are expected to involve more in partnerships with regional players in a bid to strengthen their regional presence, notes the research study.
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According to the estimation of TMR, the global market for basal cell carcinoma treatment was worth US$4.66 bn in 2016. The opportunity in this market is projected to expand at a CAGR of 9.20% during the period from 2017 to 2025 and reach US$10.14 bn by the end of the period of the forecast. Among all the treatment types, the demand for surgeries is higher, thanks to their efficiency.
Analysts predict this trend to remain so over the next few years, establishing the dominance of the surgical basal cell carcinoma treatment segment. Among end users, basal cell carcinoma treatments find most significant usage in hospitals and specialty clinics. Geographically, North America is projected to continue on the top in the near future, thanks to the presence of an advanced medical and healthcare infrastructure and the rising expenditure on healthcare in this region, states the market report.
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Rising Prevalence of Cutaneous Malignancies to Boost Demand
“The market for basal cell carcinoma treatment is benefiting significantly from the increasing prevalence of basal cell carcinoma, rising consciousness among consumers about the disease, and the presence of favorable reimbursement scenario in high prevalence regions,” says a TMR analyst. The rising prevalence of various cutaneous malignancies, specifically non-melanoma skin cancer, such as basal cell carcinoma and squamous cell carcinoma, is influencing the demand for basal cell carcinoma treatment tremendously across the world.
The increase in geriatric population, who are highly susceptible to several types of skin diseases, such as actinic keratosis and various other non-melanoma skin malignancies, is also boosting the growth of the global basal cell carcinoma treatment market, reports the research study.
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Higher Propensity of Basal Cell Carcinoma to Remain Underdiagnosed to Obstruct Market’s Growth
On the other hand, the high propensity of basal cell carcinoma remaining underdiagnosed may obstruct the growth trajectory of the worldwide market for basal cell carcinoma treatment over the next few years. The high treatment cost and the lack of awareness in emerging economies can also restrain the market’s growth in the years to come.
However, the rising demand for better disease treatments in emerging economies, as a result of escalating disposable income, is expected to provide lucrative growth opportunities for market players in the near future, states the report.
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