Pune, India, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The "North America basal cell and squamous cell carcinoma therapeutics market" size was USD 578.2 million in 2020. The market is projected to grow from USD 825.6 million 2021 to USD 2,353.4 million in 2028 at a CAGR of 16.1% during the 2022-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, "North America Basal Cell and Squamous Cell Carcinoma Therapeutics Market, 2022-2028."
As per the research team, factors such as rising number of people suffering from non-melanoma skin cancer and increasing prevalence of Basal Cell Carcinoma (BCC) and Squamous Cell Carcinoma (SCC) will bolster the growth of the market globally. The oral segment will dominate the mode of administration segment due to growing preference of patients opting for oral drugs usage and increasing presence of oral drug potential candidates in clinical trials.
Industry Development
- July 2019: The European Commission (EC) granted authorization for marketing and distribution Libtayo for treating adults with metastatic or locally cutaneous squamous cell carcinoma (cSCC). This disorder was previously treated with curative surgery or curative radiation.
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Rising Prevalence of Non-Melanoma Cancer to Bolster Growth
Increasing number of inoperable patients in the region coupled with rising prevalence of non-melanoma cancer are responsible for increasing the North America basal cell and squamous cell carcinoma therapeutics market growth. Also, rising number of patients in the advanced stage for surgeries due to a compromised immune system will increase the footprint of the market in the region. Advanced surgical means in terms of lowest recurrence rates and maximum curing rate will result in treatment approaches for the industry.
However, higher costs of therapeutics will decrease the market value during the forecast period to a certain extent. Also, rising availability of alternate treatment options will limit the growth rate of the industry.
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COVID-19 to Hinder Market Due to Decreased Hospital Visits
The COVID-19 had a negative impact on the market due to increased cases of COVID-19 cases. This will lead to decreasing diagnoses and subsequently hindering the ongoing treatment options for the market in the region. A good amount of healthcare funds and focus were allocated for managing the influx of patients that further reduced the number of diagnostic procedures. Also, factors such as rising outpatient visits, elective procedures, and rehabilitation programs will decrease the value of the market during the forecast period.
Report Coverage
The market report offers a holistic evaluation of all the market segments and further provides an in-depth analysis of various factors. These include drivers, trends, restraints, and opportunities surrounding the market. Tangible and invaluable insights are provided that affect the regional growth of the market. Strategies employed by the dominant players are noted along with their respective company profiles.
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Segmentation
On the basis of drug class, the market can be broken into monoclonal antibodies, antineoplastic, hedgehog pathway inhibitors, and others. The hedgehog pathway inhibitors are expected to witness the largest market share in 2020 due to rising regulatory approvals coupled with integration of new hedgehog pathway inhibitors.
By route of administration, the market can be divided into oral, topical, and parenteral.
In terms of distribution channel, the market can be branched across hospital pharmacies, retail pharmacies, and online pharmacies.
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Integration of Novel Therapies to Foster Higher Growth in the U.S.
Factors such as increasing number of players in the region along with introduction of novel therapies will increase the value of the North America basal cell and squamous cell carcinoma therapeutics market share in the region. Also, favorable reimbursement policies and rising incidences of advanced BCC and SCC will lead to a higher patient pool. Rising number of advanced clinical phase trials coupled with increased research and development activities will augment the market growth in the region.
Canada will contribute a significant share during the forecast period owing to expanding healthcare industry and rising government initiatives for raising awareness for treating non-melanoma skin cancers to name a few.
Introduction of Novel Products by Key Players to Escalate Growth
The dominant players are constantly adopting different strategies for cementing their positions for the North America basal cell and squamous cell carcinoma therapeutics sector. One such strategy is launching novel products which is entrenched towards capturing a larger market share. Another opportunity for gaining a larger market base is to gain merge and acquire likeminded organizations. For example, in February 2021, Regeneron Pharmaceutical Inc. announced the approval from the U.S. Food & Drug Administration (FDA) for a new drug group known as Odomzo (sonidegib). This drug is intended for treating locally advanced basal cell carcinoma (laBCC).
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List of Key Players Covered in the Market Report
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Eli Lilly and Company (U.S.)
- Merck & Co., Inc. (U.S.)
- Sanofi (France)
- Regeneron Pharmaceuticals Inc. (U.S.)
- Bausch Health Companies Inc. (Canada)
- Sun Pharmaceutical Industries Ltd. (India)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches, Key Players
- Key Industry Developments Partnerships, Mergers, and Acquisitions
- Overview of Regulatory Scenario for the Approval of Drugs in the U.S.
- Impact of COVID 19 on the Market
- North America Basal Cell and Squamous Cell Carcinoma Therapeutics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- Monoclonal Antibodies
- Antineoplastic
- Hedgehog Pathway Inhibitors
- Others
- Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Topical
- Parenteral
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
ToC Continue…!
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