Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. & Canada Skin Cancer Dermatology market.
Trusted Business Insights presents an updated and Latest Study on U.S. & Canada Skin Cancer Dermatology Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. & Canada Skin Cancer Dermatology market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ U.S. & Canada Skin Cancer Dermatology Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Report Overview: U.S. & Canada Skin Cancer Dermatology Market
The U.S. and Canada skin cancer dermatology market size was valued at over USD 1.3 billion and USD 0.4 billion respectively in 2019 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.1% and 5.2% respectively from 2020 to 2027. The growing prevalence of skin cancer is contributing largely to the growth. Furthermore, growing awareness among people about skin cancer and technological advancements in the dermatology field is also considered as the major driving factors.
According to the American Academy of Dermatology, in 2019, nearly 9,500 people in the U.S. were diagnosed with skin cancer each day. It is estimated that one in every five individuals in the U.S. is likely to be diagnosed with skin cancer in their lifetime. In Canada in the year 2019, nearly 7,800 residents were estimated to be diagnosed with melanoma and nearly 1,300 were estimated to have died due to melanoma. The high incident rate of melanoma in Canada and the U.S. is anticipated to fuel the demand for skincare dermatology.
The presence of organizations that aim to increase awareness regarding skin cancer and reduce its incidence rate is anticipated to fuel market growth. The American Academy of Dermatology (AAD) intends to reduce skin cancer-related incidence and mortality by educating the public about the techniques that aid in minimizing the risk of the disease and facilitate them in the identification of cancer or a potentially cancerous skin lesion. AAD also aims to set high clinical practice standards and undertake public awareness programs and research activities in the field dermatology to enhance patient care whereas the Canadian Dermatology Association aims to increase public awareness levels regarding sun protection and prevention of skin cancer.
Technology plays a key role in the clinical decision-making behavior of dermatologists. The introduction of teledermatology and the growing number of smartphone-compatible diagnostic devices has enabled the dermatologist to undertake remote patient diagnosis and monitoring, thus reducing the number of unnecessary office procedures. Furthermore, the EHR technology also enables dermatologists to select a cost-effective therapy for the patient.
Type Insights: U.S. & Canada Skin Cancer Dermatology Market
Based on test type, the U.S. and Canada skin cancer dermatology market is segmented into skin biopsy, dermatoscopy, diagnostic imaging, and lymph node biopsy. Skin biopsy held the largest market share in 2019, attributed to the adoption of this procedure for the diagnosis of a wide range of skin conditions such as melanoma, skin infection, skin tags, dermatitis, basal cell carcinoma, and squamous cell carcinoma.
The diagnostic imaging segment is anticipated to grow at a rapid pace over the forecast period due to the introduction of advanced non-invasive techniques such as reflectance confocal microscopy (RCM) or optical coherence tomography (OCT), which have increased the accuracy of diagnosis. Furthermore, the combination of RCM with dermatoscopes is also expected to enhance the accuracy of diagnosis and aid in the differentiation between malignant and benign skin cancers.
Age Group Insights: U.S. & Canada Skin Cancer Dermatology Market
On the basis of age group, the market for U.S. and Canada skin cancer dermatology is segmented into 0 to 19, 20 to 39, 40 to 59, 60 to 64, 65 to 74, 75 to 84, and 85 and above. The 40 to 59 age group segment accounted for more than 25% of the market share in 2019, due to the high prevalence of skin cancer in this age group. The high prevalence of skin cancer in this age group can be attributed to prolonged sun exposure. The 20 to 39 age group is anticipated to witness lucrative growth over the forecast period 2021-2027. This can be attributed to the popularity of tanning equipment and tanning salons among the individuals in this age group.
Facility Type Insights: U.S. & Canada Skin Cancer Dermatology Market
Based on facility type, the market is segmented into stand-alone practices, multispecialty clinics, dermatology groups, hospital OPD, and others. Hospital OPD lead the market share in 2019. The purchase of devices in large numbers accompanied by high demand for healthcare services and procedures in this setting is considered to play a integral role in the segments market share. The presence of public insurance systems and the availability of advanced technologies and procedures in hospitals is expected to be the main segment driver.
Multispecialty clinics and dermatology groups held a relatively higher market share than solo practice in 2019. This can be attributed to rising costs and complexities of solo practice along with relatively higher dermatologist compensation in the group setting and higher bargaining power of group practice.
Key Companies & Market Size Insights: U.S. & Canada Skin Cancer Dermatology Market
The key companies are concentrating on strategic initiatives such as geographical expansions and strategic collaborations. For instance, in 2019, MetaOptima signed a national agreement with Sonic Healthcare to implement DermEngine software across Australian skin cancer centers. Some of the prominent players in the U.S. and Canada skin cancer dermatology market include:
Key companies Profiled: U.S. & Canada Skin Cancer Dermatology Market Report
- Canfield Scientific, Inc.
- FotoFinder Systems, Inc.
- Agilent Technologies
- Speclipse, Inc.
- Skin Analytics.
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the U.S. and Canada skin cancer dermatology market report on the basis of test type, facility type, age group, and country:
Test Type Outlook (Revenue, USD Million, 2016 – 2027)
- Skin Biopsy
- Diagnostic Imaging
- Lymph Node Biopsy
Age Group Outlook (Revenue, USD Million, 2016 – 2027)
- 85 & above
Facility Type Outlook (Revenue, USD Million, 2016 – 2027)
- Stand Alone Practices
- Multispecialty Clinics
- Dermatology Group
- Hospital OPD
Quick Read Table of Contents of this Report @ U.S. & Canada Skin Cancer Dermatology Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580