U.S. & Canada Skin Cancer Dermatology Market Growth & Trends
The U.S. and Canada skin cancer dermatology market size is expected to reach around a value of USD 2.2 billion and 0.7 billion respectively by 2027, according to a new report by Grand View Research, Inc. The markets are anticipated to register a CAGR of 5.2% and 6.3% respectively, during the forecast period. Technological advancements and increasing prevalence of skin cancer are anticipated to fuel the growth.
The growing usage of smartphones and the development of smartphone compatible dermatoscopes are the factors anticipated to fuel the market growth. According to the Canadian Radio-television and Telecommunications Commission data, the percentage of Canadians using a smartphone increased from 73% in 2015 to 78% in 2017, thus indicating high potential for teledermatology in the country.
In addition, ongoing research activities for advancements in the dermatology field are anticipated to drive the growth of the market in U.S and Canada. For instance, according to the study published by Nature Journal, Deep Convolutional Neural Networks (CNN) classified the various skin cancers with a competence level comparable to a dermatologist, thus highlighting the potential of Artificial Intelligence (AI) in the field of dermatology.
Inappropriate use of ABCD criteria by Medical necessity auditors is one of the major concerns of dermatologists. For instance, some of the melanoma positive biopsies have been ruled as ‘medically unnecessary’ due to lack of medical documentation of ABCD or signs and symptoms. The ABCD tool was primarily designed for public education and not an important aspect of the physician’s note.
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U.S. & Canada Skin Cancer Dermatology Market Report
U.S. & Canada Skin Cancer Dermatology Market Report Highlights
- Skin biopsy is the most widely used test for skin cancer and thus, accounted for the largest market share in 2019
- Diagnostic imaging is anticipated to witness rapid growth over the forecast period due to the introduction of advanced imaging and non-invasive diagnostic techniques
- The 40–59 segment held the largest market share in 2019 while the 20–39 segment is anticipated to witness lucrative growth over the forecast period
- Teledermatology programs such as DermaGO, ACCESSDERM are anticipated to improve patient access in the U.S. and Canada
- Hospital OPD segment held a significant share of the U.S. and Canada skin cancer dermatology market in 2019 owing to the presence of public insurance systems is expected to enhance the patient influx in this setting
- Age and gender of the dermatologists significantly affect the type of practice, practice location and work hours.
- Some of the key market players are Firefly; SkinIO, Canfield Scientific, Inc., FotoFinder Systems, Inc., 3Gen, MetaOptima, Agilent Technologies, SkinVision, Speclipse, Inc., Skin Analytics.