Market Challenges And Opportunities

Global Scalp Cooling System Market – Dynamics

Although chemotherapy is one of the effective procedures used for treating cancer, it also causes hair loss. Hence, high prevalence of cancer is expected to boost growth of the scalp cooling system market during the forecast period. For instance, according to the Cancer Treatment & Survivor Facts & Figures, 2019 by the American Cancer Society, around 16.9 million individuals are reported to be having a cancer history out of which around 3.8 million women have a history of breast cancer in the U.S. The American Cancer Society also stated that 56% of women suffering from stage III breast cancer opted for the mastectomy followed by chemotherapy, while 56% of women diagnosed with stage IV metastatic cancer chose chemotherapy or radiotherapy without surgery.

Increasing adoption of strategies such as mergers, acquisitions, and agreements by market players are likely to propel the market growth. For instance, in March 2019, Paxman entered into a five year research and collaboration agreement with the University of Huddersfield. The agreement also includes a new multidisciplinary research group at the university, the PAXMAN Scalp Cooling Research Centre. This center will be focusing on the research of biological hair follicle coupled with developing innovating scalp cooling systems as well as 3D printed cooling caps. In December 2019, Paxman announced that Paxman Scalp Cooling System received the market clearance in Argentina and the first 8 systems will be received by the distributor Xeikon Diagno. Thus, the company is strategically focusing on growth through innovation and geographical expansion.

Moreover, its competitor, Dignitana is also targeting market growth by expanding its presence in new geographies. For instance, in September 2019, DigniCap Delta, the scalp cooling system by Dignitana Inc., received approval from the Therapeutic Goods Administration (TGA) to market the product in Australia.