Scalp cooling systems also known as cold caps are devices that help to prevent hair loss associated with chemotherapy by cooling the scalp. These systems maintain the temperature of the scalp at a low level to reduce the amount of chemotherapy drugs reaching hair follicles. This reduces the risk of alopecia or hair loss caused by chemotherapy. They provide a non-invasive option for patients who want to preserve appearance.
The global Scalp Cooling System Market is estimated to be valued at US$ 130 million in 2023 and is expected to exhibit a CAGR of 15.82% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rising Incidence of Cancer: Cancer is one of the leading causes of death globally. According to WHO, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. The rising cancer prevalence is expected to drive the demand for scalp cooling systems as they help increase chemotherapy success rates by reducing hair loss during treatment. Scalp cooling allows patients to undergo full dose chemotherapy while preserving their appearance and confidence. This growing cancer patient pool presents lucrative growth opportunities for scalp cooling system market players over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry however capital costs for R&D and manufacturing are relatively high. Existing players have established brand names and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power. They can choose from existing branded products but choice is limited for technologically advanced scalp cooling systems.
Bargaining power of suppliers: Suppliers have moderate bargaining power. Few key materials and technology providers exist. Suppliers differentiation is moderate.
Threat of new substitutes: No direct substitute exists however non scalp cooling methods provide alternatives to reduce chemotherapy side effects.
Competitive rivalry: Intense competition exists among existing players to gain market share and expand globally. Players differentiate through technology and innovation in products.
SWOT Analysis
Strengths: Differentiated technology, established brands, global distribution networks.
Weaknesses: High R&D and marketing costs, regulatory approvals for new products are lengthy.
Opportunities: Untapped growth regions, increasing cancer incidence, partnerships with hospitals expand reach.
Threats: Price controls, reimbursement issues, changing regulations, substitute methods affect demand.
Key Takeaways
The global scalp cooling system market is expected to witness high growth during the forecast period due to rising cancer cases globally. The global Scalp Cooling System Market is estimated to be valued at US$ 130 million in 2023 and is expected to exhibit a CAGR of 15.82% over the forecast period 2023-2030.
Regional analysis
North America accounts for the largest share currently owing to favourable reimbursement schemes and availability of advanced scalp cooling systems. The United States dominates the regional market with majority of cancer treatment facilities adopting scalp cooling systems. In Europe, countries like Germany, United Kingdom and France are major markets with government initiatives raising awareness. Partnerships between players and hospitals have expanded access particularly in countries with public healthcare systems. The Asia Pacific region is poised to grow at fastest pace led by China and Japan. Factors such as rising healthcare expenditure, availability of generic alternatives and partnerships drive volumes across developing nations.
Key players
Key players operating in the scalp cooling system market are Dignitana Inc., Penguin Cold Caps, and Paxman. Dignitana is a leading player with its proprietary DigniCap scalp cooling system approved globally. The patented automatic cooling technology is highly effective against chemotherapy induced hair loss. Penguin Cold Caps offers a variety of scalp cooling caps designed for comfort, cosmetic satisfaction and ease of use during treatment cycles. Paxman services a wide geographic base with distinctive brands like Paxman and Bon