Keloid Treatment Market is likely to record a CAGR of 8.75% during forecast period by 2032
According to the latest market report published by Future Market Insights titled ‘Keloid Treatment Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027),’ the global keloid treatment market is estimated to be worth US$ 3,145.8 Mn by 2017 end, and is expected to expand at a CAGR of 3.4% over the forecast period of 2017–2027 to reach a market valuation of US$ 4,414.6 Mn by the end of 2027.
Global Keloid Treatment Market: Dynamics
The global keloid treatment market growth is substantially driven by the rising prevalence of keloid scars as well as the development of multiple keloids. A growing consciousness among patients regarding their appearance is also driving the market of keloid treatment as keloid scars on the exposed body parts leads to ugly appearances. Other factors that are driving the growth in the keloid treatment market include increasing reimbursement for keloid therapies, formalisation of standard treatment guidelines for keloid and increasing use of combination therapies.
Clinics and hospitals are focussing on the adoption of advanced therapy options. CryoShape is used to reduce the impact of keloid scar and recurrence rate. Sensus Healthcare has developed an advanced superficial radiation therapy device to impart better treatment with limited adverse reactions.
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Global Keloid Treatment Market: Segmental Forecast
The global keloid treatment market is segmented based on treatment type, end user and region. On the basis of treatment type, the market has been segmented intoocclusive dressing, compression therapy, cryosurgery, excision, radiation therapy, laser therapy, interferon therapy, intralesional corticosteroid injection and others. Other treatment options include dermal fillers, topical creams, 5-fluorouracil, retinoic acid and imiquimod.
Intralesional corticosteroid injection treatment segment dominates the global keloid treatment market as this procedure is considered the gold standard and is being used in combination with other therapies. Intralesional corticosteroid injection is expected to be the second most lucrative segment by treatment type, with a market attractiveness index of 2.1 during the forecast period.
Based on end user, the global keloid treatment market is segmented into hospitals, dermatology clinics, ambulatory surgical centres and others. Thehospitals segment is expected to remain dominant, as most of the radiation therapies and excision procedures are performed in hospitals. Hospitals is the largest segment by end user, which is estimated to represent US$ 1,164.7 Mn, or 37.0% share of the total market in 2017 and is projected to reach a market valuation of US$ 1,643.8 Mn, or 37.2% share of the total market by the end of 2027, expanding at a CAGR of 3.5% in terms of value.
Global Keloid Treatment Market: Regional Analysis
On the basis of region, the global keloid treatment market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and the Middle East & Africa.
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North America dominated the global keloid treatment market in 2016 and is expected to continue to dominate the global market throughout the forecast period. North America is the largest region in keloid treatment market, which is estimated to represent US$ 1,105.6 Mn, or 35.1% share of the total market in 2017 and is projected to reach a market valuation of US$ 1,549.6 Mn, or 35.1% of the total market by the end of 2027, expanding at CAGR of 3.4% in terms of value. Clinics in North America are opting advanced treatment therapies that can aid in reduced risk of recurrence.
Global Keloid Treatment Market: Vendor Analysis
Leading players in the global keloid treatment market are launching new portable and mobile radiation therapy devices and are offering better treatment options to patients. Companies are targeting dermatology clinics to market their devices, where patients are provided the first line of treatment for keloid. Some of the players operating in the global keloid treatment market who have been profiled in the report include Novartis AG, Sensus Healthcare, RXi Pharmaceuticals, Inc., Sonoma Pharmaceuticals, Inc., Perrigo Company plc, Bristol-Myers Squibb Company, Pacific World Corporation, Valeant Pharmaceuticals International, Inc., Revitol Corporation and Avita Medical Limited.
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