Keloid Treatment Market Size expected to reach a valuation of US$ 5.1 Bn by the end of 2032 | FMI
The global keloid treatment market size reached US$ 3.6 Bn in 2021 and is expected to enjoy a valuation of US$ 3.7 Bn by the end of 2022. Furthermore, with rising prevalence of keloid across the world, the overall demand for keloid treatment is set to grow at 3.2% CAGR between 2022 and 2032, totalling a valuation of ~US$ 5.1 Bn by 2032.
Global Keloid Treatment Market: Dynamics
The formation of many keloids as well as the increased prevalence of keloid scars both significantly contribute to the growth of the worldwide keloid treatment market. The market for keloid therapy is also being driven by a rise in patient self-awareness due to the unsightly look of keloid scars on exposed body areas. Increased funding for keloid therapies, formalisation of accepted standards of care for keloid, and rising usage of combination therapy are other reasons boosting the market for keloid treatments.
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The implementation of cutting-edge therapy choices is a clinics and hospitals’ main priority. The usage of CryoShape helps to lessen the effects of keloid scarring and recurrence rates. Sensus Healthcare has created a cutting-edge superficial radiation therapy tool to deliver better care with fewer side effects.
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.
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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.
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.
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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.
Key Market Segments Covered in Keloid Treatment Industry Research
- Occlusive Dressing
- Compression Therapy
- Radiation Therapy
- Laser Therapy
- Interferon Therapy
- Intralesional Corticosteroid Injections
By End User:
- Dermatology Clinics
- Ambulatory Surgical Centers (ASCs)
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)
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