Keloid Treatment Market
The global keloid treatment market is growing continually, mainly due to the rising occurrences of these types of scarring. Besides, factors such as the rapid development made in technological skincare products increasing awareness among people regarding the availability of treatment options drive the market growth exponentially. Also, rising expenditure on skincare products, services, and lifestyle changes contribute significantly to the expansion of keloid treatment market.
According to Market Research Future (MRFR), the global keloid treatment market value is expected to escalate to USD 3.9 BN by 2023, growing at 3.5 % CAGR during the forecast period (2018 – 2023). Encouraged by the increasing demand for novel keloid treatments, clinics, and hospitals are focusing on the adoption of advanced therapy options that have lesser adverse reactions, such as superficial radiation therapy and others. Moreover, increasing R&D investments accelerate market growth, giving a fresh outlook.
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Undoubtedly, technological advances in medical science & biotechnology have increased the market size, bringing about betterments, which could then improve the outlook for keloid treatments. Additionally, factors such as rising per capita healthcare expenditures, increasing population, skin trauma cases, heredity reasons, and genetic mutations positively impact market growth.
Furthermore, substantial investments transpired in R&D are fostering market growth, improving keloid treatment mechanisms. On the other hand, side effects and high costs associated with various keloid treatment options are anticipated to be major growth restraints for the market. Also, the unavailability of comprehensive treatments impedes the market growth and presages the large scope for the development at the same time.
Global Keloid Treatment Market – Segments
The report is segmented into four dynamics;
By Product Type : Sprays, Elastic Wraps, Ointment, Oils, Creams, Topical Gels & Gel Sheets, and others.
By Treatment : Radiation Therapy, Ligature, Cry Therapy, Laser Treatment, Surgical Treatment, Steroid Injections, Silicone Gel or sheeting, Corticosteroid Injections (intralesional steroids), Interferon, and others.
By End User : Hospitals, Dermatology Clinics, Ambulatory Surgical Centers, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
Global Keloid Treatment Market – Geographical Analysis
North America leads the global keloid treatment market. The largest market share attributes to the high adoption of advanced technologies for the treatment of keloid. Besides, the presence of well-equipped treatment centers and a large number of industry players in the region drives the market growth phenomenally. Clinics in North America are adopting new technologies, products, and alternative treatments to deal with the condition.
Moreover, high healthcare expenditures and advances in biotechnology in this region are the key factors responsible for the rapid growth of the market. The US market largely supports the growth of the regional market with its increasing keloid cases. The North American keloid treatment market is expected to continue to dominate the global market throughout the forecast period.
Europe stands second in the global keloid treatment market. The increasing awareness among people about the availability of treatments drives the market growth. Besides, favorable reimbursement scenario for skin treatment and increasing government funding for R&D required for the development of effective therapeutics & medicines to treat keloid scars drive the regional market growth.
Additionally, increasing per capita healthcare expenditures due to the improving economy in the region and high healthcare penetration, boost the market growth. Furthermore, advanced treatment facilities, alongside the availability of skilled medical professionals, propel the market in the region. The European keloid treatment market is projected to demonstrate promising growth over the assessment period.
The keloid treatment market in the Asia Pacific region is emerging as a promising market. Factors such as technological advances and well-spread awareness among people about the condition and various treatments available in the market foster the regional market growth. Moreover, the growing prevalence of skin caries increased focus on appearance, and aesthetics in the developing countries substantiate the growth of the regional market.
Also, factors such as the rising population, increasing disposable income, and growing healthcare expenditure contribute to the market growth in the region. The APAC keloid treatment market is anticipated to be the fastest-growing market in the future.
Global Keloid Treatment Market – Competitive Landscape
The global keloid treatment market appears intensely competitive, with several notable players. To gain a larger competitive share, strategic partnership, collaboration, acquisition, expansion, and technology launch remain popular trends among industry players. Significant investments are transpired in the field to bring innovations to the therapy and clinical trials.
Players leading the keloid treatment market include Greiner Bio-One International GmbH, Ikonisys Inc., Thermo Fisher Scientific, STEMCELL Technologies, SRI International, Miltenyi Biotec, QIAGEN Hannover (QIAGEN), Menarini Silicon Biosystems, F. Hoffmann-La Roche Ltd, Fluxion Biosciences, Inc., NanoString Technologies, Inc, GE Healthcare, Advanced Cell Diagnostics, Inc. (Bio-Techne Corporation), ApoCell, Celltraffix Inc., and Epic Lifesciences.
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