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(Health-NewsWire.Net, October 27, 2021 ) Keloid Treatment Market size was valued at $3,537 million in 2020, and is anticipated to grow at a CAGR of 6.2% during the forecast period 2021-2026. The keloid treatment industry growth rate is attributed to the growing worldwide in cases of keloid disease, rising demand for radiation therapy and surgical intervention are poised in bringing new opportunities. Keloids are abnormal scars that cause significant emotional and physical distress in patients when inadequately treated. Keloid formation is theorized to occur as a result of an imbalance between an increased synthesis of collagen and extracellular matrix and decreased degradation of these products. Creams, sprays, gel sheets, ointments, elastic wraps, oils, and topical gels are few of the products available in market for keloid treatment. The factors driving the growth of the market for keloid treatment are growing worldwide in cases of keloid disease, rapid development made in technological skincare products and the availability of treatment options could affect the growth of the market for keloid treatment. To broaden its product portfolio, major players in the global scar treatment market are focused on R&D. Apart from this, rising burning accidents are poised to fuel the growth of the global demand for keloid scar treatment over the forecast period 2021-2026. Such incidents cause visible keloid scars, a common complication associated with them thereby driving the growth of keloid treatment market. However, the high costs involved in the treatment, the risk of extreme pain and complications during treatment is also poised to be one of the factors negatively affecting the keloid treatment market penetration.
Keloid Treatment Market Segment Analysis – By Product Type
In 2020, on the basis of product type, topical gel and gel sheets segment accounted for the largest segmental revenue of the Keloid Treatment market. The topical gel and gel sheets held the largest market on account of the fact that topical gel and gel sheets segment is analyzed to hold significant share in product type owing to the rise in demand for creams, silicone sheets, and gels in the treatment of keloid on account of wider scope of applications. Moreover, these products are easily available to consumers as Over-the-Counter (OTC) products, which is also responsible for their high demand.
On the contrary, elastic wraps is the fastest growing segment by sources with a CAGR of 9.8% during the forecast period of 2021-2026. This is owing to the painless and reliable treatment options with better results compared to other treatment options
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Keloid Treatment Market Segment Analysis – By Distribution Channel
On the basis of treatment, steroid injections segment accounted for the largest segmental revenue of the keloid treatment market in 2020 and is projected to dominate over the forecast period 2021-2026 with a CAGR of 7.6%. The steroid injections segment is to witness a surge in growth owing to the fact that steroid injections are widely used for scar removal in hospital settings. Furthermore, this treatment method is used by many patients over the years, and can help reduce the appearance of abnormal and unsightly scars. Apart from this, steroid Injection has proved to be rapid and cost-effective alternatives for keloid treatment and compared to other treatment options, offering long-lasting effect on scar visibility is anticipated to positively impact the growth of this segmental market during the forecast period 2021-2026.
Keloid Treatment Market Segment Analysis – By Geography
North America is the major region dominating the keloid treatment market with a market share of 37.90% in the year 2020. U.S. in North America region is dominating the keloid treatments market. This is owing to the witness steady development in the coming years. High prevalence of burn injuries, skin-related disorders, and trauma are among the major factors responsible for the market expansion and has positively impacted the sector. Apart from this, availability and adoption of advanced treatment options, such as laser treatments is anticipated to contribute significantly to the growth of the keloid treatment market in North America.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026. This is attributed to the untapped opportunities in developing countries that are projected to encourage the growth of the Asia Pacific market for Keloid Treatments. Furthermore, availability of laser instruments at cheaper prices in emerging countries has boosted their adoption coupled with high incidence of burn injuries; India has also contributed significantly to the region’s growth.
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Keloid Treatment Market Drivers
Growing Awareness Among Masses
The keloid treatment market is poised to receive upswing owing to the rapid increase in demand for several keloid treatments owing to the fact that there is an increasing spending on goods and services for personal care that have contributed significantly to the growth of the demand for keloid treatment market. Apart from this, increase in the demand for aesthetics in several emerging economies and improving healthcare facilities in the various regions are also anticipated to boost the market for keloid treatment market. Furthermore, keloid treatment market is also driven by the favorable reimbursement scenario for skin treatment and the increasing awareness of the consumer and is to propel the market growth over the forecast period 2021-2026.
Keloid Treatment Market Challenges
High-cost Involved With Treatments
One of the major factors lowering the keloid treatment is owing to high laser treatment costs that are anticipated to hamper the growth of the global keloid scar treatment industry. According to the American Society of Plastic Surgeons, the average cost of laser skin resurfacing, which includes scar treatment, is US$ 2,071 for an ablative laser, while the average cost of non-ablative laser treatment is US$ 1,144. Furthermore, complications associated with keloid laser treatment and a higher post-treatment repeat rate are expected to limit revenue growth in the global keloid treatment market.
Keloid Treatment Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Keloid Treatment market. In 2020, Keloid Treatment market share is fragmented by the top ten players present in the market. The Keloid Treatment market top 10 companies are Revitol Corporation Inc., GlaxoSmithKline PLC., Renovo Group PLC., Valeant Pharmaceuticals International Inc., Galena Biopharma, Inc., RXi Pharmaceuticals, Inc., Bristol-Myers Squibb Company, Novartis AG, Smith & Nephew PLC, Enaltus, LLC, Merz, Inc., Lumenis, Sonoma Pharmaceuticals, Cynosure Inc. and others.
Acquisitions/Product Launches
In November 2019, Baring Private Equity Asia has announced that its private equity funds (“BPEA”) has agreed to acquire Lumenis at an enterprise value over $1billion.
In September 2019, Smith & Nephew PLC launched PICO 7YSingle Use Negative Pressure Wound Therapy System (sNPWT) with AIRLOCK Technology enabling the utilization of two dressings concurrently from one pump, allowing for two wounds or incisions to be addressed simultaneously.
In April 2019, Xstrahl Medical, launched its latest superficial radiotherapy treatment system. The new Xstrahl 150 system will be the company’s most comprehensive superficial system, offering clinicians the ability to treat superficial lesions– from basal cell carcinoma and squamous cell carcinoma to keloid scars and dermatological conditions such as psoriasis- and the full range of non-melanoma skin cancer cases with optimum dose control.
Key Takeaways
The factors such as increasing number of customers are moving towards the use of natural and organic products for the treatment of keloid skin problems are amongst the major factor projected to impel growth of keloid treatment market.
Additionally, factors such as rise in burn injury cases has also resulted in increased demand for hypertrophic and keloid scar treatment are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Relevant Reports:
A. Neuroblastoma Treatment Market
https://www.industryarc.com/Report/16073/neuroblastoma-treatment-market.html
B. Hypertrophic And Keloid Scar Treatment Market
https://www.industryarc.com/Research/Hypertrophic-And-Keloid-Scar-Treatment-Market-Research-503685
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