Keloid Treatment Market Synopsis
Global Keloid Treatment Market is dominated by many market players. The key players in the market are engaged in developing new technological advancement in keloid treatment to shift from monotherapy to combination therapy to maintain its market position.
Keloid is the abnormal formation of scar tissue that forms at the site of cutaneous injury mostly at the site of surgical incision or trauma. The global keloid treatment market is expected to reach USD 3.9 billion by 2023 and is expected to increase at a CAGR of 3.5 % during the forecast period from 2018 to 2023.
Keloids can also appear after surgery or injury, but it can also occur on the skin with minor inflammation such as acne on the chest. Sometimes other minor injuries that can also trigger keloids are cosmetic piercings and burns.
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Growing awareness among patients about the new technological advancement in keloid treatment is the key factors that drive the growth of the market. As there is an increasing prevalence of keloid among people the demand for keloid treatment is increasing and hence there is an increase in keloid treatment market.
Some of the key players in the global keloid treatment market are Perrigo Company plc, Sonoma Pharmaceuticals, Inc., Pacific World Corporation, Revitol Corporation Avita Medical Limited, Bristol-Myers Squibb Company, RXi Pharmaceuticals, Inc, Sensus Healthcare, Valeant Pharmaceuticals International, Inc, and Novartis AG.
The global keloid treatment market has been segmented into product, treatment, and end-users.
The market on the basis of product has been segmented into elastic wraps, sprays, ointment, creams, oil, topical gels & gel sheets.
The market on the basis of treatment is further segmented into
Corticosteroid injections (intralesional steroids)
Silicone gel or sheeting
On the basis of end user, the market has been segmented into dermatology clinics, hospitals, ambulatory surgical centers.
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Global Keloid Treatment Market Share (%), by Region, 2018
The market in the Americas is expected to dominate the keloid treatment market during the forecast period owing to the rising demand for keloid treatment, increasing cosmetics expenditure, and rising popularity of keloid skin problems among the people. Additionally, clinics in North America are adopting advanced treatment that can reduce the risk of occurrence of the keloid. The European market is expected to be the second-largest due to government funding and support of the healthcare sector coupled with the growing incidence of keloid skin problems, whereas the keloid treatment market in Europe is expected to increase due to rising awareness and favorable reimbursement for skin treatment.
Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the assessment period owing to increasing population explosion of keloid skin problems and favorable government initiatives for healthcare facilities. The market in the Middle East & Africa is likely to account for the smallest share of the global keloid treatment market. The market growth in this region can be attributed to increasing healthcare expenditure and developing healthcare infrastructure.
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