Keloid scars are heap-up scars that develop abruptly on the skin surface. Keloid scars are developed with injuries causing due to, acne, burns, ear piercing, chickenpox, surgical cuts, scratches and vaccination sites. According to the National Centre of Biotechnology, keloid scars are commonly seen in people between age group 10 to 20 years of age. Though keloid scars are benign, continuous growth of the scar may result in skin cancer. Due to high incidence of keloid scars, many companies are in currently in the process of developing block buster drug molecules that can cure keloid scares completely. Apart from biopharmaceutical and pharmaceutical companies, many universities and medical centers such as the Carmel Medical Center, the University of Schleswig-Holstein and the Northwestern University are also conducting clinical trials to develop drugs for keloid treatment.
Keloid Treatment Market: Drivers and Restraints
Increasing awareness about scare treatment products, technological advancement in keloid scare treatment, increasing appearance consciousness, growing expenditure on personal care, and changing lifestyle are endorsing the growth of keloid treatment market. However, the high cost of keloid treatment, side effects, complications during treatment, and pain during treatment are the factors that would hinder the growth of keloid treatment market.
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Keloid Treatment Market: Segmentation
The global keloid treatment market is segmented based on type of product and treatment.
Based on product type, the global keloid treatment market is segmented into the following:
- Elastic Wraps
- Topical Gels/Gel sheets
Based on treatment options, the global keloid treatment market is segmented into the following:
- Surgical Treatment
- Laser treatment
- Radiation therapy
- Cry therapy
- Steroid injections
Keloid Treatment Market: Market Overview
Currently, there are various healing products available in the market for the treatment of keloid treatment. These products range from ointment to topical gels. Some of the established treatment for keloid mainly include surgical treatment, radiation therapy, and steroid injections. This segment gaining attention of keloid drug manufacturer and has provided a major trust to the market. With this, keloid treatment market is expected to grow with healthier CAGR over the forecasted period.
Keloid Treatment Market: Region-wise Outlook
Currently, North America dominates the global keloids treatment market due to high disposable income of people is high compared to other regions of the world. In Europe, the keloid treatment market is driven by rising awareness and favorable reimbursement for skin treatment. However, the growth of keloid treatment market in Asia-Pacific is much more promising due to population explosion and improving healthcare facilities in the region. There are several other factors driving the keloid scare treatment in Asia such as rising disposable income, rapidly improving healthcare facilities, and growing focus on personal well-being.
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Keloid Treatment Market: Key Players
Key companies operational in keloid treatment market are RXi Pharmaceuticals, Inc., Renovo Group Plc, Novartis AG, GlaxoSmithKline plc, Galena Biopharma, Inc., Bristol-Myers Squibb Company, Pacific World Corporation, Valeant Pharmaceuticals International Inc., Revitol Corporation Inc., and Avita Medical Limited,.