Global Keloid Treatment Market: Overview
The British Skin Foundation describes a keloid scar as an overgrown scar that spreads beyond the original area of the damaged skin. It is a growth of extra scar tissue in the place where the skin has healed post-injury. Keloids can appear anywhere on the body and affect an estimated 10-15% of all wounds. There are several established treatment options available for keloid scars, including laser treatment, surgery, radiation, steroid injections, cryotherapy, and interferon. Moreover, there are a number of products available in the market today to hasten the healing of keloids. These include creams, sprays, gel sheets, ointments, elastic wraps, oils, and topical gels.
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While most keloid scars are benign, the continuous growth of the scar may result in skin cancer and this is a key factor driving the market for keloid treatment. Several pharmaceutical and biopharmaceutical companies, medical centers, and universities have been conducting clinical trials for the development of drugs and treatment options for keloid scars.
The report offers readers a detailed assessment of the ongoing economic, technical, consumer, regional, and political trends impacting the trajectory of the global keloid treatment market. The bargaining power of prominent buyers and suppliers, the threat presented by new entrants and substitutes, and the intensity of rivalry among key players have been thoroughly evaluated in the report with the help of the Porter’s Five Forces analysis model. An extensive overview of the competitive landscape of the keloid treatment market has also been provided, which focuses on the business overview, recent developments, product and service portfolio, and financial outlook of the leading companies.
Global Keloid Treatment Market: Growth Drivers and Restraints
The global keloid treatment market is primarily driven by rapid technological advancement in skin care as well as in keloid scar removal and the growing awareness among patients regarding the availability of these products and treatment options. Changing lifestyles, the ever-rising focus on appearance and aesthetics, and the increasing expenditure on personal care products and services have also significantly contributed toward the expansion of the keloid treatment market. Demand for radiation therapy, surgical intervention, and steroid injections is supported by the growing trust and acceptance of the patients, thereby ensuring that the keloid treatment market registers a healthy growth over the forecast period.
On the flip side, however, this market is being hampered by the possible side effects of keloid treatment, the high cost of various treatment options, and the risk of extreme pain and complications during treatment.
Global Keloid Treatment Market: Region-wise Outlook
The global market for keloid treatment is segmented on the basis of geography into Europe, North America, Asia Pacific, and Rest of the World. North America is the dominant regional market for keloid treatment and is likely to retain its lead through 2024. High disposable income of people in this region, coupled with the comparatively high availability as well as acceptance of new technologies, products, and treatment alternatives are responsible for the rapid growth of the North America keloid treatment market. Europe is also a major market for keloid treatment driven mainly by the favorable reimbursement scenario for skin treatment and the increasing awareness of the consumer.
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Asia Pacific is an immensely promising market for keloid treatment owing to the increased focus on appearance and aesthetics in several emerging economies. The rapid growth in population, increasing disposable incomes, and improving healthcare facilities in the region are also anticipated to boost the market for keloid treatment in Asia Pacific.
Global Keloid Treatment Market: Competitive Landscape
There are a number of players competing in the global keloid treatment market. These include Pacific World Corporation, Revitol Corporation Inc., GlaxoSmithKline plc., Bristol-Myers Squibb Company, Novartis AG, Renovo Group plc., Valeant Pharmaceuticals International Inc., Galena Biopharma, Inc., RXi Pharmaceuticals, Inc., and Avita Medical.
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