The Global Keloid Treatment Industry has marked a robust growth trajectory, achieving a substantial valuation of US$ 3.8 billion in 2023, according to a recent report by Future Market Insights (FMI), a leading market intelligence firm. FMI’s projection anticipates an impressive Compound Annual Growth Rate (CAGR) of 3.8% between 2023 and 2033, positioning the industry to reach an outstanding valuation of US$ 5.6 billion by the end of the next decade.
Keloids, characterized by the abnormal growth of scar tissue, have emerged as a widespread concern on a global scale. The escalating incidence of keloids has fueled a growing demand for effective treatment solutions. This surge is not only attributed to the rising prevalence of keloids but also to continuous advancements in medical technologies and increased awareness among individuals seeking optimal solutions for scar management.
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Global Keloid Treatment Industry: Dynamics
The Global Keloid Treatment Industry growth is substantially driven by the rising prevalence of keloid scars as well as the development of multiple keloids. A growing consciousness among patients regarding their appearance is also driving the market of keloid treatment as keloid scars on the exposed body parts lead to ugly appearances. Other factors that are driving the growth in the keloid treatment market include increasing reimbursement for keloid therapies, formalization of standard treatment guidelines for keloid and increasing use of combination therapies. Clinics and hospitals are focussing on the adoption of advanced therapy options. CryoShape is used to reduce the impact of keloid scar and recurrence rate. Sensus Healthcare has developed an advanced superficial radiation therapy device to impart better treatment with limited adverse reactions.
Global Keloid Treatment Industry: Segmental Forecast
The Global Keloid Treatment Industry is segmented based on treatment type, end user and region. Based on treatment type, the market has been segmented into occlusive dressing, compression therapy, cryosurgery, excision, radiation therapy, laser therapy, interferon therapy, intralesional corticosteroid injection and others. Other treatment options include dermal fillers, topical creams, 5-fluorouracil, retinoic acid and imiquimod. The intralesional corticosteroid injection treatment segment dominates the Global Keloid Treatment Industry as this procedure is considered the gold standard and is being used in combination with other therapies. Intralesional corticosteroid injection is expected to be the second most lucrative segment by treatment type, with a market attractiveness index of 2.1 during the forecast period.
Based on end users, the Global Keloid Treatment Industry is segmented into hospitals, dermatology clinics, ambulatory surgical centres and others. The hospital segment is expected to remain dominant, as most of the radiation therapies and excision procedures are performed in hospitals. Hospitals are the largest segment by the end-user, which is estimated to represent US$ 1,164.7 Mn, or 37.0% share of the total market in 2017 and is projected to reach a market valuation of US$ 1,643.8 Mn, or 37.2% share of the total market by the end of 2027, expanding at a CAGR of 3.5% in terms of value.
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Keloid Treatment Industry: Regional Analysis
Based on region, the Global Keloid Treatment Industry is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and the Middle East & Africa.
North America dominated the Global Keloid Treatment Industry in 2016 and is expected to continue to dominate the global market throughout the forecast period. North America is the largest region in the keloid treatment market, which is estimated to represent US$ 1,105.6 Mn, or 35.1% share of the total market in 2017 and is projected to reach a market valuation of US$ 1,549.6 Mn, or 35.1% of the total market by the end of 2027, expanding at CAGR of 3.4% in terms of value. Clinics in North America are opting for advanced treatment therapies that can aid in reducing the risk of recurrence.
Global Keloid Treatment Industry: Vendor Analysis
Leading players in the Global Keloid Treatment Industry are launching new portable and mobile radiation therapy devices and are offering better treatment options to patients. Companies are targeting dermatology clinics to market their devices, where patients are provided the first line of treatment for keloid. Some of the players operating in the Global Keloid Treatment Industry who have been profiled in the report include Novartis AG, Sensus Healthcare, RXi Pharmaceuticals, Inc., Sonoma Pharmaceuticals, Inc., Perrigo Company plc, Bristol-Myers Squibb Company, Pacific World Corporation, Valeant Pharmaceuticals International, Inc., Revitol Corporation and Avita Medical Limited.
Market Segmentation The global keloid treatment Industry is segmented as follows:
- Keloid treatment industry, by treatment type
- Keloid treatment industry, by end-user
- Keloid treatment industry, by region
The keloid treatment industry report begins with an overview of keloid treatment and key market definitions. This section also underlines factors influencing revenue growth of the Global Keloid Treatment Industry along with a detailing of the key trends, drivers, restraints, and opportunities. The next section of the report analyses the market based on treatment type and presents the forecast in terms of value for the next 10 years.
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Treatment types covered in the report include:
- Occlusive Dressing
- Compression Therapy
- Cryosurgery
- Excision
- Radiation Therapy
- Laser Therapy
- Interferon Therapy
- Intralesional Corticosteroid Injection
- Others
The subsequent section covers the market analysis based on end-users and presents the forecast in terms of value for the next 10 years. End users considered in the report include:
- Hospitals
- Dermatology Clinics
- Ambulatory Surgical Centres
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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