The Growing Worldwide In-Cases of Keloid Disease, Rising Demand for Radiation Therapy and Surgical Intervention are Anticipated to Drive the Keloid Treatment Market during the Forecast Period. 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 market growth rate is attributed to the increasing number of customers moving towards the use of natural and organic products for the treatment of keloid skin problems, is anticipated to bring 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 such as rise in burn injury cases has also resulted in increased demand for hypertrophic and keloid scar treatment, 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.
North America is the major region dominating the keloid treatment market with a market share of 37.9% 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.
Also, 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 Growth 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 is likely to propel the market growth over the forecast period 2021-2026.
Significant Research and Development Spending:
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. In order to broaden its product portfolio, major players in the global scar treatment market are focused on R&D. The ongoing study on keloid therapy has made it possible to establish new treatment options for keloid scars, such as superficial radiation therapy offering non-invasive care. In order to broaden its treatment portfolio, major players in the global scar treatment market have been attempted for the various methods of treatment and management of keloids; however, there is little satisfactory clinical evidence in long-term follow ups. Multiple studies show that surgical intervention and postoperative radiotherapy can significantly reduce the recurrence rates of various therapies.
Smith & Nephew Plc acquired Osiris Therapeutics, Inc., a fast growing company delivering regenerative medicine products including skin, bone graft and articular cartilage substitutes. The acquisition is accelerating growth from Smith & Nephew’s Advanced Wound Management franchise.
The Major Players in this Market Include
The major companies in the Keloid treatment produce market include 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 and Cynosure Inc.. 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.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the products. Manufacturers are rooting for the comeback of Keloid treatment produce with effective products. There are the major factors set to buoy the Keloid treatment produce treatment market during 2021-2026.
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