Hemangioma Treatment Market to Experience Significant Growth During the Forecast Period 2030
Hemangioma is a red color birthmark, usually appearing in the first and the second week of birth. Hemangioma is a benign or non-cancerous tumor, made of blood vessels and usually looks like rubbery bump on the skin. It occurs on the face, chest, scalp, and back. Various kinds of hemangioma appear in muscles, bone, or internal organs of the body. The primary site of occurrence is usually on the face and neck, with different colors, shapes, and sizes.
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Usually, hemangioma is rarely cancerous, and hence does not require medical treatment. Due to the disfigured shape and size, many people seek medical advice, usually for cosmetic purpose. Surgery is not a treatment option; however, it is only recommended when the tumor is present deep inside the muscles or bone or when the tumor on skin causes difficulties in vision, eating, or breathing.
According to research, around 1 in 20 infants is likely to have hemangioma. However, this condition is most commonly found in Caucasians and happens usually in girls, premature infants, twins, and triplets. Infantile hemangioma is usually common in infants and disappears after some time. The prevalence of infantile hemangioma is unknown. However, according to research, the prevalence of infantile hemangioma is estimated to be as high as 10%.
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Key Drivers and Restraints of Global Hemangioma Treatment Market
Increase in incidence of hemangioma in infants and children across the globe are projected to drive the global hemangioma treatment market. According to research, spinal hemangioma occurs in nearly 10% of the world’s population, which increases the need of treatment. Spinal hemangioma mostly occurs in people in the 30 years to 50 years age group and often shows no symptoms. Various studies have indicated that spinal symptomatic hemangioma is likely to occur in less than 1% of the hemangioma patient population. If symptomatic hemangioma is left untreated, the condition can lead to serious neurological effects.
Approval of the new drugs for treating hemangioma and recent merger & acquisition are likely to augment the global hemangioma treatment market. Proper diagnosis and rise in minimal invasive procedure in removing tumors present in the internal organs of the body is estimated to propel the market during the forecast period. Moreover, technological advancements leading to the development of surgical or minimal invasive procedures for treating hemangioma are anticipated to boost the growth of the global hemangioma treatment market.
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North America to Lead Global Hemangioma Treatment Market
In terms of region, the global hemangioma treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America is projected to dominate the global hemangioma treatment market during the forecast period, owing to higher number of minimal invasive surgeries, increase in infantile hemangioma, and rise in cases of adult hemangioma. Presence of key players in the region offering various oral and topical medication for treating hemangioma is another factor propelling the market in North America. Capillary hemangioma cases are registered at a regular pace, which is likely to offer significant opportunities for local players to address the unmet need of hemangioma treatment in the region. Expertise in offering proper diagnosis of the condition along with supportive health care expenditure, government initiatives, and demand for better treatment are factors projected to augment the market in North America.
Europe was the second largest market for hemangioma treatment in 2019, followed by Asia Pacific. Availability of various drugs and other surgical procedures for hemangioma condition for infants are anticipated to drive the hemangioma treatment market in Europe. Asia Pacific is expected to be the fastest growing market for hemangioma treatment during the forecast period. This can be attributed to increase in minimally invasive surgeries, availability of drugs, efficient diagnostic procedures, and surge in incidence of hemangioma in adults & infants.
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Key Players Operating in Global Hemangioma Treatment Market
The global hemangioma treatment market is fragmented, with the presence of a number of large and small players. Major players operating in the global hemangioma treatment market are:
Quanta System S.p.A.
Pfizer, Inc. (U.S.)
Cutting Edge Laser Technologies
Linline Medical Systems
Other Prominent Players
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