Keloid Treatment Market is anticipated to reach a valuation of US$ 5.1 Billion by 2032 | FMI

The global Keloid Treatment Market was worth US$ 3.6 billion in 2021 and is expected to be worth US$ 3.7 billion by the end of 2022. Furthermore, with the global prevalence of keloid increasing, the overall demand for keloid treatment is expected to grow at a 3.2% CAGR between 2022 and 2032, totaling US$ 5.1 billion by 2032.

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The intralesional corticosteroid injections segment dominated the global keloid treatment market with a share of approximately 28.3% in 2021, and this trend is expected to continue during the forecast period.

Global Keloid Treatment Market: Dynamics

The formation of many keloids as well as the increased prevalence of keloid scars both significantly contributes to the growth of the worldwide keloid treatment market. The market for keloid therapy is also being driven by a rise in patient self-awareness due to the unsightly look of keloid scars on exposed body areas. Increased funding for keloid therapies, formalization of accepted standards of care for keloid, and rising usage of combination therapy are other reasons boosting the market for keloid treatments.

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The implementation of cutting-edge therapy choices is a clinics and hospitals' main priority. The usage of CryoShape helps to lessen the effects of keloid scarring and recurrence rates. Sensus Healthcare has created a cutting-edge superficial radiation therapy tool to deliver better care with fewer side effects.

Global Keloid Treatment Market: Segmental Forecast

The global keloid treatment market is segmented based on treatment type, end user and region. On the basis of treatment type, the market has been segmented intoocclusive 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.

Intralesional corticosteroid injection treatment segment dominates the global keloid treatment market 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.

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Based on end user, the global keloid treatment market is segmented into hospitals, dermatology clinics, ambulatory surgical centres and others. Thehospitals segment is expected to remain dominant, as most of the radiation therapies and excision procedures are performed in hospitals. Hospitals is the largest segment by 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.

Global Keloid Treatment Market: Regional Analysis

On the basis of region, the global keloid treatment market 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 market in 2016 and is expected to continue to dominate the global market throughout the forecast period. North America is the largest region in 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 advanced treatment therapies that can aid in reduced risk of recurrence.

Global Keloid Treatment Market: Vendor Analysis

Leading players in the global keloid treatment market 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 market 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.

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Key Market Segments Covered in Keloid Treatment Industry Research

By Treatment:

Occlusive Dressing
Compression Therapy
Cryosurgery
Excision
Radiation Therapy
Laser Therapy
Interferon Therapy
Intralesional Corticosteroid Injections
Others

By End User:

Hospitals
Dermatology Clinics
Ambulatory Surgical Centers (ASCs)
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.