Keloid scarring affects people of all age groups, even though dark-skinned people are more susceptible, with around 6% to 16% of African populations suffering from keloid skin disorders. Clinics and hospitals adopt numerous modern therapy alternatives as the demand for keloid treatment rises. Numerous therapies are available for the prevention and treatment of keloids is constantly increasing and optimistic technological breakthroughs from innovative methodologies have contributed to this growth. Sudden outbreak of the COVID-19 pandemic enforced stringent lockdown regulations worldwide that lead to interruptions in import and export activities of the market.
According to Data Bridge Market Research the Global Keloid Treatment Market is tend to be around 3.50% in the mentioned forecast period 2022-2029. The market was valued at USD 3.50 billion in 2021, and it would grow upto USD 4.61 billion by 2029.
“Increasing Rates of Fire Incidences Facilitate the Market Growth”
As per the study conducted by Value in Health journal, around 12,946 people in Germany were witnessed with complex burn injuries. Similarly, according to the report from National Fire Protection Association, local fire departments responded to about 1.4 million fire incidences in the U.S. Additionally, as per American Burn Association, home fires were witnessed every year and more than 450,000 serious burn injuries are recorded in the U.S. alone. Furthermore, around 66% of accidental dwelling fires in the U.K. in 2020-21 were caused by human factors, such as bonfires going out of control, cooking, careless handling, and negligent use of equipment or appliances which demands the wide use of keloid treatment. All these factors are also contributing in the growth of the market.
What restraints the growth of Global Keloid Treatment Market?
“Increasing Awareness about the Complications of Keloid Treatment”
Keloid and hypertrophic scars are a never-ending issue for patients and clinicians, in spite of the many targeted options that are currently available. Currently, not one therapy has been regarded as the gold standard for all severe scarring, nor has it been able to eradicate scarring. Thus, these factors will continue to have a negative impact on the total market growth. Such instances are projected to impact the market.
Segmentation: Global Keloid Treatment Market
The global keloid treatment market is segmented on the basis of product type, treatment type, route of administration, end-user, and distribution channel.
- Based on product type, the keloid treatment market is segmented into elastic wraps, sprays, ointment, creams, oils, topical gels & gel sheets, others.
- Based on treatment type, the keloid treatment market is segmented into radiation therapy, surgical intervention, steroid injections, others.
- Based on route of administration, the keloid treatment market is bifurcated into oral, parenteral.
- Based on end user, the keloid treatment market is bifurcated into hospitals, eye care clinic, lasik centers, others.
- Based on distribution channel, the keloid treatment market is bifurcated into hospital pharmacy, retail pharmacy, online pharmacies and others.
Regional Insights: North America is expected to dominate the Global Keloid Treatment Market
North America dominates the market because of the high disposable income and advanced healthcare facilities. Increasing occurrence of accidents, injuries, and dermal illnesses, wide presence of highly sophisticated healthcare facilities, and increased levels of healthcare awareness among people are also factors that boost the market growth.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 because of the rising cases of cardiovascular diseases and rapidly elderly population. There are huge developments in research-based activities in China, and this factor is projected to increase the overall market growth. Furthermore, with a high population density and favorable government support, the country is anticipated to provide a large share of revenue within the market during the forecast period.
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Recent Developments in Global Keloid Treatment Market
- In 2020, Sonoma Pharmaceuticals, Inc. announced an asset purchase agreement with Middle East partner MicroSafe Group. This agreement led Sanoma Pharmaceuticals to purchase certain wound care, disinfection, and animal health care products in Australia, Europe & Middle East for USD 1.1 million from MicroSage Group.
- In 2022, AVITA Medical, Inc., which is developing and commercializing a technology platform that allows point-of-care autologous skin restoration for multiple unmet needs, announced that it had received approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) to market the RECELL System in Japan.
The Prominent Key Players Operating in the Global Keloid Treatment Market Include:
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Mylan N.V. (U.S.)
- Pfizer Inc. (U.S.)
- GSK plc (U.K.)
- Novartis AG (Switzerland)
- AstraZeneca (U.K.)
- Sun Pharmaceutical Industries Ltd. (India)
- Merck & Co., Inc. (U.S.)
- Bristol-Myers Squibb Company (U.S.)
- Lilly (U.S.)
- Revitol (U.S.)
- Renovo Group plc (U.K.)
- AVITA Medical (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global keloid treatment market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Keloid Treatment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
