According to our new research study on “Hypertrophic and Keloid Scar Treatment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Scar Type, Product Type, and End User,” the hypertrophic and keloid scar treatment market was valued at US$ 4,498.99 million in 2019 and is projected to reach US$ 9,972.69 million by 2027; it is expected to grow at a CAGR of 10.6% during 2020–2027. The market growth is attributed to the advantages of laser treatment and increasing incidences of injuries. However, the unavailability of universal treatment due to associated high costs, side effects, and scanty awareness hinder the market growth.
For sample report click: https://www.theinsightpartners.com/sample/TIPRE00007237/
In 2019, North America dominated hypertrophic and keloid scar treatment market with more than one-third revenue share. The growth of the market in this region is attributed to increasing developments in hypertrophic and keloid scar treatment products, rising incidences of these scars among youth, mounting awareness about laser therapy and topical products, and rapidly growing esthetic industry in the region. In addition, various clinics and organizations are conducting several research studies regarding the keloid and hypertrophic scars and their treatment.
Increasing Cases of Injuries Fuel Hypertrophic and Keloid Scar Treatment Market Growth
Injuries and their extension deep into the dermis are the major cause of hypertrophic and keloids scars. Injuries can be further classified as scratches, burns, cuts, gashes, sutures, surgical incisions, and so on. The prevalence rate of injuries ultimately converting to a keloid or hypertrophic scars is 5–15%. In addition, skin conditions such as acne and dark pigmentation may lead to hypertrophic and keloid scar development. The cases of different types of injuries are commonly seen among all age groups. Acne, sports injuries, and road accidents are more common among youngsters. Acne is also a common problem among middle-aged people, irrespective of their gender. The hormonal imbalance among people leads to acne, which might leave severe scars on skin. Acne is estimated to be affecting ~10% of the total global population. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US, affecting ~50 million Americans annually. ~85% of people from the age group 12–24 experience minor acne problems. The changing lifestyle, habits, and increasing stress are widely contributing to acne problems. Therefore, the trend of treating scars caused by acne is much higher worldwide.
According to the WHO data published in February 2020, road accident-led injuries are the leading cause of death among young adults of age 5–29 years. ~1.35 million fatalities are registered per year due to road accidents. However, the rate of severe injuries by road accidents is also rising. Therefore, the increasing number of accidents is indirectly leading to the rising demand for hypertrophic and keloid scar treatments.
Hypertrophic and Keloid Scar Treatment Market: Segmental Overview
On the basis of scar type, the hypertrophic and keloid scar treatment market is segmented into hypertrophic and keloid. The hypertrophic segment held a larger market share in 2019, and it is anticipated to register a higher CAGR in the market during the forecast period. The incidence rates of hypertrophic scarring are high, varying from 40–70% following surgery to up to 91% following burn injuries, and the conversion of these injuries into hypertrophic scars depends on the depth of the wound. The projected growth of the market for hypertrophic scar treatment is ascribed to the availability of non-invasive procedures such as laser treatments as well as gels, creams, and silicone sheets for the treatment of minor injuries. In certain cases, however, two or more medications are combined to treat these scars.
On the basis of product type, the hypertrophic and keloid scar treatment market is segmented into laser products, topical products, injectables, and other products. The injectables segment held the largest market share in 2019 and is anticipated to register the highest CAGR in the market during the forecast period. The growth of the market for this segment is attributed to the fast action and cost-effectiveness of these products. Moreover, injectables have a long-lasting impact on scar visibility, compared to other treatment methods. Corticosteroid injections are the first line of treatment for hypertrophic scars.
On the basis of end user, the hypertrophic and keloid scar treatment market is segmented into hospitals, clinics, and homecare. The hospitals segment held largest share in 2019, and it is expected to register the fastest CAGR over the forecast period. The hypertrophic and keloid scar treatment products such as laser and injectables are mostly used in hospitals, which is a key factor contributing to the market growth of this segment. The growing numbers of public and private hospitals, and global trends such as increasing disposable incomes and changing lifestyles are among the common factors resulting into the increasing number of visits to these institutes for the treatment of hypertrophic and keloid scars.
Hypertrophic and Keloid Scar Treatment Market: Competition Landscape & Key Developments
Alliance Pharma plc; Mölnlycke HEALTH CARE AB.; Smith & Nephew; Newmedical Technology Inc.; Rejûvaskin; Sonoma Pharmaceuticals, Inc.; Suneva Medical; HRA Pharma; Lumenis; and Perrigo Company plc. are key companies operating in the hypertrophic and keloid scar treatment market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.
In January 2020, Sonoma Pharmaceuticals, Inc. made an announcement regarding the commencement of a review to explore and assess strategic options for its U.S. Food and Drug Administration (FDA) orphan drug designation for BOTOX. The National Dermatology Society has engaged Maxim Group LLC as its financial advisor. There is no timeframe for this transaction, and there is no guarantee about whether a transaction will be announced or consummated.
In April 2019, Merz, a global leader in esthetics and neurotoxins, and Laboratoire HRA Pharma SAS—a fast-growing, creative global consumer health business—signed an asset purchase agreement under which HRA Pharma will acquire global rights to the Mederma brand, including products for scar treatment, stretch marks, and skincare categories.
Interested in purchasing this Report? Click here to buy @ https://www.theinsightpartners.com/buy/TIPRE00007237/