Global Keloid Treatment Market: Overview
The British Skin Foundation describes a keloid scar as an overgrown scar that spreads beyond the original area of the damaged skin. It is a growth of extra scar tissue in the place where the skin has healed post-injury. Keloids can appear anywhere on the body and affect an estimated 10-15% of all wounds. There are several established treatment options available for keloid scars, including laser treatment, surgery, radiation, steroid injections, cryotherapy, and interferon. Moreover, there are a number of products available in the market today to hasten the healing of keloids. These include creams, sprays, gel sheets, ointments, elastic wraps, oils, and topical gels.
While most keloid scars are benign, the continuous growth of the scar may result in skin cancer and this is a key factor driving the market for keloid treatment. Several pharmaceutical and biopharmaceutical companies, medical centers, and universities have been conducting clinical trials for the development of drugs and treatment options for keloid scars.
The report offers readers a detailed assessment of the ongoing economic, technical, consumer, regional, and political trends impacting the trajectory of the global keloid treatment market. The bargaining power of prominent buyers and suppliers, the threat presented by new entrants and substitutes, and the intensity of rivalry among key players have been thoroughly evaluated in the report with the help of the Porter’s Five Forces analysis model. An extensive overview of the competitive landscape of the keloid treatment market has also been provided, which focuses on the business overview, recent developments, product and service portfolio, and financial outlook of the leading companies.
Global Keloid Treatment Market: Growth Drivers and Restraints
The global keloid treatment market is primarily driven by rapid technological advancement in skin care as well as in keloid scar removal and the growing awareness among patients regarding the availability of these products and treatment options. Changing lifestyles, the ever-rising focus on appearance and aesthetics, and the increasing expenditure on personal care products and services have also significantly contributed toward the expansion of the keloid treatment market. Demand for radiation therapy, surgical intervention, and steroid injections is supported by the growing trust and acceptance of the patients, thereby ensuring that the keloid treatment market registers a healthy growth over the forecast period.
On the flip side, however, this market is being hampered by the possible side effects of keloid treatment, the high cost of various treatment options, and the risk of extreme pain and complications during treatment.
Global Keloid Treatment Market: Region-wise Outlook
The global market for keloid treatment is segmented on the basis of geography into Europe, North America, Asia Pacific, and Rest of the World. North America is the dominant regional market for keloid treatment and is likely to retain its lead through 2024. High disposable income of people in this region, coupled with the comparatively high availability as well as acceptance of new technologies, products, and treatment alternatives are responsible for the rapid growth of the North America keloid treatment market. Europe is also a major market for keloid treatment driven mainly by the favorable reimbursement scenario for skin treatment and the increasing awareness of the consumer.
Asia Pacific is an immensely promising market for keloid treatment owing to the increased focus on appearance and aesthetics in several emerging economies. The rapid growth in population, increasing disposable incomes, and improving healthcare facilities in the region are also anticipated to boost the market for keloid treatment in Asia Pacific.
Global Keloid Treatment Market: Competitive Landscape
There are a number of players competing in the global keloid treatment market. These include Pacific World Corporation, Revitol Corporation Inc., GlaxoSmithKline plc., Bristol-Myers Squibb Company, Novartis AG, Renovo Group plc., Valeant Pharmaceuticals International Inc., Galena Biopharma, Inc., RXi Pharmaceuticals, Inc., and Avita Medical.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.