Hypertrophic And Keloid Scar Treatment Industry Overview
The global hypertrophic and keloid scar treatment market size was valued at USD 6.34 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.47% from 2022 to 2030. The increase in the number of road accidents & burn cases, along with technological advancements and growing awareness regarding the availability of aesthetic surgery are major factors boosting the industry adoption over the years. The global increase in the number of road accidents & burn incidence is anticipated to boost the hypertrophic and keloid scar treatment market. For instance, according to Association for Safe International Road Travel, approximately 1.35 million people die in road accidents every year. Moreover, as per a similar source, in the U.S. 4.4 million people get seriously injured. Furthermore, according to the Ministry of Road Transport and Highways, India, a total of 449,002 accidents were recorded in India during the year 2019. Therefore, the global rise in the number of accidents is anticipated to propel the hypertrophic and keloid scar treatment market during the forecast period.
Additionally, as per a study conducted by Value in Health journal, around 12,946 people in Germany were reported with complex burn injuries. Similarly, according to a report by National Fire Protection Association, local fire departments responded to approximately 1.4 million fire incidences in the U.S. Moreover, as per American Burn Association, home fires were reported every year and more than 450,000 serious burn injuries are recorded in the U.S. alone.
Gather more insights about the market drivers, restrains and growth of the Global Hypertrophic And Keloid Scar Treatment market
Moreover, according to WHO, approximately 180,000 deaths due to burn incidence are recorded annually, out of which the majority of incidents are recorded in low- and middle-income countries. For instance, as per the National Health Portal of India, around 7 million people suffer from burn injuries every year. Thus, with rising burn cases, the global hypertrophic and keloid scar treatment market is estimated to impel over the forecast period.
Furthermore, technological advancement is expected to further boost the business margin. The introduction of laser therapies for treatment & elimination of scars is widely being adopted. Moreover, many companies are introducing new laser therapy products for scar treatment. For instance, Cynosure introduced a new generation MedLite C6 which is a Q-switched laser therapy device used to treat skin diseases.
In addition to this, growing awareness regarding the availability of aesthetic surgery is anticipated to impel market growth. For instance, according to the American Society of Plastic Surgeons (ASPS), approximately 18 million people had a surgical invasive cosmetic procedure in the U.S. in 2018. Similarly, as per a report published by Aesthetic Plastic Surgery National Databank, in 2020, the revenue of all aesthetic procedures was calculated to be USD 9.30 billion. These surgeries are focused on reconstructing body parts that have sustained damage due to burns & accidents. Thus, with the rising awareness about the availability of aesthetic surgery, the industry is sure to gain commendable profits in the ensuing years.
The COVID-19 pandemic was predicted to lower the use of hypertrophic and keloid scar treatment products to a certain extent. However, as the COVID-19 cases are reduced, and restrictions revoked, the procedure is anticipated to witness significant growth. To capture the post-pandemic market, many industry players are adopting various strategies such as geographic expansion, partnership, mergers & acquisitions. For instance, in December 2020, Molnlycke Health AB announced the launch of their new U.K. distribution center. This was intended to strengthen the company’s supply chain in the U.K. during the post-COVID-19 time. Therefore, such strategies initiated by several other companies are anticipated to impel the hypertrophic and keloid scar treatment market post-COVID-19 pandemic.
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Hypertrophic And Keloid Scar Treatment Market Segmentation
Grand View Research has segmented hypertrophic and keloid scar treatment market report based on scar type, product, end-use, and region:
Hypertrophic And Keloid Scar Treatment Scar type Outlook (Revenue, USD Million, 2018 – 2030)
- Hypertrophic Scars
- Keloid Scars
Hypertrophic And Keloid Scar Treatment Product Outlook (Revenue, USD Million, 2018 – 2030)
- Topical Products
- Laser products
- Injectables
- Others
Hypertrophic And Keloid Scar Treatment End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Hospitals
- Clinics
- Retail pharmacies/e-commerce
Hypertrophic And Keloid Scar Treatment Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- February 2020: Sonoma Pharmaceuticals, Inc. announced an asset purchase agreement with Middle East partner MicroSafe Group. Under this agreement, Sanoma Pharmaceuticals purchased certain wound care, disinfection, and animal health care products in Australia, Europe & Middle East for USD 1.1 million from MicroSage Group.
Key Companies profiled:
Some key players in the global hypertrophic and keloid scar treatment market include:
- Smith & Nephew
- Merz Pharmaceuticals, LLC
- Lumenis
- Enaltus LLC
- Sonoma Pharmaceuticals, Inc.
- Molnlycke Health Care AB
- Suneva Medical, Inc.
- Pacific World Corporation
- Perrigo Company PLC
- Cynosure, Inc.
- Alliance Pharma, PLC
- Newmedical Technology, Inc.
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