Seborrheic Keratosis Market Future Scope, Demands and Projected Industry Growths
Seborrheic keratosis, also known as a senile wart, a non-cancerous skin condition that appears as a waxy brown, or black. Seborrheic keratosis is mostly hereditary.
Several factors such as rising technological advancements, increasing participation of market leaders, growing demands for aesthetics, increasing government assistance, amendments in the regulatory framework, and rising funding and reimbursement are propelling the growth of the global seborrheic keratosis market.
However, challenges in the research and development, the high cost of treatment, side effects associated with surgical & other medical procedures, and poor healthcare system in low and middle-income countries may hamper the growth of the market. The high cost of the laser systems is followed by high procedural cost. Several sophisticated laser systems are present in the market, and their cost is ranging from USD 300,000 to USD 500,000 and more.
It is estimated that the seborrheic keratosis market is expected to grow at a CAGR 9.8% during the forecast period of 2017–2023.
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The Americas dominate the Seborrheic keratosis market owing to the rising awareness among people about the condition and high healthcare expenditure.
High prevalence of Seborrheic keratosis is also found to be a propelling factor in the Seborrheic keratosis market. According to a study published in Journal of Drugs in Dermatology in 2015, it is found that Seborrheic keratosis is one of the common cutaneous lesions which affects more than 83 million Americans. It is also reported that among all the patients with Seborrheic keratosis, around 33% have more than 15 Seborrheic keratosis lesions and 67% have 15 or fewer Seborrheic keratosis lesions.
Europe holds the second position in the Seborrheic keratosis market. It is expected that the financial support provided by the government, and private bodies for research & development and favorable reimbursement policies in the healthcare is likely to drive the Seborrheic keratosis market in the European region.
The Middle East & Africa holds the lowest market share in Seborrheic keratosis market due to lack of technical knowledge and poor medical facilities.
The global seborrheic keratosis market is segmented on the basis of type, diagnosis, treatment, and distribution channel.
On the basis of the type, the market is segmented into common seborrheic keratosis, reticulated seborrheic keratosis or adenoid seborrheic keratosis, stucco keratosis, clonal seborrheic keratosis, irritated seborrheic keratosis, seborrheic keratosis with squamous atypia, melanoacanthoma, dermatosis papulosa nigra, and inverted follicular keratosis. The common seborrheic keratosis is further segmented into basal cell papilloma and solid seborrheic keratosis. The stucco keratosis is further segmented into digitate seborrheic keratosis, hyperkeratotic seborrheic keratosis, serrated seborrheic keratosis, and verrucous seborrheic keratosis.
On the basis of the diagnosis, the market is classified into skin biopsy and others.
On the basis of the treatment, the market is classified as surgical procedures, medication, medical procedures, and others. The surgical procedures segment is further classified into cryosurgery, electrocautery or electrosurgery, curettage, and others. The medical procedures segment is further classified into freezing, tissue scraping, laser therapy, and others.
On the basis of the distribution channels, the market is segmented into hospital, clinics, diagnostic centers, pharmacies, and others.
Some of key the players in the global seborrheic keratosis market are Aclaris Therapeutics, Alma Lasers, Angiodynamics, Inc., Apira Science Inc., Becton Dickinson and Company, Biolase Inc., BioLight Technologies LLC, Coherent, Inc., Cutera, Erchonia Corporation, Integra Miltex, IRIDEX Corp., KAI Medical, Lumenis, Quanta Systems S.p.A., Quantumpm, Syneron Medical Ltd., Theralase Inc, THOR Photomedicine, Valeant, and others.
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