Hemangioma Market Will Fuel the Market Players to Harness on the Opportunities

Posted by vinit sawant on April 22nd, 2021

Hemangioma Market - Overview

Hemangioma is the birthmark or benign tumors of infancy that occurs due to an abnormal collection of blood vessels. This occurs in 5-10% of infants worldwide. Hepatic hemangiomas are mesenchymal, and usually are solitary. Hemangioma affect internal organs such as the liver, other parts of the gastrointestinal system, the brain, or organs of the respiratory system. The treatment options of hemangiomas include corticosteroid medication, beta-blockers, laser treatment, medicated gel, and surgery.

Hepatic hemangiomas are more common in females than males, and they can be seen in any age group, but mostly diagnosed in between the age of 30 to 50 years i.e. 60 % to 80%.

The hemangioma market size is growing mainly due to the rising cases of hemangioma. According to a recent study report published by the Market Research Future, The hemangioma market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

According to a report suggested by the U.S. Centers for Medicare & Medicaid Services, in the year 2016, the U.S. health care expenditure had increased by 4.3% i.e., USD 3.3 trillion, and USD 10,348 per person. Out of this amount, 32% share was of hospital care, 20% for physician and clinical services, 10% for prescription drugs, 3% for other professional services, 4% for dental services, 2% for durable medical equipment, and others.

The great economic development has also been observed in Asia Pacific region. According to the Australian Institute of Health and Welfare, during 2015–16, the total health expenditure was USD 170.4 billion, which is 3.6% higher than expenditure of 2014–15.

Other push factors such as, rising research funding, growing rates of early detection and awareness, and reimbursements and growing health insurance are also fuelling the growth of the market.

Despite these drivers, poor efficacy, cure rates and side effects of present treatment, and high cost of laser treatment are expected to decline the market growth. High cost of the laser systems is followed by high procedural cost. According to the American Society of Plastic Surgeons in 2016, the estimated physician fee for laser skin resurfacing is about USD 3,361.

Hemangioma Market - Competitive Analysis

Angiodynamics, Inc. (U.S.), Biolase Inc. (U.S.), Valeant (Canada), IRIDEX Corp. (U.S.), Cutera (U.S.), Coherent, Inc. (U.S.), Alma Lasers (Israel), Allergan Plc (Ireland), Bayer (Germany), Akrimax Pharmaceuticals, LLC. (US), AstraZeneca (UK), Cutting Edge Laser Technologies (US), Linline Medical Systems (France), Novartis AG (Switzerland), Pfizer Inc. (US), Pierre Fabre (France) Quanta System S.p.A. (Italy), are some of the prominent players at the forefront of competition in the hemangioma market and are profiled in MRFR Analysis.