The hemangioma market 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).
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.
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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%.
Notably, rising prevalence of hemangioma, and other related complications, and rising healthcare expenditure in developed countries are the key drivers promoting the growth of the market. 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.
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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.
The hemangioma market is currently dominated by various players. Hemangioma are the most common benign mesenchymal tumors of the liver. They are lined by endothelial cells with a thin fibrous stroma. Owing to the rising cases of hemangioma various existing and new marketers are continuously coming up with innovative products to control this condition. For instance, Pierre Fabre S.A., a France based company, designs, develops, produces, and markets pharmaceutical products for customers in France and internationally. The company offer drugs for various treatment fields, such as diabetes, cardiology, urology, gynecology, neuropsychitry, pneumo-allergology, and rheumatology, as well as dermatology, and onco-hematology/oncology to health care professionals and their patients. On March 17, 2014, Pierre Fabre Pharmaceuticals, Inc. received FDA approval for hemangeol (propranolol hydrochloride) oral solution for the treatment of infantile hemangiomas requiring systemic therapy.
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Pfizer is another US based renowned bio pharmaceutical organization. In July 2016, Pfizer and Western Oncolytics announce immuno-oncology research collaboration. This collaboration has the aim to investigate novel oncolytic virus technology. Under terms of agreement, Pfizer and Western Oncolytics will collaborate on preclinical, clinical development of WO-12 through Phase I trials. Financial terms of agreement are not disclosed.
Valeant is another multinational, specialty pharmaceutical and medical device company. Valeant develops, manufactures, and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices which are marketed directly or indirectly in more than 100 countries. In 2015, The Company acquired Amoun, one of the largest domestic company in the Egyptian pharmaceutical market.
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