Hemangioma Market Overview

Hemangioma is a benign tumor which generally occurs at birth due to an abnormal collection of blood vessels. The phenomenon is very common in infants across the globe, and lately, a high number of hemangioma cases have been diagnosed. Market Research Future (MRFR), has a new addition to its portfolio of reports, the global hemangioma market. The report covers the key dynamics that are likely to affect the market over the forecast period of 2017-2023. MRFR has asserted that the hemangioma market Size is anticipated to reach a valuation of USD 294.8Mn at a CAGR of 3.2% by the end of 2023.

The global hemangioma market is driven by increasing prevalence of the disease. The disease impacts internal organs such as the liver, brain, respiratory organs, and parts of the gastrointestinal system. A number of options are available in the market for the treatment of the disease, and new extensive efforts are underway to come up with more effective treatment methods. Rising healthcare expenditure across the globe, increased R&D efforts, surging diagnosis and awareness rate, and improving reimbursement landscape is fueling the market growth. Contrarily, the growth of the market might be hindered by the high procedural cost of treatments, poor efficacy rates, and side effects aligned with treatment options.

Hemangioma Market Segmentation

The hemangioma Market has been segmented based on type, diagnosis, and treatment.

By type, the hemangioma market has been segmented into capillary hemangioma, cavernous hemangioma, compound hemangioma, Lobular capillary hemangioma (pyogenic granuloma), and others. The cavernous hemangioma segment has been further segmented into cerebral cavernous malformations, liver cavernous hemangioma, and eye cavernous hemangioma.

By diagnosis, the hemangioma market has been segmented into ultrasound, MRI, CT scan, and others.

By treatment, the hemangioma market has been segmented into medical therapy, laser therapy, surgery, and others. The medical therapy segment has been segmented into systemic, intralesional, and topical. The laser therapy segment has been further segmented into Flash lamp pulsed dye laser, intralesional laser, carbon dioxide laser.

Hemangioma Market Regional Analysis

Region-wise, the hemangioma market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

North America accounts for the largest share of the global market. The region is concentrated with key market players who are actively involved in the development of effective drugs and therapies for the diseases. The prevalence of the disease is considerably high in the region, which generates substantial demand for treatment and diagnosis. Other factors propelling the growth of the market include high healthcare expenditure, robust healthcare infrastructure, and availability of advanced treatment and products. The US is a key contributor to the North America market.

Europe has secured the second spot in the global hemangioma market. Heightened R&D activities coupled with government support for the same, is driving the growth of the market.

The APAC hemangioma market is slated to exhibit remarkable growth over the forecast period and expand at a relatively higher CAHR over the forecast period. Expanding healthcare sector, escalating healthcare expenditure, and growing awareness and availability of advanced treatment options is spurring the growth of the market.

The MEA market, on the other hand, is expected to exhibit sluggish growth over the forecast on account of lack of awareness regarding the disease and lack of adequate medical facilities in the region.

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Hemangioma Market Competitive Landscape

AstraZeneca (UK), Novartis AG (Switzerland), Pierre Fabre (US), Cutting Edge Laser Technologies (US), Pfizer Inc. (US), krimax Pharmaceuticals, LLC. (US), Linline Medical Systems (France), Quanta System S.p.A. (Italy), and others are the key players in the global hemangioma market.