In August 2024, Innovo Therapeutics Inc., a pioneering biotechnology company, announced the successful completion of Phase 2 Clinical trials for INV-001, a groundbreaking treatment for post-thyroidectomy scars. The results demonstrate the remarkable efficacy and safety of INV-001 in reducing scar tissues formation and promoting wound healing.
The Phase 2 Clinical trials for INV-001 involves a significant patient population and was designed to assess the safety, efficacy, and tolerability of INV-001. The result shows a statistically significant reduction in scars formation and improve wound healing outcomes in the patients treated with the INV-001 compared to the control group. These finding suggest that INV-001 has the potential to revolutionize the treatment of post-thyroidectomy scars tissue formation and safe for patients.
Innovo therapeutics Inc., announcement marks a significant milestone in the development of INV-001 which is poised to address the critical unmet medical need in the treatment of post-thyroidectomy and scar tissue formation. The company plans to proceed with Phase 2 Clinical trials for INV-001. Three clinical trials and pursue regulatory approvals to bring INV-001 to industry.
As per the Coherent Market Insights, the global scar treatment industry is set to surge at a CAGR of 4.48% between 2023 and 2030. By 2030, revenue generated is projected to reach at US$ 16,335.9 million from US$ 12,020.5 million in 2023. Increasing rate of surgical operations is poised to drive growth in the global industry.
Increasing incidences of burn injuries is poised to provide an opportunity for growth in the global industry. Additionally, technological development in the industry such as laser therapy will fuel demand in the industry. These advanced instruments will help in destroying scar tissues and assisting in scar treatment procedure.
Adoption of ambulatory surgical centers and development of mobile and portable scar treatment devices is also aid in boosting demand. Increasing rate of road accidents is another factors that lead to drive demand in the industry.
Moreover, rising prevalence of burn injuries is fueling growth in the region during the forecast period. On the other hand, post burn marks will lead to hinder industry growth.
North America is projected to dominate the global scar treatment industry during the forecast period. This is owing to increasing adoption of organic growth strategies such as product launch. Key companies in the region are working on expanding their product portfolio to expand their industry reach.
Moreover, Europe is poised to hold the second largest share in the global scar treatment industry by 2030. Growth is attributed by increasing growth strategies such as innovation and product launch.
