No: Lipomas are benign fatty tumors. They really don't do any harm but can be removed surgically for cosmetic reasons. They also should be removed if they are large (>10cm) or located inside a muscle since these lipomas are more likely to be or become cancerous. Small lipomas can also be removed by liposuction but that is not recommended for lipomas removed because of a risk of cancer.
Answered 8/14/2013
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