The scar treatment market is estimated to be valued at US$ 12,020.5 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The scar treatment market involves products that are used to treat various types of scars including hypertrophic scars, keloid scars, and acne scars. These products include topical scar gels, creams, patches, laser and pulsed light therapies, surface treatment, and injectables. Topical scar gels and creams contain retinoids, silicone, vitamin E and C, and other components to reduce appearance and thickness of scars. Laser and pulsed light therapies use different wavelengths of light along with heat application to gently resurface the top layer of the skin and improve the texture and color of scars.
Market Dynamics:
Increasing prevalence of road accidents, trauma injuries and surgical interventions are major factors driving growth of the global scar treatment market. According to the World Health Organization, over 1.35 million people die each year as a result of road traffic crashes worldwide. Road traffic injuries cause considerable physical and psychological suffering and have enormous economic consequences. Majority of these road accidents cause cuts, lacerations and other types of wounds leading to scarring. Hence, increasing road accidents are expected to augment demand for scar treatments. Furthermore, rapidly expanding skincare industry worldwide is fueling adoption of various scar treatment products. However, high costs associated with products involving laser and injectable therapies may restrain market growth.
SWOT Analysis
Strengths:
- Growing awareness about scar treatment products and options is driving their demand.
- Availability of various scar treatment options like creams, gels, laser treatment, and surgery are benefiting the market growth.
- Technological advancements are leading to development of more effective scar treatment products.
Weaknesses:
- High cost of certain scar treatment options like laser therapy can limit their adoption.
- Side effects associated with few products are a concern for many customers.
Opportunities:
- Untapped markets in developing regions present lucrative growth opportunities.
- New product innovations targeting specific scar types will boost the market revenues.
Threats:
- Easy availability of alternative remedies may hamper the sales of commercial scar treatment products.
- Intense competition from existing and new market entrants is a major challenge.
Key Takeaways
The Global Scar Treatment Market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing preference for minimally invasive procedures and advent of novel treatment solutions.
Regional analysis: North America dominates the global scar treatment market Currently, North America accounts for the largest share in the global scar treatment market owing to growing popularity of laser resurfacing procedures in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period driven by expanding medical tourism industry and rising medical aesthetics spending in countries like China and India.
Key players: Key players operating in the scar treatment market are Bausch Health Companies Inc., Candela Medical, Perrigo Company plc, Sonoma Pharmaceuticals Inc., Hologic Inc., Johnson & Johnson Services Inc., Quantum Health, CCA Industries Inc., AVITA Medical, Revitol Corp, Scarguard labs, Smith+Nephew, Lumenis Be Ltd, Merz Therapeutics, Cynosure, HRA Pharma, GC Aesthetics, Sientra Inc., SkinCeuticals, Cimeosil.com, Honeydew Products, 3V Sigma USA Inc., Syneron Medical Ltd. Bausch Health dominates the market owing to its diversified scar treatment portfolio.
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