North America Scar Treatment Market Is Estimated To Witness High Growth Owing To The Growing Awareness About Advanced Scar Treatment Technologies
Scar treatment involves the use of various therapies and techniques to reduce the visibility and appearance of scars on the skin. The demand for scar treatments is increasing due to the growing aesthetic consciousness and availability of various scar treatment products such as creams, gels, wrappings, injections, scar revision surgeries, and lasers. The growing awareness about advanced scar treatment technologies such as laser therapy, topical silicone gel sheeting, injection therapy, and excisional procedures is further expected to boost the demand for scar treatment products in North America.
The global North America scar treatment market is estimated to be valued at US$ 4,348.7 million in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The growing awareness about advanced scar treatment technologies presents a major market opportunity for players in the North America scar treatment market. According to the American Society of Plastic Surgeons, >14.6 million surgical and minimally-invasive cosmetic procedures were performed in the United States in 2019. The rising adoption of minimally invasive aesthetic procedures is increasing the demand for scar treatments. Advanced technologies such as fractional ablative and non-ablative lasers, Intense Pulsed Light (IPLs), radiofrequency devices, and microneedling techniques are capable of significantly improving acne, surgical, and traumatic scars. The growing awareness about these novel technologies among consumers and healthcare providers is expected to drive the growth of the North America scar treatment market over the forecast period.
Porter's Analysis
Threat of new entrants: Low as the scar treatment market requires high investment and expertise in developing treatments. Companies need to navigate strict regulatory pathways.
Bargaining power of buyers: Moderate as buyers have several products options for scar treatment from leading brands. However, specialized products have some customer lock-in.
Bargaining power of suppliers: Low as key raw materials and components suppliers face pressure from large buyers. Products can be sourced from different suppliers.
Threat of new substitutes: Moderate as new minimally invasive and advanced treatment options continually emerge but scars require multi-modal therapies.
Competitive rivalry: High due to presence of global players and competing products. Companies try to differentiate through innovation, branding and marketing.
SWOT Analysis
Strength: Wide range of scar treatment products, growing medical aesthetics industry, rising consumer awareness.
Weakness: High R&D costs, pricing pressures from generic drugs, unequal treatment efficacy.
Opportunity: Untapped growth in rural areas, anti-aging market expansion, combination product approvals.
Threats: Supply chain disruptions, stringent regulations, reimbursement risks.
Key Takeaways
The Global North America Scar Treatment Market Size is expected to witness high growth supported by growing medical tourism and frequent launch of new products. The global North America Scar Treatment Market is estimated to be valued at US$ 4,348.7 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2030.
Regional analysis shows that the US market holds the highest share attributed to strong reimbursement coverage and physician recommendations. Canada is also growing steadily driven by rising adoption of minimally invasive technologies.
Key players operating in the North America scar treatment market are ScarAway, Thrive Aesthetics MN, HRA Pharma, MARLO WHITNEY, Smith & Nephew Inc, Merz Therapeutics, Enaltus LLC, Oculus Innovative Sciences, Inc, CCA Industries, Bausch Health Companies Inc., Candela Medical, Perrigo Company plc, Sonoma Pharmaceuticals, Inc., Hologic, Inc., Johnson & Johnson Surface Treatment, Inc., Quantum Health, AVITA Medical, Revitol Corp, Scarguard labs, Lumenis Be Ltd, Cynosure, GC Aesthetics, Sientra, Inc, SkinCeuticals, Cimeosil.com, Honeydew Products, 3V Sigma USA Inc., Syneron Medical Ltd. Leading companies are focused on developing combination therapies, expanding indications and strengthening distribution channels.
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