North America Scar Treatment Market Is Estimated To Witness High Growth Owing To Opportunity In Improved Non-Invasive Treatment Options
Scar treatment products including creams, gels, silicone sheets, gel sheets, and patches are widely used for treating both children and adults suffering from scars caused due to injuries, acne, surgery, or any other events leaving marks on the skin. Scars can cause both physical and psychological distress. The rising adoption of non-invasive procedures for scar treatment is driving the market growth.
The global North America Scar Treatment Market is estimated to be valued at Us$ 4348.7 Mn In 2023 and is expected to exhibit a CAGR Of 7.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in improved non-invasive treatment options is expected to boost the North America scar treatment market growth over the forecast period. Increasing availability of novel non-invasive procedures like laser therapy, injectable fillers, and microneedling is gaining popularity among consumers. These procedures help in fading away the scars painlessly and offer faster recovery with minimal side effects compared to conventional invasive options. Rising awareness among individuals about advanced non-surgical scar revision techniques through social media and online health sources has upsurged the demand. Growing cosmetic consciousness and high adoption of aesthetic procedures further propel the market expansion.
Porter’s Analysis
Threat of new entrants: The North America scar treatment market is fragmented with presence of many local as well as global players. High capital requirements and stringent regulations pose as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment options and availability of substitutes provide leverage to buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products.
Threat of new substitutes: Threat of new substitutes is moderate as new non-invasive treatment technologies are emerging frequently.
Competitive rivalry: The competitive rivalry is high owing to presence of many global and local players offering differentiated products.
SWOT Analysis
Strength: Availability of various treatment options such as laser therapy, surgical excision, topical scar reduction creams, and other invasive and non-invasive options. Growing medical tourism in the region.
Weakness: High cost associated with scar treatment procedures. Risk of side-effects and recurrences associated with some treatments.
Opportunity: Emergence of combination therapies and innovative technologies including dermal rollers, microneedling, and fractional laser resurfacing. Growing medical aesthetics industry.
Threats: Availability of alternative treatment options and home remedies. Economic slowdown due to COVID-19 pandemic.
Key Takeaways
The Global North America Scar Treatment Market Demand is expected to witness high growth at a CAGR of 7.4% during the forecast period of 2023-2030. The market was valued at US$ 4348.7 Mn in 2023 and is estimated to reach US$ 7336.53 Mn by 2030.
Regional analysis - The US dominates the North America scar treatment market owing to high cosmetic awareness, availability of advanced treatment options, and favorable reimbursement structures. Canada is projected to witness the fastest growth due to growing medical tourism and strengthening health infrastructure.
Key players - Key players operating in the North America scar treatment market are DPR Construction, Inc., Turner Construction Co., Holder Construction Company, Hensel Phelps Construction Co, Balfour Beatty US, Helix Electric, Sudlows, Kraus Anderson Construction, The Beck Group, PCL Construction Enterprises, The Walsh Group, Hill International, and Engineered Structures, Inc. (ESI). These players are focused on new product launches, partnerships, and geographical expansions to strengthen their market presence.
Get more insights on this topic :