Scar Treatment Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Advanced Treatment Technologies
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The scar treatment market comprises products that help reduce scarring and appearance of existing scars. Scar treatment products include topical gels, creams, laser therapy devices, injectable and other treatment types. These products help diminish the appearance and size of scars including acne scars, surgical scars and other forms of scarring. The minimally invasive nature and effectiveness of scar treatment make them highly preferable over conventional scar treatment methods.
Market key trends:
Scars contribute to both physical and mental discomfort for individuals. Advanced scar treatment technologies offering non/minimally invasive procedures with shorter recovery times have gained significant popularity. Laser therapy devices for scar reduction is a major trend. Laser therapy utilizes specific wavelengths of light to break down pigment in scars and stimulate collagen production for smoother skin. Laser therapy treatments have minimal discomfort and provide long lasting results. Combination therapies employing laser treatments along with injectables have shown higher efficacy in scar reduction. Rising aesthetic awareness and disposable incomes especially in developing nations are also driving the adoption of scar treatment products and procedures. Social media isfuelling consciousnesson personal appearance which is further propelling the scar treatment market growth.
Porter's Analysis
Threat of new entrants: There is moderate threat of new entrants in the scar treatment market as it requires high R&D investments and established distribution channels. However, new startups are entering with innovative scar treatment products.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of various scar treatment options from different brands. Buyers can choose products based on their needs and budgets.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers providing raw materials for scar treatment products. Suppliers do not have control over pricing.
Threat of new substitutes: The threat of new substitutes is low as scarring is generally treated with specialized treatments and scarce substitutes exist.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and local players offering innovative products.
SWOT Analysis
Strengths: The scar treatment market has a large patient pool and growing adoption of minimally invasive treatments. Rising awareness about scar treatment options also supports market growth.
Weaknesses: High costs of scar revision surgeries limit their adoption in developing nations. Lack of reimbursement policies for aesthetic procedures also hinders market revenue.
Opportunities: Emerging economies offer lucrative opportunities owing to increasing medical tourism. Untapped rural markets also present opportunities. Development of advanced scar treatment therapies offers scope for innovation.
Threats: Stringent regulatory approvals and safety concerns over certain lasers prolong market entry. Side effects of topical products may hamper their demand.
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. The market size is estimated to reach US$ 12,020.5 Mn by 2023.
Regionally, North America holds the largest market share due to rising medical aesthetics adoption and technological advancements. Asia Pacific is expected to grow at the fastest pace owing to developing healthcare infrastructure and increasing medical tourism in countries like India and Thailand.
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., and Syneron Medical Ltd. These companies have strong geographic presence and offer diversified scar treatment product portfolios.