by The Global 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 includes products used for treating various types of scars including surgical, acne, stretch marks and others. These products are primarily made of silicone sheets/gels, topical creams/gels, laser therapy, dermabrasion and chemical peels. Out of these product types, topical products dominate the market owing to their easy availability and low costs. Additionally, silicone based sheets/gels are gaining popularity for scar treatment due to their ability to provide continuous hydration at the damaged skin area. Furthermore, laser therapy and specialized light therapy based treatments are advancing rapidly due to development of new technologies and their efficacy in fading scars and improving cosmetic appearances.
Market key trends:
One of the key trends in the scar treatment market is the rising adoption of non-invasive treatment options. The increasing availability and affordability of lasers, chemical peels and focused light therapies is driving their adoption over invasive surgical procedures. The non-surgical nature and lower downtime associated with laser treatments is making them more preferable. Another trend is the introduction of new technologies and product formulations. Market players are investing in R&D to introduce scar treatments with enhanced efficacy. For instance, development of microneedle patches that deliver drugs into the skin in a minimally invasive manner. Furthermore, combining different modalities such as laser with topical creams and gels is gaining popularity for synergistic scar treatment effects.
Porter’s Analysis
Threat of new entrants: The scar treatment market requires high R&D investments and established distribution channels, posing significant barriers for new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many established brand names and private label products in the scar treatment market. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and suppliers in the market. Threat of new substitutes: Threat of new substitutes is moderate as new alternative treatment options are continuously emerging. Competitive rivalry: Competition is high among established players to gain maximum market share through product launches and innovations.
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 awareness about novel scar treatment solutions.
Regional analysis
North America dominated the global scar treatment market in 2022 and is expected to continue its dominance over the forecast period. This can be attributed to established healthcare infrastructure, technological advancements, and growing cosmetic procedures in the region.
Key players analysis
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. New product launches and mergers & acquisitions are among the key strategies adopted by these players to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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