by Market Overview:
The North America scar treatment market includes several scar treatment products. These products are used to reduce the appearance of scars such as ice or gel strips, silicone gel sheets or patches, cream, gel, or oil applied on the scar that help fade its appearance. The different treatment options available depending on the scar type and characteristics. They help minimize redness, itchiness, and discomfort caused by scars.
Market key trends:
One of the key trends fueling the North America Scar Treatment Market Demand growth is the increasing preference and adoption of non-invasive scar treatments. Non-invasive treatments offer benefits such as reduced pain, fewer side effects and faster recovery time when compared to invasive procedures such as surgical treatments. Non-invasive scar treatments include products such as topical gels, lasers, micro-needling and chemical peels. Researchers are also developing advanced scar treatments using stem cells that could potentially reduce or eliminate scarring. The growing popularity of non-surgical cosmetic procedures will continue to drive the demand for non-invasive scar treatments in the region during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial investment costs to enter the North America scar treatment market. The market also has established brands and strong regulations.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various treatment options. They can easily switch between products based on price and effectiveness.
Bargaining power of suppliers: Large suppliers like Merz have significant bargaining power due to proprietary technologies and products. Small local suppliers have low bargaining power.
Threat of new substitutes: Alternative treatment methods like laser therapy and tissue engineering pose threat of substitution.
Competitive rivalry: Intense competition exists between major players to gain higher market share.
SWOT Analysis
Strength: Wide variety of scar treatment products and non-invasive procedures. Growing awareness about cosmetic procedures.
Weakness: High costs associated with different treatments limit their accessibility. Post-procedure side effects and scarring also act as weaknesses.
Opportunity: Rising disposable incomes is increasing spending on aesthetic treatments. Untapped rural markets provide growth opportunities.
Threats: Social stigma around cosmetic treatments and procedures. Stringent regulations can increase compliance costs.
Key Takeaways
The North America scar treatment market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for non-invasive aesthetic treatments. The United States dominates the market and is projected to maintain its leading position during the forecast period owing to growing awareness about scar treatments and rising medical tourism.
Regional analysis: The United States accounts for the maximum share of the North American scar treatment market owing to high healthcare expenditure, presence of advanced devices & medical infrastructure. Canada is expected to witness growth at a CAGR of over 5% during the forecast period due to increasing number of cosmetic procedures.
Key players: 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.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
