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Latin America Scar Treatment – Market Overview
The Latin America (LATAM) scar treatment market size was valued at $1,052.4 million in 2017, which is expected to reach $1,797.5 million by 2023, growing at a CAGR of 9.4% during the forecast period (2018-2023). Topical scar treatment held the largest share of the market in 2017, ahead of surface, laser, injectable, and surgical treatments. Scar treatment for keloid & hypertrophic scar is expected to witness the highest growth during forecast period in the regional market mainly due to increasing number of dermal injuries in the region.
Among the various end users, home-use as an end-user category held the largest share in the scar treatment market in Latin America. Hospitals are expected to witness highest growth as an end-user category in this market, during the forecast period.
The demand for scar treatment in Latin America has been growing, mainly due to increasing awareness and consciousness about appearance among people in the region. The growth in the region is expected to be concentrated around Brazil, due to increasing demand of scar treatment products in the country. Additionally, the disposable income in Brazil has been increasing, due to which the affordability for such procedures has also increased. It has been also observed that the number of aesthetic plastic surgeries performed in the country for various purposes, including scar treatment has also been increasing. According to the International Society of Aesthetic Plastic Surgery (ISAPS), 461,544 cosmetic surgeries were performed in Mexico in 2016, the third highest in the world after the U.S. and Brazil and 907,913 non-surgical procedures were performed in Mexico, the fourth highest in the world after the U.S., India and Brazil, thus driving the growth of the Latin America market.
Brazil’s medical tourism offers treatment and surgeries in aesthetic surgery thus, supporting the growth of the scar treatment market. With the increase in the volume of surgical and non-surgical aesthetic procedures in Latin America, the demand for various scar treatments is also expected to increase, thereby supporting the growth of the market.
However, the high cost of these scar treatment products is one of the major factor hindering the growth of the Latin America scar treatment market.
Latin America Scar Treatment – Competitive Landscape
The key players are focusing on gel based scar treatment in the Latin America market. For instance, Medgel is an advanced line of silicone gel, offered by Silimed Inc., for treatment or prevention of scars, hypertrophic scars and keloid. Similarly, GC Aesthetics, recently launched Silgel direct to the consumers for the first time. Silgel is a silicone gel based, product for the treatment of hypertrophic and keloidal scars.
Some of the key players operating in the Latin America scar treatment market include Advanced Biotechnologies Inc., Scar Heal Inc., Silimed Inc., Natura Cosméticos S.A., Grupo Biomayan, Biodermis Cosmetics Ltd., GC Aesthetics PLC, Humco Holding Group, Inc., Farmoquimica S.A.