Scar Treatment Market Overview
The global scar treatment market generated $19.2 billion revenue in 2017 and is projected to witness a CAGR of 10.5% during 2018 - 2023, due to the increasing prevalence of skin diseases, rise in the number of road accidents, increasing number of surgical procedures performed, technological advancements in scar treatment products, increasing awareness among people about various scar treatments, and increase in disposable income leading to rise in spending on personal care.
GLOBAL SCAR TREATMENT MARKET, BY TYPE OF TREATMENT, $M (2013-2023)
On the basis of type of treatment, the scar treatment market is categorized into topical, surface, laser, injectable, and surgical. The topical segment accounted for the largest share in the market, with 60.1% contribution in 2017. This is due to the low cost and wide availability of creams, gels, and oils, as compared to other treatment options for scars.
The scar treatment market is categorized into post-surgical scar, acne scar, keloid and hypertrophic scar, contracture scar, and stretch mark, on the basis of type of scar. Among these, post-surgical scar held the largest share in the market during the historical period, contributing $6.5 billion revenue in 2017. It is expected that increasing number of surgical procedures is likely to increase the demand for fast and effective post-surgical scars treatment products in future.
Based on end user, the scar treatment market is categorized into home-use, hospitals dermatology clinics and others. The market for scar treatment is expected to witness fastest growth in the hospital end-user category, at a CAGR of 11.3% during the forecast period. The increasing number of surgical procedures performed in hospitals along with advancement in dermatological devices technologies, especially lasers, is driving the growth of the market in this end-user category.
Geographically, Asia-Pacific scar treatment market is expected to grow at the fastest CAGR of 12.1% during the forecast period. This can be attributed to the growing focus on personal well-being, increasing disposable income and rising prevalence of skin related problems in the region. Moreover, according to World Health Organization (WHO), approximately 1,000,000 people in India suffer from moderate or severe burns, every year. As a result, these burn cases may lead to scar formation, further leading to increased demand for these products in the region.
Scar Treatment Market Dynamics
Increasing prevalence of skin diseases, technological advancements in dermatological devices, increasing awareness about treatment options available for reduction or removal of scars, and increase in the disposable income leading to a surge in spending on personal care are some of the key drivers leading to the growth of the scar treatment market.
The increasing prevalence of skin diseases is one of the major factor driving the growth of the scar treatment market. The prevalence of skin diseases, such as psoriasis, eczema, vitiligo and photoaging of skin has been increasing due to excessive exposure to pollution and ultraviolet radiation, resulting in sunburns, reduced skin elasticity, and hair loss. Skin diseases are also caused by various other factors, such as excessive alcohol consumption, environmental pollution, and consumption of tobacco. These conditions without proper treatment on time, can lead to the formation of scars.
Acne is the most common dermatological condition that is caused by clogging of hair follicles by sebum, dirt, and dead skin cells. Acne affects majority of the world population and can eventually lead to scaring. According to the American Academy of Dermatology (AAD), approximately 85% of Americans suffer from acne at some phase in their lives. Thus, the increasing prevalence of skin diseases is expected to contribute to the growth of the scar treatment market in the coming years.
Moreover, various technological advancements have been taken place in the form of various solutions available that help in the removal of scars easily. These products help in reducing redness, pain, bumps, and itching caused by scars and can be applied without medical supervision. The availability of various products, such as creams, oils, gels, and sprays, and other over the counter products for treating scars has led to the growth of the scar treatment industry.
Increasing demand for silicon-based scar treatment products and rise in online retailing of these products are the key trends noticed in the scar treatment market. Silicon-based products, such as gels and gel sheets, are effective for reducing scars and are recommended by cosmetic surgeons and doctors worldwide. Some of the silicone-based scar removal products available in market include Avosil Scar Care Ointment, Kelo-Cote, Xeragel, Kelo-cote spray, Avogel, Cimeosil, Oleeva, and ScarAway. Silicon based products are more efficient in treating scars and offer advantages over conventional products.
Scar Treatment Market Competitive Landscape
The companies operating in the scar treatment industry are acquiring related business of other companies to increase their market share and expand their product portfolio. For instance, in March 2017, Hologic Inc., announced the acquisition of Cynosure Inc., to expands its business in medical aesthetic market. Hologic Inc., acquired all outstanding shares of Cynosure Inc. share for $66.0 per share in cash, which corresponds to an enterprise value of $1.44 billion net of cash. Cynosure Inc., is a medical aesthetic and technology company, that develops and manufactures aesthetic treatment systems for various dermatological applications including scar treatment.
Similarly, in August 2016, Merz North America, a U.S. affiliate of the global Merz Pharma GmbH & Co. KGaA, announced the acquisition of ON Light Sciences. The acquisition was expected to help in expanding the Merz’s aesthetic portfolio. ON Light Sciences was a U.S. based medical device company that developed technologies to enhance laser-based dermatological procedures.
Some of the other key players operating in the scar treatment market are Syneron Medical Ltd., Beijing Toplaser Technology Company Limited, Avita Medical Limited, Mölnlycke Health Care ABFosun Pharmaceutical (Group) Co., Ltd., Smith & Nephew Plc, Sonoma Pharmaceuticals Inc., CCA Industries Inc., Scarguard Labs LLC, Quantum Health, Valeant Pharmaceuticals International Inc., and Pacific World Corporation.