The global scar treatment market was valued at $19.2 billion in 2017, which is projected to reach $34.9 billion by 2023, progressing at a CAGR of 10.5% during the forecast period (2018–2023). The topical scar treatment category dominated the market in the historical period, and is also expected to maintain its dominance during the forecast period as well. The market for gel sheets is expected to witness the fastest growth, based on topical product types, mainly due to increasing prevalence of keloid scars and hypertrophic scars.
Increasing Demand for Silicone-Based Scar Treatment Products Is a Key Trend in the Market
Silicone-based products have shown effectiveness in reducing scars and are recommended by cosmetic surgeons and dermatologists. These products are extensively used for treating all type of scars, including stretch marks, keloids, acne, hypertrophic, and post-surgical scars. In addition, the products also help in reducing the size of scars and removing dark spots. Companies, including Avocet Polymer Technologies Inc., Alliance Pharma plc, and Perrigo Company plc, offer silicone-based scar treatment products, such as Avosil scar care ointment, Kelo-Cote gel, and ScarAway gel sheet, respectively. These factors are boosting the scar treatment market, globally.
Market for Scar Treatment Is Likely to Witness Significant Progress Due to Increase in Disposable Income
Increase in the level of disposable income has led to a high expenditure on personal care products, including scar removing products and devices. Individuals are becoming conscious about their appearances and spending large amount of money on these products to get a flawless skin. This, in turn, leads to increase the demand for scar treatment products. According to the U.S. Bureau of Labor Statistics, there has been an increase in the personal disposable income of the U.S. population. It increased from $9,002.0 billion in 2004 to $12,985.8 billion in 2014 and is further expected to reach $19,874.5 billion by 2024.
Segmentation Analysis of Scar Treatment Market
Geographical Analysis of Scar Treatment Market
Globally, North America is expected to account for the largest share in the scar treatment market in 2023, followed by Europe. Together, North America and Europe are expected to account around 66.6% market share in 2023. This can be mainly attributed to the presence of established players, high disposable income, and advancements in technologies.
Other regions, such as APAC, LATAM, and MEA, also hold considerable share in the scar treatment market, on account of the increasing prevalence of skin diseases, rising appearance consciousness among customers, and increasing awareness among people in emerging countries.
Competitive Landscape of Scar Treatment Market
The scar treatment market is fragmented in nature, with the presence of small and big players, such as Sonoma Pharmaceutical Inc., Hologic Inc., Syneron Medical Ltd., Beijing Toplaser Technology Company Limited, and Avita Medical Limited.
Players in the scar treatment market are adopting several strategic measures, such as product launches and mergers and acquisitions, to maintain their position. For instance, in October 2017, Sonoma Pharmaceutical Inc. received Brazilian Ministério da Saúde approval, for the marketing of multiple hypochlorous acid-based dermatology products, such as Lasercyn, Gramaderm, Epicyn, and Pediacyn. Among these products, Epicyn is specially approved for the treatment of scars.
Browse report overview with detailed TOC on "Scar Treatment Market Research Report: By Type of Treatment (Topical, Surface, Laser, Injectable, Surgical), Type of Scar (Post-Surgical, Acne, Keloid & Hypertrophic, Contracture, Stretch Mark), End User (Home-Use, Hospitals, Dermatology Clinics) – Global Industry Size, Share, Leaders, Growth and Forecast to 2023" at:https://www.psmarketresearch.com/market-analysis/scar-treatment-market
Similarly, in March 2017, Hologic Inc. acquired Cynosure Inc., a medical aesthetic and technology company that develops and manufactures aesthetic treatment systems for various dermatological applications including scar treatment, to expand its business in the field of medical aesthetics.
Some other important players operating in the global scar treatment market are Mölnlycke Health Care AB, Shanghai Fosun Pharmaceutical (Group) Co. Ltd., Smith & Nephew plc, CCA Industries Inc., Scarguard Labs LLC, Quantum Health Inc., Bausch Health Companies Inc., and Pacific World Corporation.