Scar Treatment Market To Generate Revenue Worth $63.4 Billion by 2030
- Published: September 2020
The growing disposable income, rising prevalence of skin diseases, ongoing technological advancements pertaining to scar treatment, increasing appearance consciousness among individuals, and surging awareness on the utilization of different scar treatments are the major factors contributing to the global scar treatment market growth. Due to these factors, the market is expected to reach $63.4 billion by 2030, registering a CAGR of 11.5% during the forecast period (2020–2030).
The COVID-19 outbreak has resulted in the reduced growth potential for the global scar treatment market in 2020. This is mainly due to the rapid shift toward the treatment of COVID-19 patients, temporary closure of businesses and shutdown of manufacturing plants, and slow economic growth. However, scar treatment products are expected to witness a significant growth in demand in the last quarter of 2020, due to the reopening of dermatology clinics and streamlining of the import and export of these products.
Topical Category Accounted for Largest Market Size
On the basis of treatment type, the scar treatment market is categorized into topical, surface, laser, injectable, and surgical. Of these, the topical category held the largest share in the market in 2019. This growth in the demand for topical scar treatment products is attributed to the increasing prevalence of skin diseases, such as acne, which lead to the formation of scars. Further, the topical scar treatment market is categorized into creams, oils, gels, gel sheets, and others. Of these, the cream category dominated the market, due to the wide availability of effective anti-scar creams at affordable prices and their fewer chances of side-effects and easy application.
Further, based on scar type, the scar treatment market is classified into atrophic and acne scars, keloid and hypertonic scars, contracture scars, and stretch marks. Among these, the atrophic and acne scar category held the largest share in the market in 2019. This was mainly due to the high prevalence of these conditions among adolescents, owing to hormonal changes and their unhealthy eating habits. Moreover, it has been witnessed that over 90% of the teenagers have acne, which results in a high demand for treatments such as chemical peeling, laser therapy, and dermabrasion.
Geographically, Asia-Pacific (APAC) is expected to progress with the highest CAGR in the scar treatment industry during the forecast period. This can be ascribed to the growing focus on personal wellbeing, increasing disposable income, and rising prevalence of skin-related problems in the region. For instance, according to the data published by the World Health Organization (WHO) in March 2018, approximately one million people suffer from moderate-to-severe burns in India every year. Burns may lead to scar formation, which further leads to a high demand for effective treatment products in the region.
Market Players Are Focusing on Acquisitions to Gain Competitive Advantage
Major players in the scar treatment market are focusing on acquisitions as a strategic measure, in order to enhance their presence in the industry and meet the growing demand for products. For instance, in May 2019, Laboratoire HRA Pharma SAS acquired the Mederma brand from Merz Pharma GmbH & Co. KGaA. The brand includes scar care, stretch mark care, and skincare products. This acquisition provides the former company with access to the latter’s consumer healthcare products and the opportunity to improve its growth prospects in the industry.
Similarly, in March 2019, Bausch Health Companies Inc. announced the completion of the acquisition of certain assets of Synergy Pharmaceuticals Inc., for a cash purchase price of approximately $195 million and assumption of certain assumed liabilities. The business of Synergy Pharmaceuticals Inc. was combined with the Salix pharmaceuticals business segment of Bausch Health Companies Inc.
Players operating in the scar treatment market include Candela Corporation, Avita Medical Limited, Smith & Nephew plc, Revitol Corporation, Bausch Health Companies Inc., Quantum Inc., CCA Industries Inc., Scarguard Labs LLC, Sonoma Pharmaceuticals Inc., Shanghai Fosun Pharmaceutical (Group) Company Limited, Hologic Inc., Mölnlycke Health Care AB, Johnson & Johnson, and Laboratoire HRA Pharma SAS.