China, South Korea, Taiwan, Hong Kong, and Southeast Asia Lip Cold Sore Treatment Market To Generate Revenue Worth $85,265.1 Thousand in 2030
- Published: May 2021
The growing prevalence of herpes simplex virus 1 (HSV-1) infection with an increment in the modes of its transmission, rising number of product launches, technological advancements, and growing research funding are propelling the sale of lip cold sore treatment products in China, South Korea, Taiwan, Hong Kong, and Southeast Asian (SEA) countries. On account of this, the lip cold sore treatment market in China, South Korea, Taiwan, Hong Kong, and SEA is projected to reach $85,265.1 thousand by 2030, advancing at a CAGR of 6.7% during the forecast period (2021–2030).
Several Asian nations were badly hit by the COVID-19 pandemic. Due to the health threats emerging since its outbreak, governments have taken numerous measures to contain its spread and ensure the safety of individuals, such as lockdowns and social distancing. The pandemic also disrupted the supply chains of companies worldwide, particularly during the first two quarters of the year 2020, including that of companies offering lip cold sore products.
Cream Category Generating Highest Revenue in Market
The lip cold sore treatment market is categorized into cream, gel, patch, and others, based on product type. Out of these, the cream category held the largest share, and it is expected to maintain this lead in the coming years. This will mainly be due to the increasing patient preference for creams because of their high healing efficiency and ability to eliminate the virus.
The lip cold sore treatment industry is categorized into clinics, hospitals, and homecare settings, based on the end user. Out of these, the clinics category held the largest share during the historical period (2015–2020), mainly due to the increasing patient pool in clinics and growing awareness on the disease.
Geographically, China was the highest revenue contributor to the Asian lip cold sore treatment market in 2020, and it is set to be the fastest-growing country as well. This will mainly be due to the presence of key payers, increasing disposable income, and rising awareness on the disease.
Mergers and Acquisitions Are Most-Effective Strategic Measures Adopted by Market Players
Players in the lip cold sore treatment industry are involved in mergers and acquisitions to gain a significant position in the market. For instance, in May 2019, Laboratoire HRA Pharma SAS, a global consumer healthcare company, announced that it has acquired the global rights to the Mederma brand, which consists of products across the scar care, stretch mark, and skincare categories.
Major players operating in the lip cold sore treatment market include Perrigo Company plc, Church & Dwight Co. Inc., Kyungdong Pharmaceutical Co. Ltd., Quantum Health, Carma Labs Inc., Integria Healthcare (Australia) Pty. Ltd., and Blistex Inc.