Scar Treatment Market is all set to witness a CAGR of 3.4% by the year 2031. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward. Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with healthcare vertical in the subsequent period.
Scar treatment has been a rapid-growing industry, mainly due to increasing awareness regarding physical appearance. Rising occurrences of skin diseases, together with increasing awareness regarding different scar treatments, represent major factors boosting market growth.
Moreover, rise in the number of road accidents across the world is leading to increased number of surgeries, which later require scar treatment, where topical products are popular. Also, there has been a rise in cosmetic surgical treatments performed using laser devices for the treatment of serious marks caused due to road accidents. To get rid of post-burn marks plastic surgeries are relied upon.
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Leading pharmaceutical companies are focusing on expanding their product scope across various distribution and countries around the world. To improve their industrial research activities, some companies are concentrating on collaborating directly with academic institutions.
According to a revised report published by Persistence Market Research, the global scar treatment market valued at US$ 16.7 Bn in 2020, and is predicted to expand at a CAGR of around 3.4% over the forecast period (2021–2031).
Company Profiles:
- Smith and Nephew plc.
- HRA Pharma
- Sonoma Pharmaceuticals, Inc.
- CCA Industries Inc.
- Cynosure, Inc.
- Avita Medical Limited
- Mölnlycke Health Care AB
- Pacific World Corporation
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Key Takeaways from Market Study
- Topical scar products are expected to contribute more than 50% revenue share in the market by 2031.
- Atrophic scars are expected to account for more than 45% of the global market share. These scars contribute 80% of the total scars that occur worldwide.
- Among all the end users, the hospitals segment accounted for more than 37% of the market share in 2020, owing to technologically advanced treatments available at hospitals.
- North America holds the highest share in the global scar treatment market, owing to high number of road accidents and increasing utilization of cutting-edge scar treatment products in the country.
- Key players are focused on strengthening their clinical pipelines through discoveries of novel abuse-deterrent formulations.
- The U.S. holds a big portion of global revenue and accounts for more than 85% share in the North American market.
“Increasing number of burn injuries, rising spending on personal care products, increasing urbanization, and technologically advanced are is expected to drive market growth over the coming years,” says an analyst of Persistence Market Research.
Government Support Rising in Developed Countries
Market players are getting support from governments in developed countries, as the prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers is increasing from the past decade.
Governments are taking initiatives to make people aware of advanced wound care treatments rather than traditional methods to attain fast recovery from chronic wounds. This is being done through favorable reimbursement policies for wound care therapy.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the scar treatment market in its latest study, presenting a historical demand assessment of 2016 – 2020 and projections for 2021 – 2031. The research study is based on product (topical scar products, lasers, surface treatment, and injectables), application (atrophic scars, hypertrophic scars and keloids, contractures, and stretch marks), and end user (hospitals, clinics, pharmacies and drug stores, and e-Commerce), across seven key regions of the world.
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