LONDON, Sept. 18, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Scar Treatment Market Size, Share Outlook Growth By Top Company, Development, Application, Segmentation, Trends And Forecast 2022 -2029".
Scars can be a result of accident injuries, skin diseases, burns, surgeries, chemical reactions, along with other traumatic injuries. Some people are born with congenital scars which are formed during the early stages of a person's growth in the womb. With growing appearance consciousness, individuals opt for various medical treatments to get rid of their scars. Medications, plastic surgeries, laser therapies, dermal fillers, and cryotherapy, among others are some of the effective forms of scar treatment.
This business intelligence report offers a scrutiny of the top factors reshaping the trends and dynamics of this market space. It has been curated with an aim to help businesses make informed decisions by providing them with credible data related to numerous aspects of this market. Alongside, the major segments and regions are evaluated accurately with an aim to determine the size and scope of the overall market. The report also contains accurate revenue projections, estimated CAGR, past valuation, and present growth rate of this industry vertical.
Key Takeaways:
- Growing occurrence of road accidents, increased burn incidents, and rising appearance consciousness of the masses are aiding industry expansion.
- By product, the topical products segment is reckoned to amass notable gains due to the affordability and easy availability of topical products like ointments.
- MEA is projected to capture a substantial revenue share due to the growing occurrence of traumatic injuries and increased prevalence of skin-based disorders.
Scar Treatment Market is anticipated to accrue a substantial valuation over the forecast duration of 2022-2029.
Scar Treatment Market Report Scope:
Report Metric | Details |
Base Year | 2021 |
Study Period | 2022-2029 |
Key Players/Companies | Molnlycke Health Care, Lumenis, Merz Inc., Enaltus LLC, Scarheal, NewMedical Technology, and CCA Industries. |
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Elaborating the key trends and dynamics of Scar Treatment Market:
Growing occurrence of road accidents, increased burn incidents, and rising appearance consciousness of the masses are the primary factors aiding the expansion of this business sphere. Alongside, rise in the number of individuals born with congenital scars, surged healthcare expenditure, and elevating demand for non-invasive scar removal or reduction techniques are creating lucrative opportunities for this marketspace to prosper.
Major Growth Drivers:
Rising prevalence of skin diseases-
Skin based disorders such as eczema, psoriasis, acne, and dermatitis, among other are highly prevalent across the globe. In severe causes, most of these ailments leave serious scars in the affected area such as face. This not only impacts the physical appearance of individuals but also reduces their confidence. This in is escalating the demand for effective scar treatment techniques.
Surge in burn incidents-
Severe burns leave individuals with lifelong scars. Fire cases, chemical burns, and other related accidents have become quite common. Burn cases require immediate attention. If the scars are left untreated for a long time, it may be impossible to get them reduced or removed. These factors together are stimulating the overall dynamics of this market space.
Challenges:
High treatment expenses- Scar treatment procedures can be quite costly. This is because they involve advanced technologies, medical equipment, and skilled dermatology professionals. People with low-income levels can barely afford to undergo these treatments. This economic disparity is hindering the remuneration scope of this business sphere.
Competitive landscape of Scar Treatment Market:
The prominent players defining the competitive terrain of this market sphere are:
- Molnlycke Health Care
- Lumenis, Merz Inc
- Enaltus LLC
- Scarheal
- NewMedical Technology
- CCA Industries
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Segmental Assessment:
By product, the topical products segment is reckoned to amass notable gains over 2022-2029. This is due to the affordability and easy availability of topical products like ointments.
Based on scar type, the hypertrophic and keloid segment is slated to garner significant returns over the stipulated timeline. This is attributable to the growing occurrence of accidents, increased rates of burn injuries, and surged number of surgeries.
Geographical analysis & landscape:
Middle East & Africa Scar Treatment Market:
MEA is projected to capture a substantial revenue share over the stipulated timeline. This is ascribed to the growing occurrence of traumatic injuries, increased prevalence of skin-based disorders, and rising healthcare expenditure. Moreover, surging cognizance about the availability of highly effective scar treatment techniques is another crucial expansion propellent for this regional industry.
Europe:
Europe is reckoned to register a high CAGR over 2022-2029. This is credited to the rapidly evolving healthcare infrastructure, growing R&D activities in the field, and increased appearance consciousness of the masses. Besides, rising disposable income levels, growing instances of road accidents, and escalating demand for non-invasive treatment methods are adding momentum to the progression of this market space.
Opportunities in this industry:
Surge in the geriatric population- Elderly individuals are highly susceptible to injuries. Apart from that, they also experience slower healing due to a weakened immune system. Thus, increase in the geriatric population base has increased the demand for effective scar treatment solutions across the globe.
Major developments in Scar Treatment Market:
In 2021, Bioventus, a global leader in orthobiologic solutions, acquired Bioness, Inc., a U.S.-based medical technology company.
Porter's Five Forces Analysis:
Threat of New Entrants:
The threat of new entrants into the scar treatment market is relatively low. The market requires significant investment in research and development, regulatory approvals, and manufacturing capabilities. Established companies often hold patents and intellectual property rights, creating barriers to entry for new players. Additionally, the presence of well-established brands and strong distribution networks further deters new entrants.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the scar treatment market is moderate. Suppliers of raw materials, such as active ingredients, packaging materials, and medical devices, can exert some influence. However, there are usually multiple suppliers available, reducing the individual supplier's power. Scar treatment companies may also have the option to vertically integrate their supply chains or negotiate favorable contracts to mitigate supplier power.
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Bargaining Power of Buyers:
The bargaining power of buyers in the scar treatment market is moderate to high. Buyers, including healthcare providers, hospitals, clinics, and patients, have access to various scar treatment options from different manufacturers. This availability of choices gives them the power to negotiate pricing, demand better quality products, and expect improved service. Scar treatment companies need to differentiate their offerings and provide value to maintain a competitive edge.
Threat of Substitutes:
The threat of substitutes in the scar treatment market is moderate. While there are alternative scar management methods, such as home remedies and non-invasive treatments like silicone gels and sheets, these substitutes may not always provide comparable effectiveness. However, advancements in technology and the development of new scar treatment alternatives could increase the threat of substitutes in the future.
Competitive Rivalry:
The competitive rivalry in the scar treatment market is high. The market is characterized by the presence of numerous companies offering a variety of scar treatment products and services. Competition is driven by factors such as product efficacy, safety, brand recognition, pricing, and marketing strategies. Companies invest in research and development to innovate and differentiate their offerings, which intensifies the competitive landscape.
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