Scar treatment products are used to prevent the formation of permanent scars and to reduce the appearance of existing scars. These include moisturizers, gels, creams, oils, and silicone-based sheets or patches. Scar treatment products aim to hydrate the skin and promote collagen production to reduce the visibility of scars. Technological advancements have enabled the development of scar treatment products that contain biomolecules, growth factors, and other ingredients that boost skin repair. For instance, laser and light therapies utilize different wavelengths of light to stimulate collagen production and remove damaged skin layers. The global Scar Treatment Market is estimated to be valued at US$ 12,020.05 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rapid technological advancements are expected to fuel the growth of the scar treatment market during the forecast period. For example, the development of scar treatments involving biomolecules, growth factors, and light & laser therapies provide more effective treatment options compared to traditional options such as silicone gel sheets, creams, and oils. Biomolecules and growth factors boost collagen production and cellular regeneration in the skin to diminish scars more quickly. Moreover, light and laser therapies can resurface the skin and remove damaged layers, facilitating new collagen production. The increasing availability of advanced scar treatment products is expected to drive the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New players entering the scar treatment market face moderate threat. Established market players dominate distribution channels and have significant brand loyalty. However, low regulatory entry barriers and technological advancements lowering costs can facilitate entry.
Bargaining power of buyers: Buyers in the scar treatment market have moderate bargaining power due to presence of substitute products. However, customized treatment and innovation addressing specific concerns provides differentiation.
Bargaining power of suppliers: Suppliers of active ingredients, devices and technologies have moderate bargaining power due to availability of substitutes and suppliers. Industry concentration is also moderate.
Threat of new substitutes: Threat of substitutes is moderate as new treatment approaches and alternative active ingredients continue to emerge. However, scarring has limited treatment options.
Competitive rivalry: The scar treatment market exhibits high competitive rivalry due to widespread R&D and differentiated product offerings by major companies to target specific scar types and attributes.
SWOT Analysis
Strengths: Non-invasive scar treatments have gained popularity over time due to convenience. Technological advancements have improved treatment efficacy and outcomes.
Weaknesses: High treatment costs can limit accessibility. Often require multiple sessions for optimal results. Temporary effects require periodic re-treatment.
Opportunities: Growing awareness about scar appearance management presents scope for market expansion. Emerging economies with improving healthcare infrastructure are lucrative markets.
Threats: Social media normalization of scars can reduce treatment demand over time. Strong competitive landscape limits pricing power of players.
Key Takeaways
The global scar treatment market is expected to witness high growth. Advances in treatment technologies and growing incidence of accidents and burns are major growth drivers. Scar treatment seeks to reduce appearance of scars or eliminate them using minimally invasive methods.
Regional analysis: North America dominates the scar treatment market currently due to technological advancements and favorable reimbursement policies. However, Asia Pacific is poised to grow at the fastest pace during the forecast period with China, India, South Korea and Japan emerging as highly lucrative markets. This can be attributed to increasing medical tourism, rising disposable incomes, growing awareness and improved access to healthcare.
Key players: Key players operating in the scar treatment market include Bausch Health Companies Inc., Candela Medical, Perrigo Company plc, Sonoma Pharmaceuticals Inc., Hologic Inc., Johnson & Johnson Services Inc. These major players are focused on product innovation and portfolio expansion through mergers and acquisitions to strengthen their market position.
