Newark, NJ, Feb. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global scar treatment market is expected to grow from USD 21.55 billion in 2020 to USD 44.87 billion by 2028, at a CAGR of 9.6% during the forecast period 2021-2028.
Certain vital factors are boosting the growth of the global scar treatment market. Some of them include rising concern among consumers about physical appearance, rising number of road accidents that cause severe scars & marks, rising number of government approvals for medical products, growing disposable income, rising skin disease prevalence, and increasing awareness about scar treatment. Laser surgery is becoming a popular scar treatment option since it assists in reducing the clinical & histological appearance of scars.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the scar treatment market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Some other market growth restraining factors include the high cost of scar treatment, side effects associated with treatment, and complications arising during laser treatment because of high radiation emitted.
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Key players operating in the global scar treatment market include Pacific World Corporation, Valeant Pharmaceuticals International Inc, Enaltus, LLC, Scarguard Labs LLC, CCA Industries Inc, Merz Pharma GmbH & Co. KGaA, Oculus Innovative Sciences, Inc, Avita Medical Limited, Revitol Corporation Inc, and Quantum, Inc, among others. To gain a significant market share in the global scar treatment market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Valeant Pharmaceuticals International Inc and Merz Pharma GmbH & Co. KGaA are some of the biggest players in the global scar treatment market.
- Bausch Health Companies Inc. commercially launched ARAZLO (tazarotene) lotion (0.045%) in June 2020 for healthcare professionals in the American market. The United States Food and Drug Administration approved the product in December 2019. The lotion assists patients to treat multiple types of acne like pimples, blackheads, and whiteheads.
Atrophic segment dominated the market and held the largest market share of 31.8% in the year 2020
The type segment consists of hypertrophic & keloid, stretch marks, atrophic, and contracture. The atrophic segment dominated the market and held the largest market share of 31.8% in the year 2020. Atrophic scars are usually treated with over the counter drugs like topical creams that are widely available. The scar treatment assists the skin in stimulating the natural healing process in order to replace elastin, collagen, and fibrous tissues.
Topical products segment dominated the market and held the largest market share of 35.46% in the year 2020
Based on product, the global market has been segmented into topical products, injectables, laser products, and others. The topical products segment dominated the market and held the largest market share of 35.46% in the year 2020. The topical products segment has been further divided into gels, creams, silicone sheets, and others. This is due to the fact that topical gels, silicone sheets, and lotions are readily available anywhere as OTC items, which improves their utility for scar treatment.
Hospitals segment dominated the market and held the largest market share of 42.2% in the year 2020
On the basis of end-use, the scar treatment market has been divided into retail pharmacies/e-commerce, clinics, and hospitals. The hospitals segment dominated the market and held the largest market share of 42.2% in the year 2020. Topical gels & creams, steroid injections, and laser instruments are easily available for scar treatment in hospital settings. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and broad range of services.
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Regional Segment Analysis of the Scar Treatment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global scar treatment market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 44.1% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as increasing demand for scar treatment surgeries, regular launches of advanced & innovative products, high cultural appeal of aesthetic beauty, high disposable income, growing penetration of laser treatment in skin rejuvenation, and increasing prevalence of burns injuries & skin diseases. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like easy availability of fast advanced surgeries & laser treatments, increasing awareness regarding scar treatment in the region, and rising preference towards OTC products since they are cheaper than prescription drugs.
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About the report:
The global scar treatment market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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