ALBANY, New York, July 16, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled, "Scar Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 to 2026." According to the report, the global scar treatment market was valued at US$ 14,723.2 Mn in 2017 and is projected to reach US$ 29,592.1 Mn by 2026, expanding at a high CAGR of 8.2% from 2018 to 2026. Increase in number of people suffering from skin problems across the world is anticipated to fuel the global scar treatment market during the forecast period.
North America and Europe are expected to dominate the global market during the forecast period. The market in these regions is primarily driven by high awareness about scar diseases among the people and a highly structured health care industry. The market in Europe is projected to expand at a high growth rate of 8.0% from 2018 to 2026. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period. The market in Asia Pacific is anticipated to expand at a high CAGR of 8.5% from 2018 to 2026. The scar treatment market in Latin America is likely to expand at a moderate growth rate during the forecast period.
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Increase in Incidence of Atrophic & Acne Scars and Hypertrophic Scars and Keloids to Boost Market
In terms of scar type, the atrophic & acne scars segment is projected to account for a dominant share of the global scar treatment market during the forecast period. The segment is anticipated to expand at a CAGR of 8.6% from 2018 to 2026. Dominance of the segment is attributed to the rising incidence of skin disorders such as acne at early ages, changing food habits, increasing levels of pollution, and a general decrease in safety levels leading to large number of trauma incidences in countries across the globe. Additionally, increasing incidence of acne vulgaris and hospitalization cases due to trauma incidents are key factors that are expected to fuel the demand for treatment of atrophic scars. The hypertrophic scars and keloids segment is a major contributor, following the atrophic & acne scars segment, due to high patient base. For instance, according to the American Osteopathic College of Dermatology, an estimated 10% of people experience keloid scarring in the U.S.
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Contracture scars and others (stretch marks) segments accounted for around 20.0% share of the global scar treatment market, in terms of revenue, in 2017.
Topical Products Segment Dominates the Market
The report offers detailed segmentation of the global scar treatment market based on treatment type, scar type, and distribution channel. In terms of treatment type, the market has been classified into topical products [creams, gels, silicone sheets, and others (sprays, oils, etc.)], laser treatment (CO2 lasers, pulsed dye laser, and excimer laser), injectables, and others. The topical products segment is estimated to hold a leading share of the global market during the forecast period. Higher market share held by the segment is attributed to the increasing incidences of acne, primarily ice pick scars and rolling acne, which is estimated to boost the demand for topical OTC medications as well as prescription antibiotics (clindamycin, tetracycline) that are generally utilized as a first-line infection control measure.
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Hospital Pharmacies Segment to Expand at Fastest CAGR
Based on distribution channel, the hospital pharmacies segment accounted for a leading share of the global scar treatment market in 2017. It is projected to gain market share by the end of 2026. The segment is anticipated to expand at a CAGR of 8% during the forecast period due to the increasing occurrence of skin problems, especially among elderly individuals. Additionally, advanced technologies offered by hospitals for scar treatment and reimbursement policies for various treatments and procedures drives the hospitals segment. Retail pharmacies was a prominent segment, following the hospital pharmacies segment, of the market in 2017. This is due to the rise in number of retail pharmacies and increase in medical awareness and rapid urbanization, as retail pharmacies can provide medication on customer demand. This, in turn, is likely to drive the retail pharmacies segment during the forecast period.
North America to be Highly Lucrative Market for Scar Treatment
The scar treatment market in North America is driven by government initiatives and a highly structured health care industry. The U.S. held a major share of the market in the region, owing to the rise in geriatric population and high awareness among the people about scar treatment. Moreover, a large number of players in the U.S. are focusing on R&D in order to introduce new products. The U.S. is an early adopter of innovative products, as most pharmaceutical products are first launched in the country. This is likely to boost the market in the country in the near future. Therefore, established rules and regulations and major innovations in product development are expected to propel the scar treatment market in North America in the near future.
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Trend of Strategic Alliance with Local Companies to Strengthen Distribution Network and Expand Geographic Presence
The global scar treatment market is fragmented, owing to the presence of several small- and large-scale companies. However, the market is dominated by a few major players with strong global presence. The report provides profiles of leading players operating in the global scar treatment market. Key players in the market include Valeant Pharmaceuticals International, Inc., Sonoma Pharmaceuticals, Pacific World Corporation, Merz Pharma, Sientra, Inc., Velius, LLC, CCA Industries, Inc., Mölnlycke Health Care AB (Investor AB), Fosun Pharmaceutical Co., Ltd. (Alma Lasers), Cutera, Inc., XIO Group (Lumenis), Smith & Nephew plc, and Alliance Pharma.
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