The Hyperhidrosis Treatment Market Is Estimated To Witness High Growth Owing To Increasing Awareness About Treatment Options
Market Overview:
Hyperhidrosis is a condition where a person sweats excessively beyond what is physiologically required by the body. It is commonly seen on the face, underarms, hands and feet. The treatment market includes pharmacological therapies such as glycolic acid based topical wipes and antiperspirants, botulinum toxin injections, iontophoresis and surgical procedures like endoscopic thoracic sympathectomy.
The Hyperhidrosis Treatment Market is estimated to be valued at Us$ 641.54 Mn in 2023 and is expected to exhibit a CAGR Of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the hyperhidrosis treatment market is majorly driven by growing awareness programs about treatment options and increasing adoption of minimally invasive surgical procedures. According to International Hyperhidrosis Society, hyperhidrosis affects upto 4% of the population worldwide. However, many people remain undiagnosed due to lack of awareness. Various foundations and societies are conducting awareness campaigns to educate people about available treatments. This is expected to escalate the demand for treatment over the forecast period. Additionally, rising preference for minimally invasive surgeries like endoscopic thoracic sympathectomy over conventional open surgery due to quick recovery time and less complications is also boosting the market growth.
SWOT Analysis
Strength: The hyperhidrosis treatment market has strong growth potential due to the rising awareness about the condition and its available treatment options. Growing demand for minimally invasive and long-lasting treatment drives the growth of the market. Availability of various treatment options such as drugs, botulinum injections and laser therapy increases the preferences of patients.
Weakness: High cost of advanced treatment procedures such as endoscopic thoracic sympathectomy restricts wider adoption across price-sensitive regions. Side effects associated with few prescription drugs hinder the market growth to some extent.
Opportunity: Rising healthcare expenditure in emerging countries creates growth opportunities for market players. Furthermore, development of new treatment technologies involving neurological targeted solutions will further aid the market expansion over the forecast period.
Threats: Completitive pricing pressures posed by generic drug manufacturers may threaten high-priced branded drugs. Stringent regulatory approvals for new treatment variants also impacts the speed of commercialization.
Key Takeaways
The Global Hyperhidrosis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing prevalence of hyperhidrosis across various regions. The market size for hyperhidrosis treatment is estimated to reach US$ 1.05 billion by 2030 from US$ 641.54 million in 2023.
Regional analysis
The North America hyperhidrosis treatment market holds the highest market share currently and is expected to continue dominating over the forecast period. This is attributed to growing awareness about available treatment options and expanding reimbursement coverage in the region. Asia Pacific region is likely to exhibit the fastest growth owing to rising healthcare expenditure and growing patient pool in developing economies of China and India.
Key players
Key players operating in the hyperhidrosis treatment market are GSK Plc (U.K.), TheraVida (U.S.), Revance (U.S.)., NovaMedica. (Russia), Ulthera, Inc. (U.S.), DEMIRA e.V (Germany), Abbvie, Inc (U.S.), Fresh Tracks Therapeutics, Inc. (U.S.), Dr. August Wolff GmbH (Germany), Dermavant Sciences, Inc. (U.S.), Eirion Therapeutics, Inc (U.K.). These players are focusing on new product launches, collaborations and geographic expansions to increase their market presence.
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