The North America scar treatment market encompasses various products used for treatment of scars such as topical products, laser products, injectable products and other scar treatment products. Topical products includes creams, gels, and ointments designed to treat scars. Laser products include carbon dioxide laser, pulsed dye laser and excimer laser which are used to treat acne scars, Keloids, hypertrophic scars and other raised scars. Injectable products includes corticosteroids, 5-fluorouracil, collagenase clostridium histolyticum which are injected to break down scar tissues. The products are used for treatment of atrophic scars, hypertrophic and keloid scars, acne scars, surgical and trauma related scars.
The global North America Scar Treatment Market is estimated to be valued at Us$ 4348.7 Mn in 2023 and is expected to exhibit a CAGR Of 7.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The North America scar treatment market is expected to witness significant growth during the forecast period. Rising awareness about scar treatment products owing to increasing trauma, accidental injury, and surgical procedures is the major factor driving growth of the market. Further, increasing adoption of non-invasive scar treatment procedures such as laser therapy, topical therapies due to their benefits such as shorter recovery time as compared to invasive procedures is also expected to fuel market growth over the forecast period. Moreover, growing popularity of aesthetic procedures and increasing per capita healthcare expenditure is projected to propel demand for scar treatment products. However, high cost associated with surgical and laser scar treatment procedures may hamper market growth to some extent.
SWOT Analysis
Strength: The North America scar treatment market benefits from rising healthcare expenditure and increasing initiatives to enhance awareness about scar treatment options. Additionally, the availability of advanced scar treatment products and technologies in the region boosts market growth. Moreover, the presence of major market players conducting extensive R&D for new product launches supports market strength.
Weakness: However, high product costs pose a major challenge for market growth. Scar treatments therapies are often not covered under insurance, making them unaffordable for many. Additionally, lack of awareness regarding new scar treatment options limits market demand.
Opportunity: nonetheless, growing medical tourism in countries like the US and Canada offers lucrative opportunities. Furthermore, emerging economies like Mexico show promising growth opportunities owing to improving healthcare infrastructure and rising disposable incomes. Additionally, ongoing clinical trials evaluating new therapeutics present opportunities over the forecast period.
Threats: unfavorable reimbursement policies challenge market potential. Stringent regulatory approvals for new products extend time to market and increase costs as well. Furthermore, alternative treatment options like laser resurfacing pose threats to market growth.
Key Takeaways
The Global North America Scar Treatment Market Demand is estimated to be valued at US$ 4348.7 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
The North America scar treatment market is expected to witness high growth over the forecast period owing to rising incidence of road accidents and burn injuries. The US dominates market share due to advanced healthcare infrastructure and growing cosmetic procedures. Furthermore, Canada shows strong potential for scar treatment owing to favorable reimbursement policies and high access to healthcare. Additionally, Canada witnesses fastest growth owing to growing medical tourism, favorable regulatory policies, and increasing scar revision procedures.
Key players
Key players operating in the North America Scar Treatment Market are DPR Construction, Inc., Turner Construction Co., Holder Construction Company, Hensel Phelps Construction Co, Balfour Beatty US, Helix Electric, Sudlows, Kraus Anderson Construction, The Beck Group, PCL Construction Enterprises, The Walsh Group, Hill International, and Engineered Structures, Inc. (ESI).
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