Scars are permanent marks left on the skin after wounds or injuries have healed. Scar treatments refer to therapeutic interventions that aim to reduce the appearance of scars by improving their texture and color. There are several scar treatment options available including topical products such as gels, creams, and ointments containing antioxidants, vitamins, and silicone; laser and light therapies; and surgical procedures. The growing cosmetic consciousness among individuals and increasing incidence of accidents and trauma cases requiring skin grafting or suturing are driving the demand for scar treatment products and therapies in the North America region.
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 Opportunity:
Attaining an aesthetically pleasing appearance after healing through effective scar treatments is an important driver behind individuals opting for various scar revision therapies. Advanced scar treatments that can minimize scar visibility and disguise their presence are gaining popularity as they help restore natural skin texture and tone, thereby improving psychological well-being. The growing cosmetic importance of improving scar appearances and increasing availability of innovative treatments for this purpose is presenting lucrative prospects for players operating in the North America scar treatment market during the forecast period.
Porter’s Analysis
Threat of new entrants: The North American scar treatment market has low threat of new entrants due to high capital requirements and strong competitive pressure from established players.
Bargaining power of buyers: The buyers hold moderate bargaining power due to availability of alternative treatment options and brand awareness.
Bargaining power of suppliers: The suppliers hold low to moderate bargaining power due to differentiated products and technologies supplied.
Threat of new substitutes: The threat of substitutes is moderate as other treatment options like laser therapy, chemical peels are available.
Competitive rivalry: Strong rivalry exists among key players to gain higher market share.
SWOT Analysis
Strength: Wide product portfolio, growing healthcare expenditure in the US and Canada, rising demand for scar-free skin.
Weakness: High cost of treatments, lack of reimbursement policies, side effects of treatments.
Opportunity: Increasing medical tourism, growing cosmetic industry, product innovation.
Threats: Skepticism about treatment outcomes, preference for alternative medicines, stringent regulations.
Key Takeaways
North America Scar Treatment Market Demand is expected to witness high growth driven by rising consumer spending on aesthetic procedures and product innovation. 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.
The US dominates the regional market owing to high disposable incomes, advanced healthcare facilities and growing medical tourism. States like California, Florida and New York contribute significantly to the US scar treatment market share on account of concentration of medical facilities and favorable reimbursement scenario.
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).
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it