Topical Scar Treatment Market To Generate $1,451.1 Million Revenue by 2030

A number of factors such as the increasing incidence of burns, growing disposable income, burgeoning geriatric population, rising cases of road accidents, and growing prevalence of skin diseases will help the topical scar treatment market exhibit a CAGR of 7.7% during 2021–2030. According to P&S Intelligence, the market revenue stood at $701.6 million in 2020, and it will reach $1,451.1 million by 2030. In recent years, the burgeoning demand for silicone-based scar treatment products has become a prominent industry trend.

The rising prevalence of burn injuries is one of the primary growth drivers of the market, as scars are often formed due to skin damage caused owing to burns. According to the WHO, approximately 180,000 burn-related deaths are caused every year, globally. Nearly two-thirds of these deaths are recorded in the African and SEA regions. As per an article published in the Experimental and Therapeutic Science Journal in April 2019, over 10 million people in China suffer from burns every year. 

The atrophic and acne scar category, within the scar type segment, generated the highest revenue in the topical scar treatment industry in 2020. The dominance of this category is ascribed to the growing prevalence of atrophic and acne scars among adolescents, owing to their unhealthy eating habits and ongoing hormonal changes in their bodies. The IHME states that 4.96 million people around the world were affected by acne vulgaris in 2019. Owing to these factors, the market in this category is also expected to showcase the fastest growth in the coming years.  

Currently, the topical scar treatment industry is fragmented, with the presence of numerous players in China, Hong Kong, Taiwan, SEA, and South Korea. Some of the prominent players in these countries include Alliance Pharma plc, Aroamas LLC, Integra LifeSciences Holdings Corporation, Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Mylan N.V., Mölnlycke Health Care AB, and Terez & Honor. Nowadays, these players are actively focusing on product launches to consolidate their position.  

Geographically, China accounted for the largest share in the topical scar treatment market in 2020, and the country market will also demonstrate the fastest growth in this decade. This can be attributed to the growing geriatric population, surging cases of skin diseases, and mounting disposable income of people in the country. Moreover, the rapid economic growth in the country will also facilitate the demand for technologically advanced scar treatment products. For instance, the GDP of China surged from $13.895 trillion in 2018 to $14.28 trillion in 2019, as per the World Bank. 

Browse Full Report Topical Scar Treatment Market Size, Share, Trend Analysis Report


Comments

Post a Comment

Popular posts from this blog

Huge Growth Expected in Dermacosmetics Market in Future

Image
 The cosmetic industry, while mostly misunderstood as dealing with just the aesthetic appearance, has been undergoing technological advancements and moved beyond face creams and face powders since a long time now. Other than this, the prevalence of skin diseases is also rising across the globe and it has been shown by the Global Burden of Disease project that skin diseases are the 4th leading cause of nonfatal disease burden globally. Moreover, understanding the impact of skin diseases is important as in some cases skin conditions often represent a more severe systemic illness, such as human immunodeficiency virus and neglected tropical diseases.  Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/dermacosmetics-market/report-sample Attributed to these reasons, the development of dermacosmetics has been made possible. These products are crucial now in the branch of dermatology as they combine cosmetics and scientific techniques for the management of a
Read more

Increasing Occurrence of Spinal Cord Injuries Powering Sales of Exoskeletons

Image
The growing prevalence of stroke and spinal cord injuries (SCIs) is fueling the surge in the demand for exoskeletons in several healthcare settings such as rehabilitation centers across the world. In the healthcare industry, exoskeletons are used for helping paralyzed patients walk. For example, as per the National Spinal Cord Injury Statistical Center (NSCISC), in the U.S., there are around 54 cases of SCIs per one million people, or nearly 17,730 new SCI cases are reported every year. Furthermore, in the U.S., the average number of people suffering from spinal cord injuries is 291,000, with various individual estimates falling in the range of 249,000–363,000. The surging geriatric population in several countries is also fueling the demand for exoskeletons. As per the World Population Ageing 2019 report published by the UN, the total number of people in the age bracket- 65 years or above across the world was 703 million in 2019. Moreover, the public awareness about exoskeletons and th
Read more

How is Rising Prevalence of Chronic Diseases Driving Biobanking Market?

Image
  Despite all the advancements in the healthcare system, pertaining to therapy, diagnosis, and devices, there a number of chronic ailments which cannot be cured, including cancer, Alzheimer’s disease, Parkinson’s disease, human immunodeficiency virus, and the latest COVID-19, to name a few. Research has been going on indefinitely regarding finding a cure for these and several other diseases in order to reduce their growing prevalence. One of the processes for conducting research on a disease and on its treatment is the collection of biological samples and health information, which is referred to as a biobank.    Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/biobanking-market/report-sample Biobanks basically serve as a library for researchers, and reduce the time and resources required for recruiting new participants for each research study as samples and needed medical information are all available at one place. By collecting samples and recru
Read more