According to P&S Intelligence, the increase in the need of people to have an appealing appearance will help in propelling the scar treatment market to $63.4 billion in 2030 from $19.6 billion in 2019, at an 11.5% CAGR between 2020 and 2030 (forecast period).
In 2019, of the 18.1 million cosmetic surgeries performed in the U.S., 181,132 were for scar revision, says the American Society of Plastic Surgeons (ASPS) in its Plastics Surgery Report 2019. Such a high volume of aesthetic procedures is a result of the increasing appearance consciousness in the country, a trend that is being witnessed around the world a well. As per the International Society of Aesthetic Plastic Surgery (ISAPS), 10,607,227 surgical and non-surgical cosmetic procedures were carried out around the world in 2018.
Similarly, the prevalence of burns is also increasing around the world, with the more-profound impact of such mishaps seen in developing countries, which often lack proper fire safety standards. “An estimated 180 000 deaths every year are caused by burns – the vast majority occur in low- and middle-income countries.”, says the World Health Organization (WHO). The agency further credits non-fatal burns as a leading cause of scars and morbidity, which severely hamper the ability of people to perform day-to-day functions, thereby destroying the quality of life.
Even though laser treatments are gaining widespread popularity, topical treatments continue to be the most widely used, especially since they are now available easily on e-commerce portals. With the increasing penetration of the internet and smartphones, online shopping activities have begun to account for a significant share of the total retail sales. In regard to scar treatment, a number of topical gels, creams, sprays, and oils can be bought over the website of the manufacturing company or third-party shopping portals. Moreover, topical products are easy to apply and need no real expertise, which is why they are extensively used by people in the comfort of their homes.
North America held the largest share in the scar treatment market in 2019, and it will continue doing so till 2030. The appearance consciousness, prevalence of acne, demand for improved products for scar treatment, volume of plastic surgeries, and disposable income are rising in the continent. Additionally, many cosmetic, personal care, and medical device companies are headquartered in the U.S., which continues to drive the regional market. The highest CAGR till 2030 in the industry would be witnessed in Asia-Pacific (APAC) owing to the rising healthcare spending and number of accidents.
Hence, with the growing prevalence of diseases and other events that lead to scars, the demand for products that can help treat them will keep increasing.
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