The scar treatment market is growing globally due to rising prevalence of skin diseases, increasing disposable income, rising number of road accidents, increasing volume of surgeries, technological advancements in treatment, and growing awareness about the process. Valued at $19.2 billion in 2017 by P&S Intelligence, the domain is expected to advance through the forecast period 2018–2023 with a CAGR of 10.5%. It is being predicted, that the market size by 2023 will be $34.9 billion.
Scars are marks that appear on the skin after it has been damaged, and the scar treatment market consists of all the methods used in their management. The treatment segment of the domain is divided into surgical, topical, laser, surface, and injectable. Of these, the topical category held the largest revenue share in 2017 (60.1%) due to the easy availability and cost-effectiveness of treatment products, including oils, creams, and gels.
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Similarly, when segmented by the type of scar, the market is categorized into acne scar, post-surgical scar, keloid and hypertrophic scar, stretch mark, and contracture scar. In 2017, the post-surgical scar subdivision led the scar treatment market with $6.5 billion revenue contribution, owing to a high number of surgeries performed globally. The increase in the volume of surgical procedures is further predicted to drive the growth of the sector during the forecast period.
In the present scenario, the increasing prevalence of skin problems has been aiding the scar treatment market growth. The type of skin diseases and their causes are vast, and to manage the issues, many new home-use beauty products and devices are flooding the market. Further, there is a growing need among people to look their best, primarily due to the penetration of movies, TV shows, and magazines. This is being aided by dermatology seminars and conferences, which are resulting in an increased awareness about skin diseases and ways to manage them.
Now, what has led people to actually go for such treatments, which were earlier sought out for extreme cases? The answer is more disposable income. Apart from giving people the freedom to visit hospitals and dermatology clinics, higher disposable income has also given them more purchasing power to procure home-use and personal beauty care devices. For instance, treatment for acne, one of the most common skin issues, was earlier sought out by the select few, but the research shows that acne treatments will witness considerable CAGR in the scar treatment market during the forecast period.
Hence, we see that increasing disposable income will give people the power to go for scar treatment, whether for medical reasons or aesthetic ones.