According to a new market report published by Persistence Market Research “Global Market Study on Scar Treatment: Asia to Witness Highest Growth by 2022”, the global scar treatment market is estimated to account for US$ 16,048.7 Mn by the end of 2015. The market is expected to expand at a CAGR of 10.3% from 2015 to 2022, accounting for US$ 31,904.8 Mn by 2022.
The global scar treatment market is witnessing significant growth due to rising prevalence of skin disease and growing expenditure on personal care. Moreover, technological advancements in scar treatment and increasing appearance consciousness among consumers are also driving the growth of the market. However, high costs of advanced scar treatments and side effects of various treatments inhibits the growth of the market. The scar treatment market is anticipated to grow from an estimated US$ 16,048.7 Mn in 2015 to US$ 31,904.8 Mn by 2022 at a CAGR of 10.3% during the forecast period.
In North America, the disposable income of people is high compared to other regions of the world, which results in high spending on personal care in the region. For instance, in 2014, around 10 million surgical and nonsurgical cosmetic procedures were performed in the U.S.
In Europe, the scar treatment market is driven by high disposable income in the Western European region, rising awareness about scar treatments, appearance consciousness and increasing the prevalence of wounds in the region.
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However, the growth of scar treatment market in Asia is much higher than that in developed countries, due to population explosion and improving healthcare facilities in the region. There are several other factors driving the scar treatment market in Asia such as rising disposable income, increasing the prevalence of skin related problems, and growing focus on personal well-being.
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Merz Pharma GmbH & Co. KGaA, Pacific World Corporation, Oculus Innovative Sciences, Inc., Valeant Pharmaceuticals International Inc., Avita Medical Limited, Enaltus, LLC., Revitol Corporation Inc., Scarguard Labs LLC, Quantum, Inc., CCA industries Inc. are some of the major players of Global Scar Treatment Market.