Rise in adoption of topical products such as gels, creams, and oils is increasing in the scar treatment market in the U.S. However, experts fear that this trend is not likely to continue in the long-run. The prime reason is the lack of documented clinical effectiveness across all scar types. This factor is anticipated hamper market share and revenue growth of established products as consumers are becoming more aware about clinical efficacies of products and sustainability of treatment effectiveness.
Global Scar Treatment Market: Overview
- According to Transparency Market Research’s latest report on the global scar treatment market for the historical period 2017–2018 and forecast period 2019–2027, rise in prevalence of chronic disorders, aging population, technological advancements, entry of new players, and increase in access to health care are projected to drive the global scar treatment market.
- According to the report, the global scar treatment market was valued at US$ 15.08 Bn in 2018 and is projected to expand at a CAGR of 8.3% from 2019 to 2027.
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Favorable reimbursement policies and increase in demand of scar treatment products: Key Drivers
- Rise in favorable reimbursement policies for the treatment of various scar conditions is fueling demand for scar treatment in the U.S. Additionally, reimbursement for burns, trauma, and post-operative surgical procedures is a major factor contributing to the scar treatment market in the country. Moreover, the U.S. Government is undertaking various favorable initiatives to accelerate the market by funding various manufacturers of scar treatment products.
- Key opinion leaders have noted that absence of international apex organizations and data collection systems are creating a vacuum in terms of estimating the size of the scar management market. However, exchange of ideas and incidence cases by experts are likely to contribute toward formation of new treatment possibilities and greater penetration of scar treatment products and services in the scar treatment market.
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Focus on Geographic Expansion
- Companies in the global scar treatment market are undergoing strategic acquisitions which enable product distribution in various regions and also strengthen their global presence. Rise in demand for technology-driven solutions, economic growth, and increase in awareness about chronic disorders present significant opportunities for players operating in the global scar treatment market.
- Distributors of scar treatment products are reducing prices to gain a competitive edge over in the market. Pricing strategies are often combined with inexpensive means of product distribution with greater visibility. This is driving the online media as an effective advertisement vehicle. Various social media platforms, rb_blog, and social discussion websites act as a suitable medium for posting opinionated reviews of products and rating their popularity measures. This leads to an increase in penetration of Internet and e-commerce in the globally.
- Companies such as Merz, Inc., Sonoma Pharmaceutical, Inc., and CCA Industries, Inc. are adopting various e-commerce marketing techniques to sell their products, especially topical products. The e-commerce companies provide topical products at discounted rate either through a coupon or through product bundling options. This strategy has increased consistent usage and purchase of scar treatment products by consumers. This, in turn, helps companies expand their market footprints worldwide.
Technology driven dependency and clinical efficacies to Hamper Market
- The global scar treatment market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the global scar treatment market, especially in the developing countries. Moreover, lack of reimbursement affects medical devices and products.
- Rise in adoption of topical products such as gels, creams, and oils is increasing in the scar treatment market in the U.S. However, experts fear that this trend is not likely to continue in the long-run. The prime reason is the lack of documented clinical effectiveness across all scar types. This factor is anticipated hamper market share and revenue growth of established products as consumers are becoming more aware about clinical efficacies of products and sustainability of treatment effectiveness.
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