Consumers have become increasingly conscious about the way they look and this trend is projected to lead the global scar treatment market toward healthy growth. The market is expected to report a value of US$12.6 bn by 2024. With increasing disposable incomes, consumers have been actively spending on scar treatments. The type of treatment is also not consistent as they are willing to experiment with various treatment options for faster and more effective results. All things considered, the global scar treatment market is anticipated to expand at a 3.8% CAGR in the forecast period of 2016 up to 2024.
Single Method Treatment a Thing of the Past
Consumers are moving away from single method treatments as they are looking for the perfect balance between quick result and cost effectiveness. Though consumers are still readily opting for topical treatment methods, mixed treatments are catching up quickly. The topical product type segment is estimated to amount to US$7.3 bn by the end of the forecast period. Earlier, consumers did not prefer highly intrusive methods such as lasers or surgeries due to the high cost. But lately, combining invasive treatment methods with topical methods is a more preferred option as it is cost effective as well as provides quick results.
Insurance Companies Saving the Day
In the past, scar treatments would be opted mostly by the elite or the upper class who could afford the high cost of treatment. In the present scenario, however, many insurance companies have come up with attractive plans inclusive of scar treatments, giving a significant boost to the scar treatment market. With quick reimbursements and cashless policies made available in most hospitals and clinics, consumers have begun to readily opt for scar treatments.
A majority of insurance companies are now providing coverage for the treatment of acne – the leading segment in the global scar treatment market. This is providing a substantial revenue growth to the global scar treatment market, especially in developing regions.
Silicone Gel Sheet Paving the Way
Silicone gel has been used for the treatment of scars since the 1980s but its reach was not wide enough until proper clinical trials were conducted and authorities gave it the go-ahead. Today, silicone gel sheets are available for consumers to simply apply on the scar. The self-drying formula works on the scar in a matter of minutes. Silicone gel that can be applied on the scar as a thin layer twice a day is also readily available in the market. It is a quick, cost-effective, and topical form of scar treatment. The silicone gel sheet sub-segment is estimated to value US$2.4 bn by 2024, growing at a moderate CAGR during the forecast period.
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With the global scar treatment market making great strides, many companies have entered the market and are investing heavily in newer and more effective scar treatment methods. Some of the leading companies are Oculus Innovative Sciences Inc., Merz Inc., Lumenis, Valeant Pharmaceuticals International Inc, Cynosure Inc., CCA Industries Inc., Beijing Toplaser Technology Company Limited, Avita Medical Limited, Enaltus LLC., and Smith & Nephew PLC