North America Scar Treatment Market, By Product Type (Topical (Gels, Creams, Oils, Sheets), Laser (CO2 Laser, Excimer Laser, Pulsed Dye Laser), Surface Treatment, Injectable), By Scar Type (Atrophic scars (Acne, Trauma and Surgery), Hypertrophic Scars and Keloids, Contractures, Stretch Marks), By Distribution Channel (Hospitals, Clinics, Pharmacies and Drug Stores, E-Commerce) and By Country (U.S., Canada) is estimated to be valued at US$ 4,348.7 Million in 2023, exhibiting a CAGR of 4.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key players in the market are focusing on the adoption of inorganic growth strategies, such as partnerships and collaborations, in order to strengthen their market presence in the North America scar treatment market, which is expected to drive the market growth over the forecast period. For instance, in March 2022, Alliance Pharma PLC, a leading international healthcare business, bought the brand ScarAway from Perrigo Company plc, a registered manufacturer of private-label over-the-counter pharmaceuticals, which will accelerate Alliance's strategy in the U.S.
North America Scar Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding the transportation of drugs from one place to another.
COVID-19 had a negative impact on the North America scar treatment market, owing to the decreased number of surgical operations carried out during the COVID-19 pandemic. For instance, in August 2022, a study by Massachusetts General Hospital, which is a healthcare provider, found that reductions in many types of surgical procedures due to SARS-CoV-2 have not fully recovered to their pre-pandemic levels, resulting in severe backlogs and postponed surgeries that could have serious health care and cost implications for the future. Due to the reduced number of surgeries, there is a decrease in the number of scar treatments.
North America Scar Treatment Market- Key Developments
The key market players are focusing on growth strategies such as product launches, acquisitions, and agreements in order to enhance their product portfolio. For instance, on March 9, 2023, Candela Corporation, a Canada based medical device company, announced that the U.S. Food and Drug Administration (FDA) and Health Canada have cleared Candela Corporation’s PicoWay laser for the treatment of birthmarks, lentigines, melasma, and Nevus of Ota.
In December 2022, Perrigo Company plc, a U.S.-based manufacturer of private-label over-the-counter pharmaceuticals announced that it is ready to acquire HRA Pharma, a fast-growing consumer healthcare company. HRA is a star asset that will bring Perrigo a portfolio of market-leading over-the-counter self-care brands in growing categories, including blister care, women’s health, and scar treatment.
In April 2022, GSK plc., a U.S.-based pharmaceutical company, announced the acquisition of Sierra Oncology, Inc., a late-stage biopharmaceutical company, which will help to address the critical unmet medical needs of myelofibrosis patients with anemia.
In June 2021, Sol-Gel Technologies Ltd., a clinical-stage dermatology company, and Galderma, the world’s largest independent dermatology company, announced they have signed two exclusive 5-year license agreements for the commercialization of EPSOLAY and TWYNEO in the U.S.
Browse 20 Market Data Tables and 14 Figures spread through 140 Pages and in-depth TOC on “North America Scar Treatment Market ”- Forecast to 2030 By Product Type (Topical (Gels, Creams, Oils, Sheets), Laser (CO2 Laser, Excimer Laser, Pulsed Dye Laser), Surface Treatment, Injectables), By Scar Type (Atrophic scars (Acne, Trauma and Surgery), Hypertrophic Scars and Keloids, Contractures, Stretch Marks), By Distribution Channel (Hospitals, Clinics, Pharmacies and Drug Stores, E-Commerce) and By Country (U.S., Canada)
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