Market Overview:
Scar treatment products are used for the treatment of scars caused due to accidents, injuries, surgeries and acne. Scars can be treated using topical creams, gels, silicone sheets, laser therapy, superficial radiotherapy and surgery. Scar treatment products help in improving the appearance and texture of scars.
The China Scar Treatment Market is estimated to be valued at US$ 16.59 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increase in road accidents is expected to drive the growth of China scar treatment market over the forecast period. For instance, according to the data published by WHO, more than 250,000 people die annually in road crashes in China. Rising number of accidents increase the demand for scar treatment products. Various scar treatment products such as topical gels, creams, laser therapy are used for treating the scars caused due to accidents. Furthermore, increasing awareness about available scar treatment products and rising disposable income are also expected to support the market growth in China during the forecast period.
Porter’s Analysis
Threat of new entrants: The China scar treatment market has moderate threat from new entrants due to requirement of high capital and established supply chain network in the industry.
Bargaining power of buyers: Bargaining power of buyers is high owing to availability of various scar treatment options.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to availability of alternate suppliers and differentiated products.
Threat of new substitutes: Threat from substitutes is low to medium as alternate treatment methods provide comparable effectiveness.
Competitive rivalry: Competition in the scar treatment market is high due to presence of many international as well as domestic players.
SWOT Analysis
Strength: Scar treatment market in China has strong growth prospects owing to increasing number of cosmetic procedures and growing medical tourism.
Weakness: High costs associated with scar treatment procedures and lack of awareness regarding available treatment options in rural areas are key weaknesses.
Opportunity: Growing middle class population with higher disposable incomes and rising health awareness present lucrative opportunities.
Threats: Stringent regulations and entry barriers for new market players and social stigma associated with visible scarring pose threats.
Key Takeaways
The China Scar Treatment Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing adoption of minimally invasive procedures. The China market dominated the Asia Pacific region with over 60% revenue share in 2023 owing to large population and rapid economic development.
Regional analysis Western region is the fastest growing region in China scar treatment market owing to increasing medical tourism and advanced healthcare facilities. The southern region currently dominates the market owing to presence of key players and availability of skilled practitioners.
Key players operating in the China scar treatment market are Smith & Nephew plc; Merz, Inc.; Lumenis; Enaltus LLC; Sonoma Pharmaceuticals, Inc.; Mölnlycke Health Care; Cynosure, Inc.; CCA Industries, Inc.; Scarheal, Inc., NewMedical Technology, Inc.; and Suneva Medical, Inc. These players are focusing on new product launches and strategic partnerships to strengthen their market position.
For More Insights, Read: https://www.newswirestats.com/china-scar-treatment-market-demand-growth-and-regional-outlook-by-2030/
