Due to the rising incidence of skin diseases, increasing consciousness amongst people about looks and appearance, surging awareness of Scar Treatment amongst the masses, rapid technological advancements and innovations in scar treatment, and the rising disposable income of people in several countries, the global scar treatment market grew rapidly during the last few years and is predicted to exhibit rapid progress in the future years as well, as per the findings of the market research company, P&S Intelligence.
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The rising incidence of various dermatological diseases and ailments such as vitiligo, eczema, and psoriasis is a major factor driving the growth of the market. The prevalence of such diseases has increased tremendously over the past few years, because of increased exposure to UV (ultraviolet) radiation and the high pollution levels in many countries around the world. The high incidence of skin ailments has resulted in decreased skin elasticity, sunburns, and hair loss.
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The other important factor fueling the progress of the market is the increasing disposable income of people in many countries around the world. Moreover, people are becoming more conscious regarding their looks and appearance and are thus, spending more money on numerous skincare and grooming products. As per the findings of the U.S. Bureau of Labor Statistics, the personal disposable income of the people residing in the U.S. rose from $9,002.0 billion to $12,985.8 billion from 2004 to 2014 and is further predicted to grow to $19,874.5 billion in 2024.
Geographically, the Scar Treatment Market is predicted to demonstrate the highest growth in North America in the near future. The second-highest market growth will be observed in Europe in the next few years. Furthermore, it is expected that both the European and North American regions will account for more than 66.0% share in the market in 2023. This is ascribed to the existence of several market players, rapid advancements and innovations in technologies, and the growing disposable income of people in these regions.
Hence, due to the increasing spending power of people, rising consciousness amongst the masses regarding looks, and the increasing incidence of various skin diseases, the market will register substantial growth in the years to come.
