Sweating is a natural bodily function produced by sweat glands under the skin. However, people with hyperhidrosis experience sweating even when they are not hot or exercising. This condition can affect any area of the body but most commonly causes excessive sweating of the underarms, palms, soles of the feet, upper lip, and scalp. Rising disease prevalence along with technological advancements have led to the development of advanced treatment options for hyperhidrosis.
The global Hyperhidrosis Treatment Market is estimated to be valued at US$ 641.54 Mn in 2023 and is expected to exhibit a CAGR of 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing disease prevalence presents a key growth opportunity for players in the Global hyperhidrosis treatment market Size. According to the International Hyperhidrosis Society, hyperhidrosis affects approximately 1 out of every 100 people. The prevalence is higher in Asian populations. With rising awareness about the condition and available treatment options, more patients are seeking medical help. Advancements in treatment technologies are also helping address the unmet needs of patients more effectively. The growing disease burden coupled with improved access to diagnostics and therapies will likely drive robust demand for hyperhidrosis treatments over the forecast period. Companies developing more affordable and effective treatment solutions can benefit significantly from this rising prevalence of the condition worldwide.
Porter's Analysis
Threat of new entrants: Low economies of scale in the research and development for new treatment options pose barriers for new companies. Regulatory hurdles and need for strong distribution channels also make entry difficult.
Bargaining power of buyers: Individual customers have low bargaining power due to lack of treatment alternatives and necessity of managing the condition. However, large hospitals and institutions can negotiate on bulk purchase contracts.
Bargaining power of suppliers: Established medical device players producing treatment products exert strong influence over pricing and supplies. Shortage of alternatives enhances their bargaining leverage over buyers.
Threat of new substitutes: Though some alternative therapies exist, treatment options from medical device and pharmaceutical companies dominate as close substitutes for managing hyperhidrosis symptoms. Newer drug R&D also faces high costs and regulatory approvals.
Competitive rivalry: Large global players compete intensely on innovation, product differentiation and market expansion. However, growth opportunities in emerging nations and scope for combinational therapies can accommodate new entrants and intensify competition over the forecast period.
SWOT Analysis
Strengths: Growing health awareness, proven efficacy of surgical and device-based treatments, rise in medical tourism for procedures.
Weaknesses: Expensive treatment costs, risk of recurrence after procedures, limited product choices in some regions.
Opportunities: Emerging economies like India with large patient base, potential for combinational drug therapies, scope for minimally invasive procedures.
Threats: Threat from alternative management options like iontophoresis, lack of insurance coverage in developing nations.
Key Takeaways
The global hyperhidrosis treatment market size is expected to reach US$ 1,604.15 Mn by 2030, expanding at a CAGR of 25% from 2023-2030.
Regional analysis: The Asia Pacific region currently dominates the market and is expected to continue its lead through 2030. Countries like India, China, and Indonesia host huge populations seeking treatment due to growing disposable income and availability of affordable procedures. Medical tourism has further boosted the regional market.
Key players: Key players operating in the hyperhidrosis treatment market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, OMRON Healthcare, Inc. Medtronic dominates with its extensive portfolio of microwave ablation and RF technology based devices to minimize sweating through targeted nerve blocking procedures.
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