by Market Overview:
Hyperhidrosis is a condition characterized by abnormal sweating beyond the level required to maintain normal body temperature. It is commonly known as excessive sweating. Various treatment options are available depending on the severity of condition which includes topical medications,botulinum toxin injections, oral medications, laser therapy and iontophoresis. Botulinum toxin injections helps to reduce excessive sweating by blocking nerve signals to sweat glands. It is emerging as a popular non-invasive treatment option.
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 5.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the hyperhidrosis treatment market is increasing preference of minimally invasive procedures over surgical treatments. Minimally invasive procedures such as botulinum toxin injections and laser therapy are gaining popularity as they offer quick relief and have lesser side effects as compared to surgical procedures. These procedures do not require general anesthesia and hospital stay which makes them more convenient and cost effective treatment options. Another key trend is growing research and development activities in the market. Several new drug candidates are under clinical trials which if approved will provide novel treatment alternatives and drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The hyperhidrosis treatment market requires huge investment for R&D of new treatment options as well as marketing and promotions. These high entry barriers limit threat from new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several treatment options available for hyperhidrosis. Buyers can opt for generic drugs if branded drugs are priced high.
Bargaining power of suppliers: Major suppliers in this market include drug manufacturers and medical device manufacturers. Their bargaining power is moderate due to presence of several suppliers.
Threat of new substitutes: Threat from new substitutes is low as currently there are limited treatment alternatives available for hyperhidrosis.
Competitive rivalry: The hyperhidrosis treatment market experiences high competitive rivalry owing to presence of many global and regional players offering similar product portfolios.
Key Takeaways
The Global Hyperhidrosis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing prevalence of hyperhidrosis and rising awareness about available treatment options.
Regionally, North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to growing awareness about treatment in the region. However, Asia Pacific is anticipated to witness fastest growth owing to rising healthcare infrastructure and improving access to treatment in developing countries.
Key players operating in the hyperhidrosis treatment market includes GSK Plc (U.K.), TheraVida (U.S.), Revance (U.S.), NovaMedica. (Russia), Ulthera, Inc. (U.S.), DEMIRA e.V (Germany), Abbvie, Inc (U.S.), Fresh Tracks Therapeutics, Inc. (U.S.), Dr. August Wolff GmbH (Germany), Dermavant Sciences, Inc. (U.S.), Eirion Therapeutics, Inc (U.K.). Major players are focused on product innovation and geographical expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
