by Market Overview:
Hyperhidrosis is a chronic condition characterized by excessive sweating beyond what is necessary to regulate the body temperature. It usually affects the palms, soles, underarms, and face. The treatment market comprises prescription medicines such as topical anticholinergic agents and oral anticholinergic agents. It also includes minimally invasive procedures such as botulinum toxin injections and laser therapies. These targeted treatment options provide a more effective alternative to conventional systemic therapies.
The 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 Dynamics:
The growth of the hyperhidrosis treatment market is driven by the rising awareness about the availability of effective treatment options and the increasing preference for minimally invasive therapies over oral medicines. According to the International Hyperhidrosis Society, over 50 million people in the United States alone suffer from excessive sweating conditions. However, the limited awareness in developing regions and high treatment costs pose a challenge to market players.
The increasing prevalence of hyperhidrosis worldwide is another key factor fueling the market growth. A study published in the International Journal of Dermatology estimated the prevalence rate to be 3.8% among South Koreans. In 2018, the American Academy of Dermatology also found out that nearly 4% of the US adult population has hyperhidrosis. This rising disease prevalence has boosted the demand for innovative treatment solutions in the market.
Segment Analysis
The hyperhidrosis treatment market is segmented into axillary hyperhidrosis, palmar hyperhidrosis, plantar hyperhidrosis and others. The axillary hyperhidrosis segment dominates the market as it accounts for the highest percentage of cases of hyperhidrosis. Approximately 50-75% of patients suffer from axillary hyperhidrosis making it the most common site affected.
PEST Analysis
Political: The market is positively impacted by increasing healthcare expenditure by goverments globally to provide better treatment options for patients.
Economic: The rising disposable incomes levels have increased spending on advanced treatment procedures driving market growth.
Social: Growing social stigma and embarrassment associated with excessive sweating is raising awareness about availability of treatment methods boosting demand.
Technological: Adoption of minimally invasive procedures such as botulinum toxin injections and microwave technology based treatments are gaining popularity and fueling market expansion.
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 awareness about treatment options and social acceptance of surgical procedures.
The North America region dominated the market in 2023 with a share of over 35%, owing to high treatment adoption and presence of major players. Asia Pacific is poised to be the fastest growing market during the forecast period, propelled by growing medical tourism industry and rising healthcare expenditures.
Key players operating in the hyperhidrosis treatment are 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.), and Eirion Therapeutics, Inc (U.K.). Major players are focused on new product approvals and launches to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
