by Hyperhidrosis, commonly referred to as excessive sweating, affects nearly 2-3% of the global population. Left untreated, it can severely impact quality of life and mental well-being. Hyperhidrosis symptoms typically involve excessive sweating of the underarms or hands and feet. Treatment options range from topical antiperspirants,BOTOX injections,oral medications,micro-incisional endoscopic thoracic sympathectomy surgery, laser therapy and iontophoresis. BOTOX injections involve injecting small amounts of botulinum toxin directly into sweat glands to temporarily block nerve signals that cause excessive sweating. Surgery offers a permanent solution by cutting nerves underneath the diaphragm that signal sweat glands. Iontophoresis uses a mild electric current to treat affected body areas and reduce sweating. 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 key trends:
One of the key trends in the Global hyperhidrosis treatment market Size is the rising awareness about treatment options. Due to increased awareness created by non-profit organizations, social media support groups and open discussions on forums, more people are seeking medical help for their hyperhidrosis condition. This has benefited leading pharmaceutical companies and medical device manufacturers as increased diagnosis and treatment adoption is expanding the hyperhidrosis treatment market potential globally. Furthermore, new product launches with improved formulations and effective ingredients are also driving the market as consumers look for lasting and better treatment options.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the hyperhidrosis treatment market is moderate. Developing new hyperhidrosis treatment requires substantial investment in R&D.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple treatment options. Buyers can negotiate on price and demand value-added services from established players.
Bargaining power of suppliers: The bargaining power of suppliers in the hyperhidrosis treatment market is low due to the presence of multiple ingredient suppliers. Suppliers do not have significant influence over pricing.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives available for hyperhidrosis.
Competitive rivalry: The competitive rivalry in the hyperhidrosis treatment market is high owing to the presence of established players. Players compete based on treatment efficacy, success rate, and new product launches.
Key Takeaways
The global hyperhidrosis treatment market is expected to witness high growth over the forecast period.
Regional analysis: North America is estimated to account for the largest share of the global hyperhidrosis treatment market in 2024, followed by Europe. The increasing research on hyperhidrosis and rising adoption of technologically advanced treatments are boosting the market in North America.
Key players: Key players operating in the hyperhidrosis treatment market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., and Baxter. OMRON Healthcare, Inc. focuses on new product launches to strengthen its market position. Key players are expanding their presence in high-growth emerging markets through partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
