April 24, 2024
Hyperhidrosis Treatment Market

Hyperhidrosis Treatment Market Is Benefitted From Increasing Prevalence Of Hyperhidrosis Disorder

Hyperhidrosis, also known as excessive sweating, is a medical condition characterized by abnormally increased sweating, far in excess of that required for regulation of body temperature. Various treatment options available for hyperhidrosis include medication, botox injections, laser and high-intensity focused electromagnetic treatment, and surgery. The prevalence of hyperhidrosis has been increasing in recent years with changes in lifestyle and rising stress levels. This has led to higher demand for advanced treatment options across the world.

The Global Hyperhidrosis Treatment Market is estimated to be valued at US$ 739.06 Billion in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Hyperhidrosis Treatment are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, OMRON Healthcare, Inc. Hyperhidrosis treatment devices manufacturers are focusing on developing innovative products to cater to the rising demand. For instance, Medtronic offers sweat block therapy devices to treat sizeable underarms sweat problem.

The growing awareness and increasing diagnosis rates of hyperhidrosis disorder globally is driving the market growth. Various government initiatives to spread awareness about hyperhidrosis and available treatments have supplemented this growth. Furthermore, rising healthcare expenditure in emerging countries provides potential opportunities for players in this market.

The Global Hyperhidrosis Treatment Market Size is also witnessing expansion in untapped regional markets. Key players are focusing on establishing their distribution networks in Latin America, Asia Pacific and Middle Eastern countries. Abbott collaborated with Latin American healthcare providers to increase access to novel therapies in the region.

Market Key Trends

Technological advancements are one of the key trends being observed in the hyperhidrosis treatment market. Players are investing heavily in R&D to develop next-generation minimally invasive treatment devices. For instance, Boston Scientific received FDA approval for its miraDry system, featuring advanced microwave technology to treat underarms sweat. MiraDry procedure allows for long-term reduction in underarms sweat with minimal side effects and quick recovery. Such novel technical offerings are enhancing patient experience and driving the adoption of treatment globally.

Porter’s Analysis

Threat of new entrants: High capital requirements in R&D and high risk of products failing clinical trials limit the threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatment options for hyperhidrosis.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to a large number of suppliers of raw materials and components in the industry.

Threat of new substitutes: threat of new substitutes is moderate as there are few effective treatment substitutes for hyperhidrosis.

Competitive rivalry: Intense as major players compete on innovation, quality, and market penetration.

Geographical Regions

North America currently dominates the hyperhidrosis treatment market in terms of value owing to the increasing prevalence of hyperhidrosis, growing awareness, high healthcare expenditure, and rapid adoption of new technologies.

Asia Pacific is poised to register the fastest growth over the forecast period. Factors such as the large patient pool, rising disposable incomes, and increasing medical tourism will drive market growth in the region.

Porter’s Analysis

Threat of new entrants: High capital requirements in R&D and high risk of products failing clinical trials limit the threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatment options for hyperhidrosis.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to a large number of suppliers of raw materials and components in the industry.

Threat of new substitutes: threat of new substitutes is moderate as there are few effective treatment substitutes for hyperhidrosis.

Competitive rivalry: Intense as major players compete on innovation, quality, and market penetration.

Geographical Regions

North America currently dominates the hyperhidrosis treatment market in terms of value owing to the increasing prevalence of hyperhidrosis, growing awareness, high healthcare expenditure, and rapid adoption of new technologies.

Asia Pacific is poised to register the fastest growth over the forecast period. Factors such as the large patient pool, rising disposable incomes, and increasing medical tourism will drive market growth in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it