The major factors driving the growth of the lip cold sore treatment market are the increasing incidence of herpes simplex virus (HSV), surging number of people, especially children, suffering from lip cold sores, and enhancements in treatments due to extensive research and development (R&D). The sale of the products used for the treatment of this disease fetched $45,262.1 thousand in 2020, and the revenue is set to reach $85,265.1 thousand by 2030, at a 6.7% CAGR between 2021 and 2030 (forecast period).
Cream, patch, gel, and others are the categories of the product segment, where the others category includes ointment, stick, lip balm, and liquid extract. Among these, the market was dominated by the cream category between 2015 and 2020 (historical period) because creams provide quick healing and reduce the severeness of itching, pain, tingling, burning, and other symptoms. This is achieved by stopping the growth of the virus, which is why this category will also growth the fastest during the forecast period.
The distribution channel segment of the lip cold sore treatment market is divided into pharmacies, direct sales, e-commerce, and grocery stores. In 2020, the pharmacies category generated the highest revenue, and it will continue to hold the largest share till 2030. This is because lip cold sores are majorly caused by HSV-1 infection, which is why patients prefer to buy treatment products from a registered pharmacist (chemist). Additionally, most of the products are available on a prescription from a dermatologist, hence rarely offered at retail stores and online channels.
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A major trend in the lip cold sore treatment market is the use of patches. Presently, several companies, including Laboratoire HRA Pharma SAS, Quantum Health, and SmartMed, are offering patches for the treatment of this disease on online channels. The demand for these products is growing as they are a good alternative to treatment with antiviral medication. The hydrocolloid-075 contained in them soothes, heals, and reduces the extent of cold sores quickly, while also protecting other people from contracting the HSV-1 infection.
The strongest factor driving the industry is the increasing incidence of this disease. Common factors such as abnormal hormone levels, fatigue, physical trauma, immunosuppression, and physiological and psychological stress, can aggravate an already existing HSV-1 infection, as well as kick a dormant infection into overdrive, thus leading to cold sores on the lips. Countries with a high rate of recurring HSV-1 infection are Thailand, the Philippines, Indonesia, and Vietnam, which will likely propel the demand for treatment products here.
In the coming years, lucrative lip cold sore treatment market opportunities would be created by the increasing disposable income around the world. For instance, according to the National Bureau of Statistics of China, the country’s personal disposable income rose to $6,351.5 in 2020 from $6,137.8 in 2019. This has been allowing people to spend more on products to treat lip cold sores, which, earlier, went untreated in most cases. As a result, market players are being encouraged to increase their production output to meet the increasing product demand.
China is the largest lip cold sore treatment market owing to the high incidence of HSV-1 infection here. Further, the increasing awareness of this disease and its symptoms, such as lip cold sores, is driving the demand for treatment in the country. As a result, market players are increasing their presence in China to take advantage of the increasing product requirement by the huge population. Additionally, as per the United Nations (UN), children aged 4–9, who are increasingly suffering from lip cold sores, numbered 84.4 million in 2015 and 86.7 million in 2020 in China.
Therefore, the rising prevalence of the HSV-1 infection, including in children, will drive the market growth.
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