A skin pigmentation disorder is a condition that affects the color of the skin. Some common types of skin pigmentation disorders include albinism, melasma, vitiligo, and pigment changes from skin damage. Treatment may include covering smaller patches with long-lasting dyes, UV light therapy, light-sensitive medicines, surgery, corticosteroid creams, and removing remaining pigment from skin (depigmentation). These treatment options are used to treat various pigmentation conditions. Pigmentation disorders are commonly diagnosed, evaluated, and treated in primary care practices.
Market Statistics:
The Global Pigmentation Disorders Treatment Market is estimated to account for US$ 6,476.5 Mn in terms of value by the end of 2022.
Drivers:
Rise in demand for safe and effective pigmentation disorders treatment is expected to drive growth of the global pigmentation disorders treatment market over the forecast period. For instance, with the increase in prevalence of pigmentation disorders, the demand for safe and effective treatment is also increasing with a rapid pace. In July 2022, Incyte Corporation received approval from the United States Food and Drug Administration (FDA) for Opzelura (ruxolitinib) cream to treat non-segmental vitiligo in adult and pediatric patients 12 years of age and older. Opzelura is the first FDA-approved pharmacologic treatment to address re-pigmentation in vitiligo patients.
Opportunities:
Increase in prevalence of pigmentation disorders and growing geriatric population across the globe is expected offer significant growth opportunities for players in the global pigmentation disorders treatment market. For instance, geriatric population is more likely to develop certain pigmentation disorders, as aging skin becomes more avascular and make skin of elderly more marked by pallor. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is expected to propel the market growth.
Restraints:
Lack of reimbursement policies and high cost associated with the treatment is expected to hinder growth of the global pigmentation disorders treatment market. For instance, cost of pigmentation treatment depends on the type of treatment and the number of sittings required to correct the skin. This cost would go high as there would be a requirement of multiple sessions for each treatment, thereby multiplying the cost of the procedure. Moreover, in the U.S., the Internal Revenue Service Regulations and Rulings establish general rules for the items eligible/ineligible for reimbursement.
Global Pigmentation Disorders Treatment Market- Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of COVID-19 has impacted the global pigmentation disorder treatment market. Millions of elective surgical procedures were cancelled worldwide during the first wave of the pandemic, as most cosmetic procedures are categorized as non-essential. In short, the COVID-19 pandemic has had a negative impact on the growth of the pigmentation disorders treatment market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pigmentation-disorders-treatment-market-5421
Key Takeaways:
The global pigmentation disorders treatment market was valued at US$ 6.09 Bn in 2021 and is forecast to reach a value of US$ 9.68 Bn by 2028 at a CAGR of 6.0% between 2022 and 2028.
Among type of disorder, melasma segment held dominant position in the global pigmentation disorders treatment market in 2021, accounting for 38.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the major trends in the pigmentation disorders treatment market is the increasing focus on the development of safe and effective pigmentation disorders treatment. Players in the market are focusing on developing and launching safe and effective treatments in the market due to increase in prevalence of pigmentation disorders and increase in demand for novel treatments. This in turn is expected to continue during the forecast period, driving the market growth.
Competitive Landscape:
Major players operating in the global pigmentation disorders treatment market include Abbvie Inc. (Allergan Inc.), Episciences Inc., L'ORÉAL SA (SkinCeuticals International), and Pfizer Inc.
Recent Developments:
In April 2021, Incyte Corporation released positive findings from two analyses of its randomized, dose- ranging, vehicle-controlled Phase 2 study evaluating ruxolitinib cream, an investigational non-steroidal, anti- inflammatory, JAK inhibitor therapy, in adult patients with vitiligo.
In November 2019, Temprian Therapeutics Inc. in-licensed a patent for DNA-based drug encoding the modified heat shock protein, HSP70i, from the Northwestern University. The patent forms the backbone for TT-01, a drug under development by Temprian Therapeutics to treat vitiligo.
