Pigmentation disorders treatment market is estimated to be valued at USD 7.33 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period (2024-2031). The global pigmentation disorders treatment market is witnessing high growth due to the rising awareness regarding various pigmentation disorders and their available treatment options through social media platforms and online resources are expected to drive the market growth.
Market Dynamics:
The growth of the global pigmentation disorders treatment market is driven by the increasing awareness about various pigmentation disorders and availability of treatment options. Pigmentation disorders like vitiligo, hyperpigmentation and hypopigmentation affect nearly 20-30% of the global population and patients are increasingly looking for effective treatment options. Moreover, the rising healthcare expenditure in developing countries is also expected to fuel the market growth during the forecast period. On the other hand, high cost of advanced treatment procedures and lack of skilled dermatologists in certain regions may hamper the market growth. However, ongoing research & development activities for the development of newer treatment options are likely to create new opportunities.
Increasing Prevalence of Skin Disorders Acts as a Major Market Driver
One of the key drivers for the global pigmentation disorders treatment market is the rising prevalence of various skin disorders globally. Pigmentation disorders like vitiligo, melasma, and post-inflammatory hyperpigmentation are becoming increasingly common. The growing exposure to UV radiation from the sun due to changing lifestyles as well as pollution are major contributing factors. The increasing cases of these disorders are driving more people to seek treatment options. This growing patient pool is enhancing the growth prospects of the global pigmentation disorders treatment market.
Growing Awareness about Pigmentation Therapies is Propelling the Market Growth
Another notable factor driving the pigmentation disorders treatment market is the increasing awareness about various therapies and treatment options available. Various government as well as non-profit organizations are undertaking initiatives to spread awareness about these conditions and their treatments. For example, events like World Vitiligo Day are celebrated annually to educate people about vitiligo and available treatments. Cosmetic companies are also educating consumers about pigmentation therapies through social media marketing and brand campaigns. The rising awareness is encouraging more individuals to get clinically diagnosed and opt for treatments instead of home remedies. This awareness is positively impacting the revenue generation in the global pigmentation disorders treatment market.
High Treatment Costs Restrict Market Growth
One of the major challenges faced by the pigmentation disorders treatment market is the high costs associated with many therapies. Many prescription medications and cosmetic procedures used to treat conditions like melasma, vitiligo, and chloasma are costly. For example, specialized light therapies using excimer lasers cost hundreds to thousands of dollars per treatment course. Similarly, hydroquinone creams prescribed for various hyperpigmentation issues are also expensive. The long-term and repetitive nature of many such pigmentation therapies further increases the overall treatment costs. This acts as a major restraint, especially in cost-sensitive developing regions, limiting overall market growth.
Emerging Economies with Large Patient Population in Lucrative Markets
Emerging economies in regions like Asia Pacific, Latin America, and Africa with their huge population bases and evolving healthcare infrastructure present lucrative market opportunities. Many such nations have a large patient population affected by pigmentation issues often going untreated. With economic growth improving access and affordability of treatments, these developing countries are primed to be high growth markets. Companies adopting effective emerging market-focused strategies and partnerships can capitalize on this vast potential to drive future revenue streams. Penetrating such high growth territories early can help gain first-mover's advantage.
*Link: https://www.coherentmarketinsights.com/market-insight/pigmentation-disorders-treatment-market-5421
Key Development
- In September 2023, Almirall, S.A, a pharmaceutical company, announced the launch of its atopic dermatitis (AD) awareness campaign “Moving AheAD” in observance of World Atopic Eczema Day. The aim of the campaign is to bring new initiatives and strategies to increase awareness among society, patients, and healthcare professionals.
- In November 2022, Jupiter Wellness, Inc., a company supporting health and wellness through the research and development of over-the-counter (OTC) products, announced that it had received approval from CDSCO (Central Drugs Standard Control Organization) to sell its product Photocil (branded as PhotoFirst in India) for the treatment of psoriasis and vitiligo
- In July, 2022, Incyte, a biopharmaceutical company, announced that it had received an approval from the U.S. Food and drug Administration, for Opzelura (Ruxolitinib) Cream indicated for the treatment of vitiligo
- In June 2022, Ahammune Biosciences Pvt. Ltd., an innovation-led drug discovery company, and Veeda Clinical Research, a provider of end-to-end drug development services, entered into a partnership for first in human studies with Ahammune’s investigational new drug- AB1001, being developed as a topical therapy for vitiligo
- In June 2021, National Organization for Albinism and Hypopigmentation announced a call for proposals focusing on research exclusively related to therapeutics and biomarkers development for all types of albinism with a grant of US$ 100,000.
Key Players: Abbvie Inc., Edesa Biotech, Inc., Amgen, Inc., Pfizer Inc., CLINUVEL PHARMACEUTICALS LTD, Uniza Group, Dr. Reddy’s Laboratories Ltd., Roivant Sciences Ltd., Incyte, Aclaris Therapeutics, Inc., Glenmark Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Viatris Inc., GSK plc., Vyne Therapeutics Inc., Temprian Therapeutics Inc., and Arrien Pharmaceuticals, LLC