Global Vitiligo Drug Market, by Drug Type (Marketed Drugs (Calcineurin Inhibitors, Corticosteroids, and Psoralens) and Pipeline Drug (Ruxolitinib Phase 3)), by Indication Type (Segmental Vitiligo and Non-segmental Vitiligo), by Route of Administration (Oral and Topical), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 151.9 million in 2020 and is expected to exhibit a CAGR of 12.9% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Global Vitiligo Drug Market- Impact of Coronavirus (COVID-19) Pandemic
Lockdown in various countries due to the pandemic has placed an economic burden on the private healthcare sector. Healthcare providers are facing challenges with regards to declining outpatient’s visits, manpower, equipment, consumables, and other resources to ensure safety in treatment of patients with other diseases. As COVID- 19 pandemic lead to lockdown in several countries globally. This lockdown has resulted in the closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the pharmaceuticals and kits for diagnostic and therapeutic use.
For instance, according to the Indian Journal of Medical Sciences, June 2020, the COVID-19 pandemic has affected the conduction of clinical trials due to unavailability of trial site staff, restrictions for travelling, investigational product availability, and others. According to National Center for Biotechnology Information (NCBI), April 29, 2020, across the pharmaceutical sector, research programs and preclinical activities have been disrupted, as the companies have reduced the number of people working on the site to keep them safe. Around 85% of the pharmaceutical companies’ employees are working from home since several weeks, which is one of the reasons for the delay in the conduction of the trials. Moreover, lack of laboratory consumables, personal protective equipment (PPE), and reagents are some of the reasons for the delay in the conduction of clinical trials.
Thus, COVID-19 has negatively impacted the global vitiligo drug market.
The increasing number of clinical trials, product launches, collaborations, and partnership strategies adopted by key players are the major factors, which are expected to drive growth of the global vitiligo drug market during the forecast period.
The increasing number of clinical trials and positive results of trials of vitiligo drugs is expected to contribute significantly to the global vitiligo drug market growth. For instance, in June 2019, Incyte announced 24-week results from its randomized, double-blind, dose-ranging, vehicle-controlled, Phase 2 study evaluating ruxolitinib cream, a non-steroidal, anti-inflammatory, JAK inhibitor therapy, in adult patients (18 to 75 years of age) with vitiligo. The study met its primary endpoint, demonstrating that significantly more patients treated with ruxolitinib cream for 24 weeks achieved a ≥50% improvement from baseline in the facial vitiligo area severity index score compared to patients treated with a vehicle control (non-medicated cream).
Key players in the global vitiligo drug market are focused on adopting inorganic growth strategies such as collaborations and partnerships, which is expected to drive growth of the market during the forecast period. For instance, in December 2018, Innovent Biologics, Inc. and Incyte announced that the companies, through their respective subsidiaries, entered into a strategic collaboration agreement for three clinical-stage product candidates discovered and developed by Incyte- pemigatinib, itacitinib, and parsaclisib. Under the terms of agreement, Innovent will pay Incyte US$ 40 million in cash up front, and Incyte shall be eligible to receive an additional US$ 20 million in consideration in connection with the first investigational new drug application by Innovent in China.
Moreover, increasing launch of drugs from the key market players are expected to drive growth of global vitiligo drug market during the forecast period. For instance, in June 2014, Dr. Reddy's Laboratories, a pharmaceutical company based in India, launched the Melgain lotion indicated for treatment of vitiligo as well as skin pigmentation disorders in India.
Browse 35 Market Data Tables and 35 Figures spread through 195 Pages and in-depth TOC on Global Vitiligo Drug Market, by Drug Type (Marketed Drug (Calcineurin Inhibitors, Corticosteroids, and Psoralens and Pipeline Drug (Ruxolitinib Phase 3)), by Indication Type (Segmental Vitiligo and Non- segmental Vitiligo), by Route of Administration Type (Oral and Topical), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as mergers and acquisitions by major companies is expected to drive growth of the global vitiligo drug market. For instance, in January 2020, Bioniz Therapeutics, Inc. entered into an optional agreement for acquisition by Almirall. This acquisition will also lead to the acquisition of Bioniz Therapeutics, Inc.’s product BNZ-1, which is being tested for the treatment of skin diseases such as vitiligo and other skin conditions.
Key Takeaways of the Global Vitiligo Drug Market: