The vitiligo therapeutics market is expected to witness a CAGR of around 6% during the forecast period. Vitiligo is a disease that causes loss of skin color in patches. In this disease, the skin loses its pigment cells (melanocytes). This can result in discolored patches in different areas of the body, including the skin, hair, and mucous membranes. In addition, Vitiligo is caused by the lack of a pigment called melanin in the skin. Melanin is produced by skin cells called melanocytes, and it gives your skin its color. In vitiligo, there are not enough working melanocytes to produce enough melanin in your skin. Vitiligo may also be triggered by an autoimmune disorder, melanoma, non-Hodgkin lymphoma, genetic factors, neurogenic factors, and self-destruction. These factors are contributing to the growth of the market during the forecast period. For instance, according to the skin cancer foundation, an estimated 197,700 cases of melanoma will be diagnosed in the U.S. in 2022. Furthermore, rising demand for new and advanced treatment for vitiligo or loss of skin pigmentation of the human body also drive the growth of this market.
According to UnivDatos Market Insights (UMI)’ research report “Global Vitiligo Therapeutics Market”, the market is expected to witness robust growth during the forecast period (2022-2028).
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Based on treatment, the market is segmented into topical treatment, light therapy, surgical procedures, and others. Topical treatment category to adopt a lucrative growth rate during the forecast period. The topical therapy is employed as a primary treatment in localized vitiligo. The rising large number of patients, high demand for numerous treatment procedures for vitiligo, and an increasing number of research and development activities. For instance, Boston Pharmaceutical announced the agreement with GlaksoSmith Kline for the development of phase 1 pipeline drug GSK3183475, a small molecule inhibitor used in the treatment of vitiligo and psoriasis.
Based on the end-user, the vitiligo therapeutics market has been classified into hospitals, aesthetic clinics, and others. The hospitals category is to witness higher adoption of vitiligo therapeutics during the forecast period. This is mainly due to a large number of aesthetic procedures, particularly breast procedures, blepharoplasty, and other minimally invasive procedures, that are performed in these facilities.
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North America to witness extensive growth
For a better understanding of the market adoption of the vitiligo therapeutics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the higher per capita income and the availability of advanced healthcare infrastructure coupled with increasing awareness about various aesthetic procedures in the region. Furthermore, rising cases of vitiligo in the region is a major concern for the growth of this market. For instance, according to the American Academy of Dermatology (AAD), vitiligo affects an estimated one in four individuals in the U.S. Also, an estimated 1%-2% of the global population is estimated to be suffering from vitiligo.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the vitiligo therapeutics market are Incyte Corporation, Astellas Pharma Inc., Bausch Health Companies Inc., Baxter International Inc., Pfizer Inc., STRATA Skin Sciences, Reddy’s Laboratories Ltd., AstraZeneca AB, Eli Lilly and Company, Epizyme Inc.
“Global Vitiligo Therapeutics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Treatment (Topical Treatment, Light Therapy, Surgical Procedures, and Others)
- By Disease Type (Nonsegmental Vitiligo and Segmental Vitiligo)
- By End-User (Hospitals, Aesthetic Clinics, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Incyte Corporation, Astellas Pharma Inc., Bausch Health Companies Inc., Baxter International Inc., Pfizer Inc., STRATA Skin Sciences, Reddy’s Laboratories Ltd., AstraZeneca AB, Eli Lilly and Company, Epizyme Inc.)
Key questions answered in the study:
- What are the current and future trends of the global vitiligo therapeutics industry?
- How the industry has been evolving in terms of type, drive type, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global vitiligo therapeutics industry?
- What is the customer orientation, purchase behavior, and expectations from the global vitiligo therapeutics suppliers across various region and countries?
