The global Pigmentation Disorders Treatment Market is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigmentation disorders treatment products include creams, gels, lasers and chemicals that help reduce excess pigmentation, freckles, dark spots, melasma and other related issues. These products are widely used for treating hyperpigmentation caused due to sun damage, aging and hormonal changes.
Market key trends:
One of the key trends in the pigmentation disorders treatment market is increasing adoption of at-home devices. Manufacturers are focusing on developing easy to use, hand-held devices that can treat pigmentation issues from the comfort of home. These devices are gaining popularity as they do not require frequent visits to the dermatologists and provide instant results. For example, in 2018, Lumenis launched nuoVENTTM, an innovative LED-based home-use device designed for treating unwanted pigmentation conditions like melasma, sun spots and age spots.
SWOT Analysis
Strength: The presence of strong pipeline candidates and extensive research and development activities conducted by key players represents a major strength in this market.
Weakness: High costs associated with researching and developing treatments for rare diseases acts as a barrier restricting the growth of this market.
Opportunity: Increasing investment by public and private organizations in research and development of novel therapies presents lucrative opportunities for market players to capitalize on.
Threats: Stringent regulatory guidelines for drug approval and commercialization poses a significant threat to new market entrants.
Key Takeaways
The Global Pigmentation Disorders Treatment Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing awareness about skin disorders and the availability of various treatment options.
Regional analysis: North America is expected to dominate the global pigmentation disorders treatment market during the forecast period. This is attributed to the growing prevalence of melanoma and vitiligo in the region coupled with strong healthcare infrastructure and favorable reimbursement policies. Asia Pacific is anticipated to exhibit the fastest growth rate over 2023-2030 owing to rising healthcare expenditure and presence of a large patient population base in countries like China and India.
Key players operating in the pigmentation disorders treatment market include Abbvie Inc. (Allergan Inc.), Episciences Inc., L’ORÉAL SA (SkinCeuticals International), and Pfizer Inc., among others. Strategic collaborations to acquire new technologies and expand regional presence are among the key strategies undertaken by major players to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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