Development of Targeted Drugs to Fuel Global Vitiligo Treatment Market
Vitiligo Treatment Market Highlights
Vitiligo is a skin condition characterized by white patches on the skin. The patches are a result of the loss of melanocytes. The global vitiligo treatment market report by Market Research Future (MRFR) contains useful drivers, challenges, and insights for the period of 2019 to 2025 (forecast period). The effects of the COVID-19 pandemic on the production of skin pigmentation drugs and other medicines have been included in the report with a special emphasis on each region.
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Vitiligo Treatment Market Scope
The global vitiligo treatment market size can swell up to USD 1.84 billion by 2025. It is expected to showcase a CAGR of 5.6% CAGR during the forecast period.
Huge prevalence of vitiligo is one of the primary drivers of the market. This is exemplified by the treatment of close to 150,000 Americans in the U.S. Investments in healthcare infrastructure by developing and developed economies can influence the market. Changes in lifestyles and awareness of the skin condition among the populace can bode well for the market. Development of new therapies and treatment and focus on external appearances will fuel treatment demand. For instance, researchers at the University of Massachusetts Medical School have developed a targeted therapy which can remove the cells responsible for causing vitiligo. The approval of this treatment can revolutionize the industry.
But lack of trained professionals, product recalls, and strict regulations on treatment manufacturers can create a bottleneck for the market growth.
Vitiligo Treatment Market Segmentation
The global vitiligo treatment market is segmented by type, treatment type, and end user.
By type, it is divided into segmental vitiligo and nonsegmental vitiligo. The nonsegmental vitiligo is expected to dominate the market till 2025.
By treatment type, it is segmented into surgery, medication, and therapy. The medication segment is projected to drive the market growth over the forecast period due to approval of the latest drugs by federal regulation bodies. Low cost of treatment compared to others is one of the biggest growth drivers of the segment.
By end user, it is segmented into aesthetic clinics, hospitals & clinics, and others. Hospitals & clinics are expected to dominate the market during the forecast period. This can be attributed to the preference of these healthcare facilities by patients as the primary point of care.
Vitiligo Treatment Market Regional Analysis
Europe, Americas, the Middle East & Africa (MEA), and Asia Pacific (APAC) are major regions of focus in the global vitiligo treatment market.
The Americas are predicted to lead the global vitiligo treatment market due to a rise in research and development and increasing willingness of healthcare providers in giving treatment. Focus on development of targeted therapy for vitiligo and immunosuppressants can bode well for the region.
On the other hand, APAC is likely to display the fastest growth rate during the forecast period owing to government initiatives, surge in healthcare spending, and a large patient pool. Rise in the number of funds for expediting the treatment for vitiligo can bolster the market demand at a significant rate.
Vitiligo Treatment Market Competition Outlook
Eli Lilly Company, Astellas Pharma Inc., STRATA Skin Sciences, Clinuvel Pharmaceuticals Limited, Baxter International Inc., Novartis AG, AstraZeneca AB, Reddy’s Laboratories Ltd., Pfizer Inc., Bausch Health Companies Inc., Allergan, Inc., Incyte Corporation, and Epizyme, Inc. are major players in the global vitiligo treatment market.
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