Pune, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The global Vitiligo Treatment Market will grow at a 6.31% CAGR to reach USD 778.79 Mn by 2029, according to a report by Maximize Market Research. The market is driven by the increasing incidence of vitiligo in children.
Vitiligo Treatment market Scope and Research Methodology
The research report involves the wide-ranging usage of both primary and secondary data sources. The research process is the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industries, and market risks, opportunities, market barriers, and challenges. In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealers, and traders, as well as raw materials suppliers and producers, etc. The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global vitiligo treatment market
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Vitiligo Treatment Market Overview:
Vitiligo is a chronic dermatological disorder characterized by skin depigmentation caused by the malfunction or death of melanocytes, the skin's pigment-producing cells. As a result, the skin develops well-defined white patches. The conditions continue to deteriorate, causing larger areas of skin to lose pigment. Treatment may improve the appearance of the skin but does not cure the disease. The growing importance of aesthetic appeal and awareness, as well as the increasing prevalence of vitiligo cases, are the key factors driving the global vitiligo treatment market. The advancement of technology that offers therapies for treating various complications caused by the disorder, as well as the prevalence of government investments in healthcare infrastructure, accelerate market growth. However, a shortage of trained professionals is expected to stymie market growth.
Vitiligo Treatment Market Dynamics
Research and development, as well as clinical trials, are critical for market innovation and growth. Extensive research and development results in the development of more effective and superior products that aid in better patient treatment, thereby supplementing the market growth. There are several products in the pipelines and in clinical trials that are expected to significantly boost market growth if they are approved by the relevant regulatory bodies.
There were no medications approved to cure vitiligo until July 2022, with several clinical trials still ongoing. The FDA approved the first-ever re-pigmentation therapy for non-segmental vitiligo, 1.5% ruxolitinib (Opzelura) cream, for patients aged 12 and up in July 2022. As a result, such efforts by players to develop novel products are expected to significantly drive market growth during the forecast period, following product approval.
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Vitiligo Treatment Market Regional Insights
In 2021, North America dominated the global vitiligo treatment market. This is due to the region's large number of market players and the region's increasing technological advancement in vitiligo treatment. The presence of reimbursement activities, as well as the growing importance of aesthetic appeal, contribute to regional market growth.
The growing prevalence of vitiligo among individuals, changing lifestyles, increased population awareness, the availability of effective treatments, and the increasing number of clinical trials are driving the vitiligo treatment market in Europe. The online-population-based survey revealed that the prevalence of vitiligo in Europe was 1.3%, according to an article published in the Journal of the European Academy of Dermatology and Venereology (JEADV). Furthermore, due to the large number of people suffering from vitiligo, technological advancements in vitiligo treatment methods are being adopted in the region. A strong R&D pipeline and positive clinical study results are also expected to drive the vitiligo treatment market in the forecast years.
| Market Size in 2021 | USD 538.5 Mn. |
| Market Size in 2029 | USD 778.79 Mn. |
| CAGR | 4.72 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segments Covered | Type, Drug Class Type, Treatment Type, Distribution Channel, and End-user |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Vitiligo Treatment market Key Competitors:
- Arcutis Biotherapeutics (California, U.S.)
- Bausch Health Companies Inc. (Canada, U.S.)
- Belcher Pharmaceuticals LCC. (Florida, U.S.)
- Celgene Corporation (New Jersey, U.S.)
- Pfizer Inc. (New York City, U.S.)
- Bausch Health Companies Inc. (New Jersey, U.S.)
- Baxter International Inc. (Illinois, U.S.)
- STRATA Skin Sciences (Pennsylvania, U.S.)
- Eli Lilly Company (Indiana, U.S.)
- Clarify Medical, Inc. ((California, U.S.)
- Baxter (Illinois, U.S.)
- AbbVie (Illinois, U.S.)
- Salix Pharmaceuticals Inc. (New Jersey, U.S.)
- Bristol-Myers Squibb (New York, U.S.)
- Mylan N.V. (Hertfordshire, U.K.)
- Incyte Corporation (Switzerland)
- Incyte Corporation (Switzerland)
- Novartis AG (Switzerland)
- LEO Pharma A/S (Denmark, Europe)
- Mylan N.V., (Hertfordshire, U.K.)
- Astellas Pharma Inc. (Tokyo, Japan)
- clinuvel pharmaceuticals ltd. (Victoria, Australia)
- Dr. Reddy’s Laboratories Ltd. (India)
- Glenmark Pharmaceuticals Ltd. (India)
- Panacea Biotec Ltd. (India)
- Strides Pharma (India)
- Science Limited (Japan)
- Astellas Pharma Inc. (Tokyo, Japan)
- Aurobindo Pharma Ltd. (India)
- Teva Pharmaceutical Industries Ltd. (Israel)
Key questions answered in the Vitiligo Treatment market are:
- What are the technological innovations in the Vitiligo Treatment market?
- What are the factors driving the growth of the Vitiligo Treatment market?
- Which technology insight dominated the Vitiligo Treatment market in 2021?
- How has COVID-19 affected the growth of the Vitiligo Treatment market?
- What is the growth rate of the Vitiligo Treatment market during the forecast period?
- What are the trends of the North America region in the Vitiligo Treatment market?
- Who are the market leaders in the dental devices North America region?
- Which deployment mode led the Vitiligo Treatment market in 2021?
- Who are the top 5 key players in the Vitiligo Treatment market?
- What are the factors restraining the growth of the Vitiligo Treatment market?
- Which region held the largest market share in the Vitiligo Treatment market?
- What is Vitiligo Treatment?
- What is a Vitiligo Treatment used for?
- What does a Vitiligo Treatment cost?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Drug Class Type, Treatment Type, Distribution Channel, End-user, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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