New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vitiligo Treatment Global Market Report 2023" - https://www.reportlinker.com/p06486623/?utm_source=GNW
, Arcutis Biotherapeutics, Strides Pharma Science Limited, Mylan N.V., Glenmark Pharmaceuticals Ltd., Clarify Medical Inc, Novartis AG, LEO Pharma A/S, and Dermfix Ltd.
The global vitiligo treatment market is expected to grow from $1.40 billion in 2022 to $1.49 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vitiligo treatment market is expected to reach $1.88 billion in 2027 at a CAGR of 6%.
The vitiligo treatment market consists of revenues earned by entities by providing moderate-to-high strength topical corticosteroids, calcineurin inhibitors, and drugs including Ruxolitinib.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vitiligo treatment refers to a treatment of a chronic autoimmune condition that causes pigmentation or color loss in regions of the skin. Vitiligo treatments are helpful in halting and reversing the progression.
North America was the largest region in the vitiligo treatment market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in vitiligo treatment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vitiligo treatment drugs are antihistamines, h2 antagonists, tricyclic antidepressants, and others.Antihistamines are compounds that inhibit histamine in the body and are used to treat reactions to allergens.
They can also be used to lower histamine levels in people with vitiligo.The various types of treatments include acute urticaria and chronic urticaria, with several types of administration modes available, including injectable, oral, and others.
These are sold through several distribution channels, including hospital pharmacies, retail pharmacies, and online pharmacies, and are used by various end-users, including hospitals, homecare, specialty clinics, and others.
The rise in healthcare expenditure is expected to propel the growth of the vitiligo treatment market going forward.Healthcare expenditure refers to an expense that covers all costs associated with providing health services, family planning, nutrition, and emergency help with a focus on health.
Improved healthcare expenditure will aid in providing better treatment to all patients suffering from vitiligo.Additionally, effective primary healthcare will promote population health through the integration of primary care services with public health.
For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the rise in healthcare expenditure is driving the growth of the vitiligo treatment market.
Product innovations are a key trend gaining popularity in the vitiligo treatment market.Companies operating in the vitiligo treatment market are focused on introducing new products to sustain their position in the market.
For instance, in July 2022, Incyte Corporation, a US-based pharmaceutical firm, announced that the FDA has authorized OpzeluraTM (ruxolitinib) cream 1.5% for the topical treatment of non-segmental vitiligo in adult and pediatric patients 12 years of age and older. Opzelura is licensed for continued topical application twice daily to afflicted regions of up to 10% of the body surface area in individuals with non-segmental vitiligo. Patients who received Opzelura at Week 24 showed a consistent 75% improvement from baseline in the face Vitiligo Area Scoring Index (F-VASI75).
In October 2022, Incyte Corp., a US-based pharmaceutical company, acquired Villaris Therapeutics Inc. for an undisclosed amount. The acquisition added to Incyte’s current portfolio and significantly improved treatment choices for those suffering from vitiligo by using the knowledge it acquired. Villaris Therapeutics Inc. is a US-based biopharmaceutical firm developing novel treatments for vitiligo patients.
The countries covered in the vitiligo treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vitiligo treatment market research report is one of a series of new reports that provides vitiligo treatment market statistics, including vitiligo treatment industry global market size, regional shares, competitors with a vitiligo treatment market share, detailed vitiligo treatment market segments, market trends and opportunities, and any further data you may need to thrive in the vitiligo treatment industry. This vitiligo treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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