Vitiligo Therapeutics Market: Current Analysis and Forecast (2022-2028)
The global vitiligo therapeutics market is expected to grow at a significant rate of around 6% during the forecast period. Vitiligo is a chronic disease that causes patches of skin to lose pigment or color. This happens when melanocytes’ skin cells that make pigment are attacked and destroyed, causing the skin to turn a milky-white color. The main symptom of vitiligo is loss of natural color or pigment, called depigmentation. The depigmented patches can appear anywhere on your body and can affect Skin, hands, feet, arms, and face, hair, which can turn white in areas where the skin is losing pigment. Furthermore, rising government investment and new development are also driven the market growth during the forecast period. For instance, in 2019, American Skin Association (ASA), declared funding for skin cancer and disease research. Along with ASA and its affiliates invested over 50 million USD for the treatment of melanoma, psoriasis, and vitiligo.
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst treatment, topical treatment category to witness robust CAGR during the forecast period” Based on treatment, the market is segmented into topical treatment, light therapy, surgical procedures, and others. Among them, the topical treatment category is to witness a higher CAGR during the forecast period owing to rising environmental circumstances, such as stress, bad sunburn, skin trauma, or exposure to a strong chemical. Moreover, major key players developing advanced treatment procedures. For instance, in Mar 2022, STRATA Skin Sciences, a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of various autoimmune skin diseases, announced that it has joined the Global Vitiligo Foundation as a corporate sponsor (GVF).
"Amongst disease type, the nonsegmental vitiligo to hold a significant share in the market in 2020”
On the basis of disease type, the market is categorized into nonsegmental vitiligo and segmental vitiligo. Among these, the nonsegmental vitiligo to hold a significant share in the market in 2020. Vitiligo is considered to be an autoimmune disorder. In people with vitiligo, the immune system appears to attack the pigment cells (melanocytes) in the skin. This type of vitiligo can have a rapid loss of color or pigment and tends to cover a large area. Many people with vitiligo are also affected by at least one other autoimmune disorder. For instance, according to the National Institute of Environmental Health Sciences (NIH), diseases affect more than 24 million people in the United States.
"North America to hold a significant share in the market”
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 owing to rising vitiligo cases being the main factor in the region. 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. Furthermore, well-established healthcare infrastructure, increases in research projects, a high prevalence of vitiligo in adults, and high awareness in the region. Also, the availability of global market players and their challenges are faced due to large competition from local and domestic brands.
Reasons to buy this report:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook