ALBANY, New York, July 12, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled 'Pigmentation Disorders Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026', according to which, the global pigmentation disorders treatment market was valued at US$ 5,225.0 Mn in 2017 and is projected to reach US$ 9,268.6 Mn by 2026, expanding at a CAGR of 6.8% during the forecast period of 2018 to 2026. The report suggests that augmented adoption of laser and phototherapy in pigmentation disorders treatment; decrease in social taboos regarding pigmentation, thereby boosting treatment for such disorders; increase in prevalence of pigmentation-related disorders; rise in awareness about skin rejuvenation; and improvement in lifestyle and disposable income of people are likely to drive the pigmentation disorders treatment market from 2018 to 2026.
Despite its considerable base of patients globally, the pigmentation disorders treatment market has often been overlooked and has remained stagnant for the past few decades, with no novel drugs entering the arena. Lack of dedicated research programs can be attributed to lack of interest of pharmaceutical companies regarding topicals, the mainstay of pigmentation disorders treatment therapy, as inexpensive with a poor return on investment. Thus, the market has shifted toward reformulations of existing products and/or fixed-dose combination therapies. Examples of the latter include combination products by key dermatology players, such as Galderma's Tri-Luma (fluocinolone acetonide/hydroquinone/tretinoin). Vitiligo is a difficult disease to treat. When it is of limited extent, topical treatments can be used; but when a large surface of the body is affected, ultraviolet light (UV) therapy is recommended, alone or in combination with topical treatments.
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Innovative products in pigmentation disorders should focus on cost effectiveness and potential to improve compliance. Significant unmet needs in pigmentation disorders include the need for new and innovative products, improved compliance, and less expensive products relative to existing therapies. Historically, pharmaceutical companies have been reluctant to enter the pigmentation disorders market due to the poor return on investment. This attitude has inhibited progress toward developing disease-modifying agents and agents with long-lasting effects. However, the pigmentation disorders treatment landscape is expected to change in the near-to-long term, with the use of laser and phototherapy and rise in the number of companies engaging in research for innovative acne products.
The report offers detailed segmentation of the global pigmentation disorders treatment market based on treatment, disease indication, end-user, and region. In terms of treatment, the topical drugs segment is estimated to account for a prominent share of the market. An increasing number of patients with pigmentation disorders are visiting dermatologists and topical drugs are being prescribed to these patients.
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Topical Drugs to Account for Major Share
The topical drugs segment is expected to account for a leading share of the pigmentation disorders treatment market in 2026. The segment is also likely to expand at a rapid pace during the forecast period. The market has shifted toward reformulations of existing topical therapy as studies have demonstrated that compliance, and therefore efficacy, can be improved by the synergistic effect of combining two active ingredients. Reformulations are a low-risk strategy for Big Pharma, compared with investments into new molecular entities for acne. This, in turn, is likely to boost the demand for topical therapies, thereby driving the pigmentation disorders treatment market. Moreover, rise in incidence of pigmentation disorders across the globe is expected to boost the prescription of topical drugs and chemical peels as well as treatment using laser and phototherapy techniques.
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Market in Asia Pacific to Expand at a Significant Pace
Historically, companies have not been interested in dermatology. However, recent developments in big companies, such as, GSK's growing interest in dermatology, Novartis' come back to dermatology indication, and Sanofi's venture into vaccination, have given a new turn to the market. Asia Pacific held a prominent share of the global pigmentation disorders treatment market in 2017. The pigmentation disorders treatment market in Asia Pacific is expected to expand at a rapid pace, mainly due to improving health care infrastructure, rising private and public investment in life sciences research, and technological advancements in countries, such as, China and India. Low competition in Asia Pacific is encouraging a large number of dermo-cosmetics companies to enter the market. The pigmentation disorders treatment market in the U.S. has witnessed significant technological advancements and a rise in the number of clinics with laser and phototherapy treatment. In addition, a large number of market players in the U.S. is focusing on R&D of new products. Moreover, rise in awareness regarding latest health care technologies and high demand for safe pigmentation disorders products, services, and devices are expected to fuel the pigmentation disorders treatment market in North America. Favorable reimbursement policies in the region also enable patients to avail the best of health care facilities.
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Key Players such as ALLERGAN, Galderma S.A., and SkinCeuticals to Lead the Market
The report also profiles leading players operating in the global pigmentation disorders treatment market. These include Bayer AG, ALLERGAN, Galderma S.A., SkinCeuticals, Pierre Fabre, EpiPharm AG, RXi Pharmaceuticals Corporation, Obagi Cosmeceuticals LLC, and Vivier Pharma. A prevailing trend in the market is the strategic acquisition of key dermatology products by the Big Pharma. For example, in 2009 GSK acquired Stiefel, a leading dermatology company, for US$ 3.6 Bn.
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