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The topical treatment segment emerged dominant among available treatments in 2018 and accounted for approximately 54.7% of the global vitiligo treatment market share. This is due to the advancements in R&D and availability of modern treatment options such as topical treatments containing corticosteroids. According to a Fortune Business Insights’ report, titled “Vitiligo Treatment: Global Market Analysis, Insights and Forecast, 2019-2026,” The Global Vitiligo Treatment Market was valued at US$ 1,243.8 Mn in 2018 and is projected to reach US$ 1,944.5 Mn by 2026, exhibiting a CAGR of 5.8% in the forecast period.
Increasing Research and Development Activities Likely to Drive the Global Market
There has been a rise in the number of research and development activities in several healthcare institutions. This is because of the ever grossing demand for new treatment options for vitiligo. Companies are focusing on achieving the first regulatory approval for vitiligo treatment. Also, they are trying to improve the outcomes and efficiency of the treatment by developing new methods of treatment. The American Academy of Dermatology (AAD) stated that around 84.5 million or one in four Americans suffer from vitiligo. Furthermore, there is a lack of effective treatment options among the existing vitiligo treatment methods. This often leads to the regeneration of patches on the patient’s skin even after it has been previously treated. All these factors, combined with the efforts of prominent market players to develop new treatment options, are responsible for the global vitiligo treatment market growth in the coming years.
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Rising Demand for Phototherapy and Other Dermatology Procedures to Favor Growth of Market
Advanced therapies for skin disorders, namely, light therapy and numerous other invasive procedures are likely to fuel the vitiligo treatment market sales. Novel therapies are being developed persistently. Topical treatments which also include topical treatments containing corticosteroids is anticipated to propel the global vitiligo treatment market revenue in the forthcoming years. There has also been a rising adoption of cosmetic procedures, demand for phototherapy, and other dermatology procedures that will stimulate growth of the market. Improvements in the healthcare infrastructure in developing countries, existence of strong pipeline, a rise in the per capita healthcare infrastructure, and increasing awareness programs regarding vitiligo are projected to drive the global market in the forthcoming years.
Asia Pacific to Exhibit a Significantly High CAGR Stoked by an Increasing Demand for Effective Treatment Options
The global vitiligo market is geographically segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Amongst these, in Asia Pacific, India, China, and other South-east Asia countries have started witnessing high patient pool that are suffering from vitiligo. This has further resulted in a rise in the demand for effective treatment options for vitiligo in Asia Pacific. The market in China is witnessing huge demands for cosmetic procedures which will also contribute to the vitiligo treatment market growth. Asia Pacific is projected to witness a notably high CAGR due to all these factors. In North America, numerous healthcare providers in the U.S. have begun investing huge sums of money on research and development activities to develop latest methods of vitiligo treatment. In Latin America and the Middle East and Africa, the vitiligo treatment market is expected to grow rapidly in the coming years as the condition is becoming more visible in darker skinned individuals. In Europe, there has been an increasing demand for technologically advanced vitiligo treatment options which is likely to propel the market.
Fortune Business Insights profiles some of the most prominent companies operating in the global vitiligo treatment market. Some of them are Bausch Health Companies Inc., Dr. Reddy’s Laboratories Ltd., Incyte Corporation, Puneet Laboratories Pvt. Ltd, Astellas Pharma Inc., Baxter International Inc., and other players.
Global Vitiligo Treatment Market Segmentation as follows:
By Disease Type
By End User