Pigmentation disorders refers to conditions that results in hyperpigmentation (darkening of the skin) or hypopigmentation (lightening of the skin). Some common pigmentation disorders includes melisma, vitiligo, albinism, etc. The treatment involves usage of creams, gels, oral medications and laser therapy depending upon the severity of the condition. Rising prevalence of pigmentation disorders especially melisma and vitiligo is driving the growth of global pigmentation disorders treatment market. According to American Academy of Dermatology, melisma affects approximately 4-10% of women worldwide and vitiligo impacts approximately 0.5-1% of the global population. Growing public awareness and government initiatives to drive awareness about mild pigmentation disorders is also favoring market growth.
The global Pigmentation Disorders Treatment Market is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The demand for pigmentation disorders treatment is expected to be driven by various government initiatives to create awareness about mild pigmentation disorders. For instance, the National Alopecia Areata Foundation in partnership with US Food and Drug Administration launched an awareness campaign to educate public about warning signs and available treatment options. Additionally, increasing research and development activities to develop advanced laser and light therapies for effective treatment of pigmentation disorders is also fueling the market growth. However,high cost of laser therapies and lack of insurance coverage for aesthetic procedures are some of the factors restraining the market growth.
In recent years, combination therapies using topical agents along with laser or light therapies have gained significant popularity owing to their high efficacy. Industry players are also focusing on development of cost effective topical formulations to increase accessibility in developing markets. This is expected to present lucrative opportunities for pigmentation disorders treatment manufacturers over the forecast period.
The pigmentation disorders treatment market is segmented into hyperpigmentation and hypopigmentation. Hyperpigmentation dominates the market and accounts for over 60% share owing to the high prevalence of conditions like melasma, freckles and post-inflammatory hyperpigmentation. However, hypopigmentation segment is expected to witness higher growth during the forecast period due to the increasing adoption of cosmetic procedures to treat conditions like vitiligo and albinism which cause loss of pigmentation.
(250 words) Political: Changes in regulatory framework regarding approval of new treatment products might impact the market growth. Economic: Rising disposable incomes and growing expenditure on cosmetic procedures in developing countries will propel the market. Social: Increasing awareness about skin conditions and available treatment options and growing social acceptance of cosmetic procedures are fueling the market. Technological: Development of innovative products using advanced technologies like laser, chemical peels and microneedling for effective treatment of pigmentation disorders and minimal downtime will drive the market.
The Global Pigmentation Disorders Treatment Market Growth is expected to witness high during the forecast period of 2023 to 2030.
North America dominates the market currently owing to developed healthcare infrastructure and rising focus on aesthetic treatments in the region. Asia Pacific is expected to witness fastest growth during the forecast period ascribed to growing medical tourism industry, rising disposable incomes and improving access to advanced treatment options.
Key players operating in the pigmentation disorders treatment market are Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, China State Shipbuilding Corporation, Mitsubishi Heavy Industries, Samsung Heavy Industries, Imabari Shipbuilding Co., Ltd., Tsuneishi Group, China Shipbuilding Industry Corporation, General Dynamics Corporation, Fincantieri S.p.A., Meyer Werft GmbH & Co. KG, Navantia, Damen Shipyards Group, STX Offshore & Shipbuilding Co., Ltd. and Kawasaki Heavy Industries.
1. Source: Coherent Market Insights, Public sources, Desk research
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