PUBLISHER: The Business Research Company | PRODUCT CODE: 1414671
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414671
“Vitiligo Treatment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vitiligo treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vitiligo treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The vitiligo treatment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Vitiligo treatment addresses a chronic autoimmune condition characterized by the loss of pigmentation or color in specific skin regions. These treatments play a crucial role in both halting and reversing the progression of vitiligo.
The primary classes of drugs used in vitiligo treatment include antihistamines, h2 antagonists, tricyclic antidepressants, and others. Antihistamines, which inhibit histamine in the body, are employed to manage reactions to allergens and can also be beneficial in reducing histamine levels in individuals with vitiligo. Treatment options encompass acute urticaria and chronic urticaria, with various administration methods available, including injectable, oral, and others. These treatments are accessible through diverse distribution channels such as hospital pharmacies, retail pharmacies, and online pharmacies. They are utilized by a range of end-users, including hospitals, homecare services, specialty clinics, and others.
The vitiligo treatment market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The rise observed in the historical period can be ascribed to a higher incidence of vitiligo, advancements in dermatology research, enhanced patient awareness, a variety of treatment modalities, and a patient-centric approach in healthcare.
The vitiligo treatment market size is expected to see strong growth in the next few years. It will grow to $2 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated increase in the forecast period can be credited to advancements in immunomodulatory therapies, a rise in research funding, global health initiatives addressing dermatological conditions, the increasing adoption of combination therapies, and improved infrastructure for dermatology care. Key trends expected in the forecast period involve the utilization of combination therapies, ongoing research and development efforts, patient-centric approaches, heightened global awareness and advocacy, and developments in the regulatory landscape.
The anticipated growth in the vitiligo treatment market is expected to be propelled by an increase in healthcare expenditure. Healthcare expenditure encompasses all costs associated with delivering health services, family planning, nutrition, and emergency assistance, with a focus on overall health improvement. Elevated healthcare spending is poised to enhance the provision of improved treatment for individuals affected by vitiligo. Furthermore, effective primary healthcare initiatives will contribute to population health by integrating primary care services with public health efforts. For example, as per the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services, a department of the US-based Department of Health and Human Services, the annual growth in national health spending is projected to average 5.1% from 2021 to 2030, reaching an estimated $6.8 trillion by 2030. Over the same period, Medicare expenditures are expected to increase at a 7.2% annual rate, while Medicaid spending is projected to grow at a 5.6% annual rate. Consequently, the surge in healthcare expenditure is a driving force behind the growth of the vitiligo treatment market.
The increasing prevalence of vitiligo is set to fuel the market's growth. Vitiligo, characterized by the loss of pigment-producing cells (melanocytes) in specific skin areas, results in the formation of white patches. The growing number of individuals affected by vitiligo actively seeking and adopting new treatments, coupled with a rising awareness of available options, encourages pharmaceutical companies to invest in research and development. According to the Global Vitiligo Foundation, a US-based organization dedicated to advancing vitiligo research, approximately 70 million people worldwide had vitiligo in 2021, with 20-30% of patients being children. Therefore, the anticipated increase in healthcare expenditure is a significant driver of the vitiligo treatment market's growth.
A prevailing trend in the vitiligo treatment market is the emphasis on product innovations. Companies engaged in this market are dedicated to introducing novel products as part of their strategy to maintain a strong market position. For instance, in July 2022, Incyte Corporation, a pharmaceutical firm based in the United States, announced the FDA's approval of OpzeluraTM (ruxolitinib) cream 1.5% for the topical treatment of non-segmental vitiligo in both adult and pediatric patients aged 12 years and older. Opzelura is designed for twice-daily topical application to affected areas covering up to 10% of the body surface area in individuals with non-segmental vitiligo. Patients using Opzelura consistently demonstrated a 75% improvement from baseline in the Face Vitiligo Area Scoring Index (F-VASI75) at Week 24.
Prominent companies in the vitiligo market are focusing on innovative products, such as a self-designed kit for vitiligo preventive treatment. This kit is a personalized range of Ayurvedic products aimed at providing natural solutions for vitiligo. For example, in September 2021, Vedas Cure, an online Ayurveda treatment center based in India, introduced a self-designed kit for vitiligo preventive treatment. The kit comprises Kaishor Guggulu, Derma Care Powder, and Psoralea oil (babchi oil), which is locally applied and proven effective in treating vitiligo by evenly distributing skin color on white patches, thereby minimizing the condition. The kit is formulated to help control the disease's spread, facilitate rapid re-pigmentation, prevent skin discoloration, and alleviate itching, rashes, and inflammation.
In October 2022, Incyte Corp., a U.S.-based pharmaceutical company, completed the acquisition of Villaris Therapeutics Inc. for an undisclosed amount. This strategic move expanded Incyte's existing portfolio and significantly enhanced treatment options for vitiligo patients, leveraging the acquired knowledge. Villaris Therapeutics Inc. is a biopharmaceutical firm based in the United States, specializing in the development of novel treatments for individuals with vitiligo.
Major companies operating in the vitiligo treatment market report are Cliniuvel Pharmaceuticals Ltd., Dr. Reddy's Laboratories Ltd., Pfizer Inc., Incyte Corporation, STRATA Skin Sciences, Astellas Pharma Inc., Bausch Health Companies Inc., Arcutis Biotherapeutics, Strides Pharma Science Limited, Mylan N.V., Glenmark Pharmaceuticals Ltd., Clarify Medical Inc., Novartis AG, LEO Pharma A/S, Dermfix Ltd., Bristol-Myers Squibb, Dermavant Science Inc., Merck KGaA, Celgene, Boston Pharmaceuticals, DermTech, Galderma S.A., Allergan Inc., Amgen, Koninklijke Philips N.V., Sun Pharmaceutical Industries Ltd., Thermo Fisher Scientific Inc., Vitiligo Research Foundation, Vitiligo Bond Inc., Vitiligo Society, Vitiligo Clinic and Research Center, Vitiligo Support International
North America was the largest region in the global vitiligo treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vitiligo treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the vitiligo treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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.
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.