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 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigmentation disorders are medical conditions that result in a change of the skin, hair or eye color. They can occur due to genetic or environmental factors. The main types of pigmentation disorders include hyperpigmentation, hypopigmentation and melasma. Treatments for pigmentation involve creams, chemical peels, procedures such as lasers and light therapies.
Market key trends:
One of the key trends in the pigmentation disorders treatment market is the growing demand for non-invasive and minimally invasive therapies. Procedures such as laser treatment, light therapy and chemical peels are increasingly preferred over topical creams and oral medications owing to the minimal risks and side effects involved. Moreover, laser and light-based treatments offer immediate visible results which further fuel their demand. Increased awareness about aesthetic procedures and rising disposable income levels in developing nations are also contributing to the growth of non-surgical treatments for pigmentation disorders.
Market key trends:
The pigmentation disorders treatment market has been witnessing rising demand for topical medications for treating sun damage, melasma, vitiligo and other mild to moderate pigmentation issues. There has been a significant rise in awareness about potential long-term skin damage from sun exposure as well as various skin pigmentation disorders like melasma during and after pregnancy. This has boosted the sales of topical creams and gels containing ingredients like hydroquinone, corticosteroids and retinoids. Moreover, increasing pollution levels and hectic lifestyles have made excessive pigmentation a common problem, thereby driving the need for effective treatment options.
SWOT Analysis
Strengths: Wide range of topical medications and prescription drugs available for treating different types and severity levels of pigmentation disorders.
Weaknesses: Therapies like laser treatment and intense pulsed light therapy can be expensive. Topical drugs may cause side effects like skin irritation if not used correctly.
Opportunities: Growing popularity of organic and herbal pigmentation removal products presents an opportunity. Rise in medical tourism in emerging nations for affordable advanced treatments.
Threats: Easy availability of low-cost counterfeit products can harm brand loyalty. Slow results from topical medications can lead to reduced compliance.
Key Takeaways
The Global Pigmentation Disorders Treatment Marketis expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing awareness about skin health and pigmentation disorders.
The market size for 2023 is US$ 6.84 Bn. North America dominated the pigmentation disorders treatment market in 2023 due to high consumer awareness and availability of advanced treatment options in the region.
Key players operating in the pigmentation disorders treatment market include Abbvie Inc. (Allergan Inc.), Episciences Inc., L'ORÉAL SA (SkinCeuticals International), and Pfizer Inc., among others. Increasing mergers and acquisitions are expected to help these players expand their product portfolios and geographic presence.
Regional analysis: Asia Pacific is expected to be the fastest growing market for pigmentation disorders treatment during the forecast period. This can be attributed to rising pollution levels, growing medical tourism industry and increasing spending on healthcare and cosmetic procedures in major markets like India and China.
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