Market Overview:
Pigmentation disorders such as melasma, post-inflammatory hyperpigmentation (PIH), and solar lentigines (age spots) are common skin conditions caused due to overproduction of melanin pigment in the skin. Melasma is the most common pigmentation disorder that appears as brown or gray-brown patches on the face and presents mostly in women. Treatments available for pigmentation disorders include topical agents such as creams, gels, and chemicals peels. Topical prescription medications are the first line of treatment for most pigmentation disorders, while lasers and intense pulsed light (IPL) therapy are used for stubborn cases.
Market key trends:
Growing adoption of skin lightening creams and procedures is a key trend observed in the pigmentation disorders treatment market. According to American Academy of Dermatology, nearly 10-15% of American women regularly use skin lighteners. Rising aesthetic consciousness and growing preference for fairness treatments especially in Asia Pacific countries are major factors driving demand for skin lightening and whitening products. In addition, availability of advanced cosmetic procedures and at-home devices for pigmentation reduction is augmenting market growth. However, side effects of mercury and hydroquinone containing products continue to raise safety concerns. Safer alternatives such as kojic acid and arbutin based treatments are gaining popularity.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as firms require substantial R&D investment and strong distribution network for drugs and therapies. Regulatory requirements for clinical trials also limit new entrants.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic drugs and presence of several options for treatment. Buyers can negotiate on price if multiple products are available for a condition.
Bargaining power of suppliers: The bargaining power of suppliers is also high as key raw materials used in drugs are commoditized. This enables suppliers to negotiate on price.
Threat of new substitutes: The threat of new substitutes is moderate. Other treatment options and newly launched therapeutics can substitute existing products if found more effective. However, new products require huge investments and long approval times.
Competitive rivalry: The market witnesses strong competition due to presence of many global and regional players.
Key Takeaways
The global Pigmentation Disorders Treatment Market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing awareness regarding pigmentation and availability of various treatment options.
Regional analysis: North America is expected to dominate the global pigmentation disorders treatment market over the forecast period, owing to rising healthcare expenditure and increasing adoption of advanced treatment options in the region. However, Asia Pacific is anticipated to exhibit the fastest growth due to growing disposable incomes, rising beauty-conscious population, and improving healthcare infrastructure.
Key players: Key players operating in the pigmentation disorders treatment market are Abbvie Inc. (Allergan Inc.), Episciences Inc., L'ORÉAL SA (SkinCeuticals International), and Pfizer Inc., among others. Abbvie Inc. specializes in pharmaceuticals and biologics for immunology, oncology, and aesthetic medicines. The company offers various therapies and drugs for treating pigmentation disorders.
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https://www.dailyprbulletin.com/pigmentation-disorders-treatment-market-size-and-share/
