Transparency Market Research (TMR) has published a new report titled ‘Hyperpigmentation Disorders Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global hyperpigmentation disorders treatment market was valued at US$ 3,947.3 Mn in 2017 and is projected to reach US$ 7,225.6 Mn by 2026, expanding at a CAGR of 7.2% during the forecast period from 2018 to 2026. The report suggests that augmented adoption of lasers in hyperpigmentation disorders treatment, decrease in social taboos boosting acceptance of pigmentation disorders treatment measures, increase in prevalence of pigmentation related disorders, rise in awareness about skin rejuvenation, improving lifestyle, and increasing disposable income are likely to drive the hyperpigmentation disorders treatment market from 2018 to 2026.
Despite its considerable patient population globally, the hyperpigmentation disorders treatment market has often been overlooked and has remained stagnant for the past few decades, with no novel drugs entering the arena. The lack of dedicated research programs has been attributed to pharmaceutical companies viewing topicals, the mainstay of hyperpigmentation disorders treatment therapy, as being inexpensive with a poor return on investment. Instead, the market has shifted towards reformulations of existing products and/or fixed-dose combination therapies. Examples of the latter include combination products by key dermatology players, such as Galderma’s Tri-Luma (fluocinolone acetonide/hydroquinone/tretinoin).
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Innovative products in hyperpigmentation disorders should focus on cost-effectiveness, potential to improve compliance. The biggest unmet needs in hyperpigmentation disorders include the need for new and innovative products, for improved compliance, and for less expensive products relative to existing therapies. Historically, pharmaceutical companies have been reluctant to enter the hyperpigmentation disorders market due to the poor return on investment in this competitive landscape. This attitude has inhibited progress toward developing disease-modifying agents, and agents with more long-lasting effects. However, the hyperpigmentation disorders treatment landscape is expected to change in the near to long term, with the use of laser and phototherapy, and additional companies involved in research for innovative acne products.
The report offers detailed segmentation of the global hyperpigmentation disorders treatment market based on treatment type, disease indication, end-user, and region. In terms of treatment type, the topical drugs segment is estimated to account for a large share of the market. An increasing number of patients with hyperpigmentation disorders are visiting dermatologists, and topical drugs are being prescribed to these patients.
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Topical Drugs to Account for Major Share
The topical drug segment is expected to account for a leading share of the market in 2026. The segment is also likely to expand at a rapid pace during the forecast period. Rapid growth in the incidence rate of hyperpigmentation disorders across the globe will lead to an increased number of patients who will undergo diagnosis in the form of topical drugs and chemical peel, as well as treatment using techniques such as laser and phototherapy. This will in turn increase the uptake of hyperpigmentation disorders treatment, thereby driving growth of the market.
Market in Asia Pacific to Expand at a Significant Pace
Asia Pacific held a prominent share of the global hyperpigmentation disorders treatment market in 2017. The hyperpigmentation disorders treatment market in Asia Pacific is expected to expand at a rapid pace mainly due to improving health care infrastructure, rising private and public investment in life science research, and technological advancements in countries such as China and India. Less competition in Asia Pacific is encouraging a large number of dermo-cosmetics companies to enter the market. U.S. market has witnessed significant technological advancements, as clinics come with laser and phototherapy treatment. In addition, a large number of market players in the U.S. are focusing on R&D to introduce improved products. Moreover, high awareness about latest health care technologies and high demand for safe and hyperpigmentation disorders products, services and devices to boost the hyperpigmentation disorders treatment market in North America. Favorable reimbursement policies in the region also enable patients to avail of the best of health care facilities.
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Key Players such as ALLERGAN, Galderma S.A., and SkinCeuticals to Lead the Market
The report also provides profiles of leading players operating in the global hyperpigmentation disorders treatment market. They include include Bayer AG, ALLERGAN, Galderma S.A., SkinCeuticals, Pierre Fabre, EpiPharm AG, RXi Pharmaceuticals Corporation, Obagi Cosmeceuticals LLC, and Vivier Pharma. Corporate trend is the strategic acquisition of key dermatology products by Big Pharma. A notable event in 2009 involved the acquisition of Stiefel, a leading dermatology company, by GSK for $3.6 billion.