by Market Overview:
Pigmentation disorders are condition that causes darkening, lightening, or discoloring of patches of skin. Some common pigmentation disorders include melasma, post-inflammatory hyperpigmentation, freckles, age spots and albinism. Products used for treating pigmentation disorders include creams, gels, laser therapies and chemical peels. These products aim to lighten darkened skin, even skin tone and treat underlying causes of pigmentation.
Market key trends:
One key trend driving growth in the pigmentation disorders treatment market is growing awareness regarding skin diseases and available treatment options. There has been a rise in online resources and social media promotions providing information about common pigmentation conditions and recommended products or therapies. This has made people more conscious about treating pigmentation issues. Furthermore, advancements in laser technologies and development of novel topical drugs and cosmeceuticals promising faster and improved treatment outcomes is also boosting demand. Growing popularity of aesthetic procedures for skin lightening and increasing disposable incomes in developing regions are some other factors fueling revenue growth of the pigmentation disorders treatment market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pigmentation disorders treatment market is low due to high capital requirements and established brand loyalty. However, emergence of new drugs poses a moderate threat.
Bargaining power of buyers: The bargaining power of buyers is high owing to availability of generic drugs and treatment options. Buyers can negotiate on price depending on the severity of the disorder.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of generic drugs and treatments. However, innovation in patented drugs increases their bargaining power.
Threat of new substitutes: Threat of new substitutes is moderate as alternative treatment options exist like chemical peels, laser therapy, etc. for pigmentation issues.
Competitive rivalry: Intense as major players compete on basis of product portfolio and pricing.
SWOT Analysis
Strength: Wide treatment options available and growing awareness about disorders. Innovations leading to more effective and targeted drugs.
Weakness: High cost of patented drug treatments and side effects of few existing drugs limits market growth. Geographic expansion requires large investments.
Opportunity: Untapped developing markets presents lucrative growth prospects. Emergence of novel treatment modalities will drive the market.
Threats: Presence of alternative aesthetic treatment limits full market potential. Generics erosion during patents expiration of blockbuster drugs.
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 about skin health and rising disposable incomes. By 2030, the market size is projected to reach US$ 12 Bn.
Regional analysis Asia Pacific market is fastest growing region due increasing patient pool and rising healthcare spending in key countries like China and India. North America dominated the global market in 2023, owing to developed healthcare infrastructure and technological advancements.
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. Major players are focused on geographical expansion and adoption of inorganic strategies like mergers and acquisitions to strengthen their product portfolio and market presence.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
