The Pigmentation Disorders Treatment Market is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigmentation disorders treatment involves the use of various products and therapies to treat skin conditions characterized by hyperpigmentation or hypopigmentation of the skin. These include melanin reducing creams, chemical peels, laser treatments, microdermabrasion, and phototherapy. The treatments help restore the natural skin tone and texture. There is a rising demand for these products and treatments due to the growing awareness about various treatment options available and their benefits.
Market key trends:
One of the key trends fueling the pigmentation disorders treatment market growth is the high prevalence of various pigmentation disorders. According to statistics, around 50% of people in the U.S. suffer from hyperpigmentation conditions such as melasma and post-inflammatory hyperpigmentation. Also, acne cases that often leave dark spots after healing are on the rise globally. This has increased the focus on early treatment and management of these conditions. Furthermore, the increasing demand for non-invasive and minimally invasive aesthetic procedures is promoting the adoption of advanced laser and light therapies to treat pigmentation issues. Technological advancements are enabling the development of new treatment options that are more effective and cause less discomfort, attracting more patient base.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand recognition create barriers for new companies.
Bargaining power of buyers: Buyers have high bargaining power given the availability of alternative products. However, increasing awareness reduces bargain power.
Bargaining power of suppliers: Established supplier networks with specialized ingredient supplies limits supplier power.
Threat of new substitutes: Threat of new substitutes is moderate as alternative treatment options exist.
Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strengths: Strong R&D capabilities and proven product efficacy attract customers.
Weaknesses: High dependency on few key markets and vulnerability to price cuts.
Opportunities: Untapped growth prospects in emerging countries and new product innovations.
Threats: Stringent regulations and cost of compliance. Side effects of few products.
Key Takeaways
The Global Pigmentation Disorders Treatment Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing awareness about availability of treatment options. The market size is projected to reach $12.45 billion by 2030 from $6.84 billion in 2023.
Regionally, North America dominates the market currently due to advanced healthcare infrastructure and growing skin care spending in the region. Asia Pacific is expected to be the fastest growing market owing to rising disposable incomes and growing medical tourism.
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. Players are focusing on new product launches and geographical expansion to strengthen their product portfolio and market share.
For More Insights, Read: https://www.newswirestats.com/pigmentation-disorders-treatment-market-demand-growth-and-regional-outlook-by-2030/
