Growth in Vitiligo Drug Market Expected Due to Evolving Dynamics
Vitiligo is a skin condition, in which patches of skin lose their color. The total skin area can be affected by vitiligo. This skin disease varies from person to person, it can affect eyes, inside of the mouth, and hair. It is difficult to predict the spread of the patches and by how much. The major symptom for vitiligo is appearance of white spots or patches on skin. There are two major types of vitiligo such as segmental vitiligo and non-segmental vitiligo. Calcineurin Inhibitors, Corticosteroids, and Psoralens are some major drugs indicated by doctors for the treatment of vitiligo disease. Major factors that are expected to fuel growth of the market during the forecast period include increasing drug approvals, investments in research and development of drugs, and strategic expansions by players operating in vitiligo drug market to strengthen their geographical footprint.
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Vitiligo Drug Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Private healthcare sectors is one of the sectors is one the sectors, which is majorly impacted by the COVID 19 pandemic. Coronavirus pandemic has negatively impacted the development, production, and supply of medicines and also affected growth of the pharmaceutical businesses of various companies across the globe, as COVID-19 pandemic has led to lockdown in several countries, globally. This lockdown has resulted in the closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the pharmaceuticals and kits for diagnostic and therapeutic use. Thus, COVID-19 pandemic has affected the economy in three main ways; 1) By directly affecting the production and demand; 2) By creating disruptions in distribution channels; and 3) By its financial impact on firms and financial markets
The global vitiligo drug market is estimated to be valued at US$ 151.9 million in 2020, and is expected to exhibit a CAGR of 12.6% during the forecast period (2020-2027).
Market Dynamics
Agreement and collaboration by major players to develop drug is expected to propel growth of the global vitiligo drug market during the forecast period. For instance, in October 2018, Boston Pharmaceutical announced the agreement with GlaksoSmith Kline for development of phase 1 pipeline drug GSK3183475, a small molecule inhibitor used in treatment of vitiligo and psoriasis.
However, alternative therapies for vitiligo treatment is expected to limit the market growth. For instance, combination therapy of psoralen and light therapy. The treatment combines the use of a plant- derived molecule called psoralen and light therapy for treating vitiligo. The patient is exposed to ultraviolet light after ingesting psoralen. The total span of treatment ranges between 3 weeks to 12 months.
Major Players Are: Dermavant Sciences, Inc., Incyte Corporation, Aclaris Therapeutics, Inc., Dr. Reddy’s Laboratories Ltd., Bristol- Myers Squibb, Pfizer, Inc., Clinuvel Pharmaceuticals Ltd., Boston Pharmaceuticals, Applied Biology, Inc., Arcutis Biotherapeutics, Villaris Therapeutics, Arrien Pharmaceuticals LLC, and Temprian Therapeutics Inc.
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