Hyperpigmentation Treatment Market to Reach $10.5 Billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research
Changes in beauty standards globally and surge in geriatric population are expected to drive the growth of the hyperpigmentation treatment market.
PORTLAND, Ore., March 11, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Hyperpigmentation Treatment Market by Treatment Type (Topical Agents, Photo Therapy, and Others), Disorder Type (Age Spot, Melasma, and Others), and End User (Hospitals, Dermatological Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the hyperpigmentation treatment market was valued at $5.1 billion in 2022 and is estimated to reach $10.5 billion by 2032, exhibiting a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
The growth of the hyperpigmentation treatment market is driven by several factors such as rise in awareness about skin care, high impact of social media on beauty standards, and technological advancements in hyperpigmentation treatment products.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size In 2022 | $5.1 Billion |
Market Size In 2032 | $10.5 Billion |
CAGR | 7.50 % |
No. Of Pages in Report | 270 |
Segments Covered | Treatment Type, Disorder Type, And End User |
Drivers | Rise In Awareness About Skin Health |
High Impact of social media on Beauty Standards | |
Surge In Geriatric Population | |
Opportunity | Technological Advancements in Hyperpigmentation Treatment Products |
Restraint | Side Effects Associated with The Photo Therapy and Microdermabrasion Therapy |
2023 Recession Impact Analysis
The 2023 recession had significantly impacted the hyperpigmentation treatment market. With growing inflation, the prices of hyperpigmentation treatment products increased drastically, which negatively impacted the market growth.
However, the market is expected to recover owing to rise in geriatric population and surge in prevalence of melasma.
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The topical agent segment to maintain its leadership status throughout the forecast period
Depending on treatment type, the topical agent segment held the largest share in 2022, accounting for more than two-fifths of the hyperpigmentation treatment market revenue and is estimated to be the fastest growing segment during the forecast period. This growth is attributed to high adoption of topical agents due to their cost efficiency and easy availability. However, the photo therapy segment is expected to register fastest growth owing to high efficiency of photo therapy in reducing dark spots from skin.
The melasma segment to maintain its lead position during the forecast period
On the basis of disorder type, the melasma segment was the major shareholder in 2022, accounting for more than two-fifths of the hyperpigmentation treatment market revenue. This growth is attributed high prevalence of melasma among pregnant women and rise in the number of women undergoing hyperpigmentation treatment due to increase in concerns about skin health. However, the age spots software system segment is expected to register highest CAGR during the forecast period, owing to rise in geriatric population.
The dermatological clinics segment to maintain its lead position during the forecast period
By end user, the dermatological clinics segment acquired the highest share in 2022, accounting for more than two-fifths of the hyperpigmentation treatment market revenue. This is attributed to the fact that dermatological clinics have large patient base with skin concerns and dermatological clinics have specialized equipment such as medical lasers and microdermabrasion devices for hyperpigmentation treatment. However, the others segment is expected to register highest CAGR during the forecast period owing to availability of home care products such as lasers and microdermabrasion for hyperpigmentation treatment.
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North America to maintain its lead position during the forecast period
Region wise, North America was the key share contributor in 2022, accounting for more than one-third of the hyperpigmentation treatment market revenue owing to well-established healthcare infrastructure and alarming rise in the incidence of hyperpigmentation in the region. However, Asia-Pacific is expected to register highest CAGR during the forecast period owing to diversity of the population, increase in beauty standards, and rise in demand for skin care products due to social media marketing.
Leading Market Players
Episciences Inc
Vivier Pharma
Pierre Fabre S.A
L'Oréal Paris
Areolase Corporation
Lyma
Trophy Skin
Bio Italica
PCA Skin
Procter & Gamble
The report provides a detailed analysis of these key players of the hyperpigmentation treatment market. These players have adopted strategies such as product launch to increase their market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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