Hand Eczema (HE) Treatment Market is expected to garner a market value of US$ 53 Million in 2023
The global Hand Eczema (HE) Treatment Market is expected to garner a market value of US$ 53 Million in 2023 and is expected to accumulate a market value of US$ 114.42 Million by registering a CAGR of 8% in the forecast period 2023 to 2033. The market for Hand Eczema (HE) Treatment registered a CAGR of 4% in the historical period 2018 to 2022.
According to Studies, 31.6 million people (10.1%) in the U.S. have some form of eczema, and prevalence peaks during early childhood. The incidence of hand eczema is increasing globally, due to factors such as increased exposure to irritants, genetics, and underlying skin conditions. Furthermore, the growing focus on personal hygiene and skin care is increasing the demand for hand eczema treatment products and services.
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As a result of positive growth, various startups are entering the market. One such startup is Derm-Biome Pharmaceuticals, a Canadian startup focused on developing natural product pharmaceuticals for skin health improvement. The pharmaceuticals are derived from betulinic acid sourced from birch barks. The company’s lead derivative has shown potential in treating conditions such as atopic dermatitis, psoriasis, acne, and neoplastic skin disease.
North America is anticipated to acquire a market share of about 40% in the forecast period. This growth is attributable to the rising prevalence of the condition in the region. Furthermore, government initiatives and increase in the number of research partnerships are boosting the market growth across North America. Asia Pacific is a growing market due to a shift towards point-of-care healthcare. The increasing number of hospitals in India and China presents a promising market opportunity globally.
Key Takeaways from the Market Study
- From 2018 to 2022, the Hand Eczema (HE) Treatment Management market grew at a CAGR of 4%.
- The global Hand Eczema (HE) Treatment Management market is expected to grow with a 8% CAGR during 2023 to 2033.
- As of 2033, the Hand Eczema (HE) Treatment Management Market is expected to reach US$ 114.42 Million
- According to the FMI analysis, hospitals account for the largest market share.
- North America is expected to possess 40% market share for the Hand Eczema (HE) Treatment Management market.
- The Asia Pacific market is predicted to increase significantly throughout the forecast period, with a share of 20% during the forecast period.
“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fueling further clinical trials and research studies dedicated to discovering Hand Eczema (HE) Treatment Management.” says an FMI analyst
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Key players in the market include pharmaceutical companies such as GlaxoSmithKline, Pfizer, Sanofi, Johnson & Johnson and Novartis along with the healthcare providers and technology companies among other global players.
- In June 2022, FDA approved Dupixent (dupilumab) for children aged 6 months to 5 years with moderate-to-severe atopic dermatitis who are unable to control their condition with topical prescription therapies or when such treatments are not advisable. The approval was granted under Priority Review, which is reserved for treatments that show potential improvement in efficacy or safety in treating serious conditions. The approval is based on data from a Phase 3 trial comparing Dupixent (200 mg or 300 mg every four weeks based on body weight) with low-potency topical corticosteroids (TCS) or TCS alone (placebo).
- In January 2022, Pfizer announced that the FDA has approved CIBINQO (abrocitinib), a once-daily oral Janus kinase 1 (JAK1) inhibitor, for the treatment of moderate-to-severe atopic dermatitis in adults who are not adequately controlling their condition with other systemic treatments, including biologics, or when those treatments are not advisable.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Hand Eczema (HE) Treatment Management market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights on the basis of type, end-users and Region.
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Key Segments Profiled in the Hand Eczema (HE) Treatment Industry Survey
- Topical Corticosteroids
- Topical Calcineurin Inhibitors
- UV Therapy
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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