Number of pages: 100 | Report Format: PDF | Published date: May 09, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 48.75 million |
Revenue Forecast in 2031 |
US$ 94.25 million |
CAGR |
7.60% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Drug Class, Formulation, Distribution channel, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global hand eczema treatment market was valued at US$ 48.75 million in 2022 and is expected to register a revenue CAGR of 7.60% to reach US$ 94.25 million by 2031.
Hand Eczema Treatment Market Fundamentals
Hand eczema, also known as hand dermatitis, is a kind of skin dermatitis. This can be a result of genetic and environmental factors. It is characterized by redness, itching, dryness, and small blisters or cracks on the skin. There are several types of hand eczema, including irritant contact dermatitis, allergic contact dermatitis, and atopic dermatitis. Irritant contact dermatitis occurs when the skin is repeatedly exposed to harsh substances such as detergents, solvents, and acids. In contrast, an allergic reaction to a specific substance causes allergic contact dermatitis. Atopic dermatitis, on the other hand, is a chronic condition that often affects other parts of the body besides the hands.
The hand eczema treatment market has been experiencing significant growth due to rising rates of hand eczema, especially among healthcare workers. Moreover, companies are investing in research and development to create innovative solutions that accommodate the specific needs of healthcare professionals. For instance, in March 2023, research studies by the University of Copenhagen stated that Delgocitinib, a JAK inhibitor, improves chronic hand eczema and quality of life after 16 weeks.
The research study on the hand eczema treatment market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth hand eczema treatment market forecast to the industry stakeholders.
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Hand Eczema Treatment Market Dynamics
Rising incidence rates of hand eczema are the key factor driving the hand eczema treatment market. According to National Eczema Organization, every year, hand eczema affects around 10% of the population in the United States, which is around 31.6 million people. Additionally, increased research and development are expected to introduce new treatments for hand eczema in the forecast years. For instance, a recent study found novel UV-free irradiation equipment for hand eczema. The study demonstrates that visible light can be employed for treating hand eczema. This innovation could potentially provide a safer and more accessible alternative to traditional UV light therapy. As a result, it may improve the quality of life for people who suffer from hand eczema. However, high prices of drugs are the major restraining factor in the hand eczema treatment market. Furthermore, lack of awareness is a significant challenge for the global hand eczema treatment market.
Hand Eczema Treatment Market Ecosystem
Hand Eczema Treatment Market, by Drug Class
Hand Eczema Treatment Market, by Formulation
Hand Eczema Treatment Market, by End User
Hand Eczema Treatment Market by Drug Class
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The topical steroids segment dominated the global hand eczema market with the highest revenue share in 2022. Topical steroids are considered the first-line treatment for hand eczema due to their high efficacy in reducing inflammation and itching. The increasing prevalence of hand eczema and the availability of various formulations of topical steroids are expected to drive the revenue growth of this segment in the forecast years. However, calcineurin inhibitors are expected to show high revenue growth in the forecast years. Calcineurin inhibitors are considered a promising alternative to topical steroids because they reduce inflammation and itching without causing skin thinning. Additionally, the growing concern over the long-term use of topical steroids may further boost the demand for calcineurin inhibitors in treating hand eczema.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as drug class, formulation, and distribution channel. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential hand eczema treatment market growth opportunities.
Hand Eczema Treatment Market by Region
North America accounted for the majority of revenue share in the global hand eczema treatment market. The high prevalence of hand eczema in the United States and the availability of advanced treatment options are the key factors contributing to the dominance of North America in the global eczema treatment market. Moreover, rising research and development is introducing new treatment solutions for hand eczema.
Moreover, the Asia Pacific region in the global hand eczema treatment market is expected to show lucrative growth in the forecast years due to rising awareness about the condition and growing demand for effective treatment options. Additionally, the presence of key market players introducing and advancements in healthcare infrastructure are also contributing to the revenue growth of the hand eczema treatment market in the Asia Pacific region.
Based on the regions, the global hand eczema treatment market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding hand eczema treatment market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Hand Eczema Treatment Market Competitive Landscape
Some of the prominent players in the hand eczema treatment market are:
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats considering the hand eczema treatment industry trends.
Hand Eczema Treatment Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report.
Hand eczema is a common skin condition that causes dry, itchy, and sometimes painful hand patches. Various factors, including genetics, allergies, and exposure to irritants or chemicals can cause it.
The global hand eczema treatment market was valued at US$ 48.75 million in 2022.
Asia Pacific will have the largest hand eczema treatment market size during the forecast period from 2023 to 2031.
The global hand eczema treatment market is expected to register a revenue CAGR of 7.60% in the forecast period from 2023 to 2031.
The global hand eczema treatment market is expected to reach US$ 94.25 million by 2031.
Increased research and development are introducing new treatment solutions for hand eczema.
The global hand eczema treatment market is expected to grow significantly due to the increasing prevalence of hand eczema and the rising awareness regarding its treatment. Additionally, the development of new and effective treatment options is also expected to drive market growth.
The major challenges in the hand eczema treatment market are the need for more awareness about treatment options. Additionally, the high cost of drugs and side effects associated with these medications can also hinder the revenue growth of the hand eczema treatment market.
Product innovation, strategic collaborations, mergers and acquisitions, and geographical expansion are among the major strategies the hand eczema treatment market players adopted.
*Insights on financial performance are subject to the availability of information in the public domain