by The global Pruritus Therapeutics Market is estimated to be valued at US$ 7.9 billion in 2021 and is expected to exhibit a CAGR of 3.6% over the forecast period 2022-2031, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Pruritus Therapeutics Market focuses on the treatment and management of itching disorders, also known as pruritus. Itchy skin conditions can arise from various factors such as dry skin, allergies, insect bites, and underlying medical conditions. Pruritus can be a significant source of discomfort and can negatively impact the quality of life for patients. The market offers a range of therapeutics including topical creams, oral medications, and injectable drugs to provide relief from itching and address the underlying causes.
B) Market Dynamics:
The market dynamics of the Pruritus Therapeutics Market are driven by two key factors. Firstly, the rising prevalence of itching disorders worldwide is a major driver for market growth. As per the American Academy of Dermatology, pruritus affects approximately 15-30% of the general population, and its prevalence increases with age. The growing aging population and the associated increase in chronic health conditions are contributing to the higher prevalence of pruritus. Additionally, the rising awareness among patients about available treatment options and the need for effective management of itching disorders are driving the demand for pruritus therapeutics.
Secondly, the increasing research and development activities focused on the development of novel therapeutics for pruritus present a significant opportunity for market growth. Pharmaceutical companies are investing in research to develop innovative drugs and treatment modalities targeting the underlying mechanisms of itching. For instance, MC2 Therapeutics A/S has developed a novel cream formulation for the treatment of pruritus in patients with psoriasis. Such advancements in treatment options are expected to drive market growth in the coming years.
C) Segment Analysis:
The Pruritus Therapeutics Market can be segmented based on product type, distribution channel, and region. Based on product type, topical creams are expected to dominate the market due to their ease of application and effectiveness in providing relief from itching. Within the topical creams segment, corticosteroids are anticipated to be the leading sub-segment, as they are commonly prescribed for the management of pruritus.
D) PEST Analysis:
Political: Government regulations and policies related to healthcare and drug approvals can significantly impact the Pruritus Therapeutics Market. Changes in regulations can affect the availability and pricing of pruritus therapeutics.
Economic: The economic conditions of regions and countries can influence the affordability and accessibility of pruritus therapeutics for patients. Economic factors such as disposable income and healthcare expenditure play a crucial role.
Social: Increasing awareness about skin health and the importance of managing itching disorders among patients and healthcare professionals is driving the demand for pruritus therapeutics.
Technological: Advancements in technology have led to the development of innovative treatment options for pruritus, including targeted therapies and novel drug delivery systems.
E) Key Takeaways:
– The global Pruritus Therapeutics Market is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period, due to increasing prevalence of itching disorders and the growing demand for effective treatment options.
– North America is anticipated to be the fastest-growing and dominating region in the market, attributed to the high prevalence of pruritus, well-established healthcare infrastructure, and significant investments in research and development activities.
– Key players operating in the global Pruritus Therapeutics Market include Pfizer Inc., Sanofi S.A., Amgen Inc., Almirall S.A, Novartis Pharmaceuticals Corporation, MC2 Therapeutics A/S, EPI Health LLC, Allergan Plc., Astellas Pharma US, Inc., Mylan N.V., Johnson & Johnson, Vifor Pharma group, Cara Therapeutics Inc., and Aventis Pharma Ltd. These players are focusing on research and development activities, strategic collaborations, and product launches to strengthen their market position and expand their product portfolio.
In conclusion, the global Pruritus Therapeutics Market is poised for significant growth in the coming years, driven by the increasing prevalence of itching disorders and the continuous research on novel therapeutics. The market offers promising opportunities for pharmaceutical companies to develop innovative treatment options and improve the quality of life for patients suffering from pruritus.
