The global Pruritus Therapeutics market is estimated to be valued at US$ 7.9 billion in 2022 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:
Pruritus, commonly known as itching, is a symptom of various dermatological conditions such as dry skin, eczema, psoriasis, and allergic reactions. It can significantly impact the quality of life of patients, leading to discomfort and sleep disturbances. Pruritus Therapeutics refers to the drugs and therapies used for the treatment of pruritus. These therapeutics aim to relieve itching, reduce inflammation, and improve the overall condition of the skin. The growing prevalence of chronic skin conditions globally is driving the demand for pruritus therapeutics.
B) Market Key Trends:
One key trend in the Pruritus Therapeutics market is the increasing focus on the development of novel therapies with improved efficacy and safety profiles. Pharmaceutical companies are investing in research and development activities to introduce innovative drugs and biologics for pruritus treatment. For example, MC2 Therapeutics A/S developed Wynzora Cream, a novel topical therapy for plaque psoriasis with reduced side effects compared to traditional treatments. Such advancements in therapeutics are expected to drive market growth.
C) PEST Analysis:
- Political: Government regulations and policies related to drug approval and pricing can impact the market growth. Stringent regulations ensure the safety and effectiveness of pruritus therapeutics.
- Economic: The increasing healthcare expenditure and rising disposable income in emerging economies contribute to the market growth.
- Social: The growing awareness among patients regarding the available treatment options for pruritus and the importance of early diagnosis is driving the demand for therapeutics.
- Technological: Technological advancements in drug delivery systems, such as transdermal patches and microneedles, are enhancing the efficacy and convenience of pruritus therapeutics.
D) 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 chronic skin conditions. Pruritus is commonly associated with various dermatological conditions, and the rising awareness among patients about the available treatment options is driving market growth.
- The Asia Pacific region is expected to be the fastest-growing and dominating region in the Pruritus Therapeutics market. The region has a high burden of skin diseases and a growing geriatric population, contributing to the market growth. Additionally, the increasing healthcare spending and improving healthcare infrastructure in countries like China and India are fueling market growth.
- 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 companies are focusing on research and development activities to introduce innovative therapies and capture a significant market share.
In conclusion, the global Pruritus Therapeutics market is expected to experience significant growth due to the increasing prevalence of chronic skin conditions. The market is witnessing the development of novel therapies with improved efficacy and safety profiles. Additionally, the Asia Pacific region is emerging as a dominant market for pruritus therapeutics. Key players in the market are investing in research and development activities to introduce innovative solutions and gain a competitive edge.
