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 referred to as itchiness, is a sensation that leads to the urge to scratch the affected area. It can occur due to various underlying conditions such as skin disorders, allergies, infections, and systemic disorders. Pruritus therapeutics are products aimed at relieving itchiness and providing symptomatic relief to patients. These therapeutics include topical creams, oral medications, and injectables. The growing prevalence of pruritus worldwide has led to an increased demand for effective therapeutics.
B) Market Key Trends:
One key trend driving the growth of the pruritus therapeutics market is the increasing focus on research and development activities by key players. Pharmaceutical companies are investing significantly in the development of innovative therapeutics for pruritus treatment. For instance, Pfizer Inc. recently announced positive results from its Phase 2b trial evaluating a potential pruritus treatment. This research and development focus is expected to lead to the introduction of novel therapies in the market, thereby driving market growth.
C) PEST Analysis:
Political: Government initiatives aimed at healthcare infrastructure development and improved access to healthcare facilities are expected to support market growth.
Economic: The rising healthcare expenditure and increasing per capita income in emerging economies are expected to drive market growth.
Social: The growing awareness about pruritus and the availability of treatment options among patients are expected to contribute to market growth.
Technological: Advances in drug delivery systems and the development of targeted therapies are anticipated to drive market growth.
D) Key Takeaways:
Market Size Related Content:
The global Pruritus Therapeutics Market Analysis is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period, due to increasing prevalence of pruritus and the growing demand for effective treatment options. For example, the rising incidence of chronic kidney disease, which is often associated with pruritus, is expected to drive market growth.
Regional Analysis:
North America is expected to dominate the pruritus therapeutics market, owing to the high prevalence of skin disorders and allergies in the region. Europe is also anticipated to witness significant growth, supported by the presence of key market players and government initiatives promoting awareness and treatment of pruritus.
Key Players:
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 to introduce innovative therapies and gain a competitive edge in the market.
In conclusion, the global pruritus therapeutics market is expected to witness significant growth over the forecast period. Increasing prevalence of pruritus, focus on research and development, and advancements in technology are key factors driving market growth. North America and Europe are anticipated to dominate the market, while key players are actively engaged in introducing innovative therapies to cater to the growing demand for pruritus treatment.
