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:
Pruritus, commonly known as itching, is a sensation that causes the desire or reflex to scratch. It can be caused by various factors such as skin conditions, allergic reactions, dry skin, insect bites, and certain diseases. The Pruritus Therapeutics Market offers a range of products to treat and manage pruritus, including topical creams, oral medications, and light therapy devices. These treatments provide relief to patients and help improve their quality of life.
B) Market Dynamics:
The pruritus therapeutics market is driven by various factors, including the increasing prevalence of pruritus worldwide and the growing opportunities in emerging markets. The rising incidence of skin diseases and allergies, coupled with changing lifestyles and environmental factors, contribute to the increased demand for pruritus therapeutics. Additionally, the availability of advanced treatment options and the development of innovative products drive market growth.
One major driver for the market is the increasing prevalence of pruritus. According to the American Academy of Dermatology, approximately 20% of people in the United States experience chronic pruritus. The condition can be debilitating and significantly impact patients’ quality of life. As a result, there is a high demand for effective and safe pruritus therapeutics.
Another driver is the growing opportunities in emerging markets. The rising healthcare expenditure, improving healthcare infrastructure, and increasing awareness about pruritus and its management in emerging economies such as India, China, and Brazil contribute to market growth. Moreover, the expanding patient pool and the presence of untapped markets offer significant growth opportunities for key players in the pruritus therapeutics market.
C) Segment Analysis:
The Pruritus Therapeutics Market Analysis can be segmented based on product type and distribution channel. The topical creams segment dominates the market and is expected to continue its dominance over the forecast period. Topical creams are widely used and readily available, providing immediate relief from itching. Furthermore, the increasing preference for non-invasive treatments and the ease of application drive the demand for topical creams.
D) PEST Analysis:
Political: The pruritus therapeutics market is influenced by regulations and policies governing the pharmaceutical industry. Government initiatives to improve healthcare infrastructure and provide affordable healthcare services impact market growth.
Economic: Economic factors such as healthcare expenditure, GDP growth, and disposable income influence the demand for pruritus therapeutics. Increasing healthcare spending and rising disposable incomes positively impact market growth.
Social: The increasing prevalence of skin diseases and allergies, coupled with the growing awareness about pruritus management, drive the demand for pruritus therapeutics. Changing lifestyles, environmental factors, and the aging population contribute to the rising incidence of pruritus.
Technological: Advances in technology have led to the development of innovative pruritus therapeutics, including light therapy devices and targeted therapies. Technological advancements enhance treatment outcomes and improve patient compliance.
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 pruritus and growing opportunities in emerging markets.
– North America is the fastest growing and dominating region in the pruritus therapeutics market, driven by a high prevalence of pruritus, favorable reimbursement policies, and the presence of key market 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 companies focus on strategic collaborations, acquisitions, and product launches to strengthen their market position.
In conclusion, the global pruritus therapeutics market is poised for significant growth due to the increasing prevalence of pruritus and the growing opportunities in emerging markets. The market offers a range of products to effectively manage and treat pruritus, providing relief to patients and improving their quality of life. With advancements in technology and a focus on innovation, key players in the market are well-positioned to capitalize on the growing demand for pruritus therapeutics.
