The global Prurigo nodularis treatment market size was valued at USD 820 million in 2021 and is projected to reach around USD 1,200 million in 2030 exhibiting a CAGR of 4.5% in the forecasted period. The rising pharmaceutical & biotechnology industry and growing focus on orphan drug development are some of the key factors anticipated to drive the market. On the other hand, availability of substitute treatment options is anticipated to hinder the growth of Prurigo nodularis treatment market growth.
The rising demand for the need for orphan drugs to treat a rare disease, prurigo nodularis is fueling the growth of the market. In addition, the factors such as increasing government initiatives on healthcare awareness and infrastructure, rising R&D activities for the treatment of such diseases, and rising demand for better treatment, all these factors are projected to boost the market. Owing to growing awareness regarding treatment, there is an upsurge in the demand for better treatment of prurigo nodularis, which is anticipated to escalate the growth of the Prurigo nodularis treatment market.
Upsurge in prevalence of diseases like prurigo nodularis, bacterial infection and rise in the number of the patients of the same are thought to boost the growth of the market. The major focus for the market players is the inhabitants between the age group of 20 –60 years and also the people suffering from HIV and Atopic Dermatitis. Moreover, surge in awareness about the treatment between the population may help to grow the market. Several new innovations in the field of the treatment may also make the opportunities for the market to grow.
Pharmaceutical and biotech companies along with governments about the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Presently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Furthermore, generally used drugs such as Hydroxychloroquine have observed dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunity for companies of COVID-19 management drugs, as many established nations are small of these drugs. Due to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future.
Product Insights
Based on product, the market is bifurcated into antihistamines, capsacin cream, corticosteroids, emollients, and others. The biggest market share was held by the corticosteroids category throughout the forecasted period. The factors can be ascribed to the high implementation of the product, as Corticosteroids decrease inflammation and regulate the extent of fungal skin infection to a greater extent. Moreover, corticosteroid creams offer quick relief as compared to oral tablets when applied on the body surface.
Distribution Channel Insights
Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment is projected to hold the most significant CAGR in the forecasted period owing to the increasing inclination for getting medications from retail pharmacies than the others. Through the first line of treatment for patients suffering from prurigo nodularis is regularly oral or topical medication. Patients undertake surgical processes only if necessary. Thus, patients prefer getting medicines from retail pharmacies and in addition to that retail pharmacies offer deductions on several medications that boost the market growth.
Region Insights
The global prurigo nodularis treatment market is dominated by the largest share of the market with Asia Pacific. In nations like India and China, there is a high incidence of skin diseases and infections as these nations have hygiene issues. In India, people are more prone to chronic skin disorders. Thus, these factors are anticipated to drive Prurigo nodularis treatment market across the region.
This is accredited to the increasing patient pool backed by the constant increase in the geriatric population and the growing burden of chronic diseases. The region has been observing an extensive use of combination medicines, generating a huge demand for medications and advanced therapeutics, boosting industry growth across the region.
Key Companies Insights
The market for Prurigo nodularis treatment is moderately competitive. With the rising applications of Prurigo nodularis treatment, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Prurigo nodularis treatment market, ultimately boosting the market growth. Some of the key companies working in the global Prurigo nodularis treatment market include:
• Johnson & Johnson Services Inc.
• Celgene Corporation
• Menlo Therapeutics Inc.
• VYNE Therapeutics Inc.
• Teva Pharmaceutical Industries Ltd
• Pfizer Inc.
• Takeda Pharmaceutical Company Limited
• Bayer AG
• Merck & Co. Inc.
• Sanofi SA
• GlaxoSmithKline plc.
• Other players
Some of the Recent Developments:
• In July, 2021 Pfizer Inc. and BioNTech SE signed a letter of intent with The Biovac Institute (Pty) Ltd to manufacture the Pfizer-BioNTech COVID-19 Vaccine for distribution within the African Union.
• In March 2021. Takeda Pharmaceutical Company Limited declared a partnership with Enzyre to fasten the development of Enzyre’s proprietary platform Enzypad, which will permit patients to test their blood coagulation at homes.
• In April 2020, the issue of the results from 2 phase three trials for the drug known as Serlopitant that is used in the management of prurigo nodularis was declared by the VYNE Therapeutics Inc.
• In December 2019, Galderma S.A stated that the U.S FDA has allowed the innovation therapy description to the new therapy of Nemolizumab for the cure of prurigo nodularis.
Segments
By Product
• Antihistamines
• Capsacin Cream
• Corticosteroids
• Emollients
• Others
By Distribution Channel
• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt