Global Pruritus Therapeutics Market Is Estimated To Witness High Growth Owing To Increasing Research and Development Activities and Growing Prevalence of Skin Disorders
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, also known as itchiness, is a common symptom associated with various skin disorders such as eczema, psoriasis, hives, and dermatitis. It can be caused by allergic reactions, infections, drug reactions, and other underlying medical conditions. Pruritus therapeutics are drugs or therapies that help in alleviating itchiness and providing relief to patients suffering from pruritus. These therapeutics include topical creams, oral medications, phototherapy, and other treatment options.
B) Market Dynamics:
1. Driver One: Increasing Research and Development Activities
The market is driven by the increasing focus on research and development activities by pharmaceutical companies to develop innovative and effective pruritus therapeutics. Companies are investing in clinical trials and studies to introduce novel drugs with improved efficacy and safety profiles. For example, Pfizer Inc. has been conducting clinical trials for its new pruritus therapeutic candidate, which has shown promising results in reducing itchiness in patients with atopic dermatitis.
2. Driver Two: Growing Prevalence of Skin Disorders
The rising prevalence of skin disorders such as eczema, psoriasis, and dermatitis is fueling the demand for pruritus therapeutics. These conditions often lead to severe itching, impacting the quality of life of patients. According to the World Health Organization, around 1-3% of adults and 10-20% of children worldwide have atopic eczema, which is a major cause of pruritus.
C) SWOT Analysis:
Strengths:
1. Increasing investment in research and development activities.
2. Growing demand for innovative pruritus therapeutics.
Weaknesses:
1. Side effects associated with pruritus therapeutics.
2. Lack of awareness about pruritus therapeutics among healthcare professionals.
Opportunities:
1. Untapped potential in developing economies.
2. Increasing healthcare expenditure on dermatology treatments.
Threats:
1. Stringent regulations for drug approval.
2. Intense competition among key players.
D) Key Takeaways:
Paragraph 1: The global Pruritus Therapeutics Market is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period. This growth is primarily driven by increasing research and development activities, leading to the development of innovative pruritus therapeutics.
Paragraph 2: In terms of regional analysis, North America is expected to dominate the market due to the high prevalence of skin disorders and the presence of key market players. However, Asia Pacific is expected to witness the fastest growth due to the increasing awareness about pruritus therapeutics and improving healthcare infrastructure.
Paragraph 3: 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 strategic collaborations, acquisitions, and product launches to strengthen their market presence and expand their product portfolios.
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