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 a person to scratch their skin. It can be caused by various factors such as dry skin, dermatitis, allergic reactions, insect bites, and underlying medical conditions. The market for pruritus therapeutics includes pharmaceuticals, creams, lotions, and other products that provide relief from itching and treat the underlying causes.

The demand for pruritus therapeutics is driven by the increasing prevalence of skin diseases, including eczema, psoriasis, and dermatitis, among others. Additionally, the rising focus on research and development activities to develop innovative and effective solutions for itch relief is further propelling the market growth.

B) Market Dynamics:
1. Driver: Rising prevalence of skin diseases
The increasing prevalence of skin diseases such as eczema, psoriasis, and dermatitis is driving the demand for pruritus therapeutics. According to the World Health Organization (WHO), around 1 billion people worldwide suffer from skin conditions, and skin diseases account for approximately 2% of the global burden of disease. These conditions often cause itching and require effective treatment options, thereby boosting the market growth.

2. Driver: Increasing research and development activities
Pharmaceutical companies and research institutes are actively engaged in research and development activities to develop novel therapeutics for pruritus. They are focusing on the development of targeted therapies that provide rapid and long-lasting relief from itching. For instance, in July 2021, MC2 Therapeutics A/S received U.S. Food and Drug Administration (FDA) approval for Wynzora Cream, indicated for the topical treatment of plaque psoriasis. Such innovations in therapeutics are driving market growth.

C) SWOT Analysis:
- Strength: Increasing research and development activities - Pharmaceutical companies are investing in research and development to develop innovative pruritus therapeutics, which is a key strength of the market.
- Strength: Rising prevalence of skin diseases - The high prevalence of skin diseases, which often cause itching, is a factor driving the demand for pruritus therapeutics.
- Weakness: Limited awareness among patients - Many patients suffering from pruritus are not aware of the available treatment options, which may hamper market growth.
- Weakness: Side effects associated with medications - Some pruritus therapeutics may have side effects, which can be a challenge for market growth.
- Opportunity: Growing healthcare expenditure - The increasing healthcare expenditure across the globe provides an opportunity for market growth, as it allows patients to access and afford pruritus therapeutics.
- Opportunity: Advancements in technology - Technological advancements in the field of dermatology and drug delivery systems can lead to the development of more effective and targeted pruritus therapeutics.
- Threat: Stringent regulatory requirements - The stringent regulatory requirements for the approval of new therapeutics can pose a challenge for market players.
- Threat: Availability of alternative treatment options - Patients may opt for alternative therapies or home remedies to manage pruritus, which can be a threat to the market.

D) Key Takeaways:
- Market size: The global Pruritus Therapeutics Market Analysis is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period. This growth is driven by the increasing prevalence of skin diseases and the focus on research and development activities.
- Regional analysis: North America is expected to dominate the pruritus therapeutics market due to the high prevalence of skin diseases and the presence of key market players. Asia Pacific is anticipated to be the fastest-growing region, driven by the rising healthcare expenditure and increasing awareness of pruritus therapeutics.
- 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 focus on research and development activities to introduce innovative therapeutic solutions and maintain their market position.

The global Pruritus Therapeutics Market is expected to witness high growth due to the rising prevalence of skin diseases and increasing research and development activities by key market players. However, limited awareness among patients and the availability of alternative treatment options are challenges that need to be addressed for sustained market growth.