Based on a 3% compound annual growth rate (CAGR), treatments for prurigo nodularis are predicted to be valued US$ 693.3 million in 2023 and US$ 930.9 million by 2033.The market for prigo nodularis therapy is anticipated to rise significantly over the next several years due to a number of important factors, including higher R&D costs, an increasing demand for better medications, and an increasing need for enhanced goods.
The demand for treatment drugs for prurigo nodularis is anticipated to be fueled by the growing prevalence of atopic dermatitis and other skin conditions. Moreover, the rising awareness about various treatment options is also contributing to the growing adoption rates of products globally. The increasing aging population combined with the high prevalence of pruritus among this demographic is expected to fuel demand for prurigo nodularis treatments in the future. Moreover, the growth of outdoor activities like hiking and camping could expose individuals to insects or irritants that may trigger itching in sensitive skin areas, leading to discomfort and driving up sales globally in the coming years.
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New growth opportunities are anticipated to arise from the presence of emerging economies such as China and India. The increasing prevalence of e-commerce platforms, combined with their easy accessibility, has contributed to the widespread availability of products in different regions. This trend is anticipated to drive global sales of treatment drugs for prurigo nodularis in the coming years.
Key Takeaways from the Market Report
- Europe is expected to dominate the market while growing with a CAGR of 3% during the forecast period.
- The market in India is projected to witness a CAGR of 3.5% during the forecast period.
- The market in France is expected to grow at a 4.7% CAGR during the forecast period.
- By drug class, capsaicin cream is projected to lead the segment and is estimated to grow with a CAGR of 3.6% during the forecast period.
- By distribution channel, retail pharmacies are expected to lead the market. It is expected to grow with a CAGR of 3.9% throughout the forecast period.
“Growing prevalence of atopic dermatitis and rising investments to develop advanced products are expected to drive market growth in the forecast period,” comments an FMI Analyst
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Competitive Landscape
The prurigo nodularis treatment market is extremely competitive and consists of various key industry players. These players are heavily investing in manufacturing prurigo nodularis treatment drugs.
Key industry players leverage organic growth strategies like acquisition, agreements, mergers, partnerships, and collaboration to strengthen their product portfolio. This is expected to fuel the demand for prurigo nodularis treatment drugs in the forecast period.
The key industry players are Bayer AG, Pfizer, Inc., GlaxoSmithKline Plc., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Merck & Co. Inc., Sanofi SA, Novartis AG, Celgene Corporation, Galderma SA (Nestle Skin Health Company), VYNE Therapeutics Inc.
Some recent developments in the market are:
- In 2021, Curadigm, a company in collaboration with NANOBIOTIX, announced a new agreement. NANOBIOTIX is a clinical-stage biotechnology company with a primary focus on developing first-in-class product candidates that utilize proprietary nanotechnology to revolutionize cancer treatment.
- In 2021, Takeda Pharmaceutical Company Limited initiated a partnership agreement with Enzyre to enhance the development of Enzyre’s proprietary platform Enzypad which will allow patients to test their blood coagulation at home.
- In 2021, Teva Pharmaceuticals introduced a generic version of SOOLANTRA (ivermectin) Cream, 1%, that needs to be applied once daily to cure rosacea inflammatory lesions in the United States.
- In March 2021, Pfizer Inc. announced that the FDA had approved its supplemental new drug application (sNDA) for EUCRISA® (crisaborole) ointment, 2%, for the treatment of mild-to-moderate atopic dermatitis in patients aged 3 months and older.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global prurigo nodularis treatment market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Prurigo Nodularis Treatment market, the market is segmented on the basis of process, material, printing method, end-use and region.
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Key Segments Profiled in the Prurigo Nodularis Treatment Industry Survey
By Drug Class:
- Corticosteroids
- Topical
- Oral
- Emollients
- Capsaicin Cream
- Antihistamines
- Anticonvulsants
- Antidepressants
- Neurokinin 1 Receptor (NK1R)
- Opiate Receptor Antagonists
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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