Newark, Nov. 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pruritus therapeutics market is expected to grow from USD 9.64 billion in 2022 to USD 12.43 billion by 2030, at a CAGR of 3.23% during the forecast period 2022-2030.
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The body's neurological systems and the environment significantly contribute to the growing skin diseases/conditions globally. Numerous skin illnesses and diseases are now more common among the world's population due to the increasing incidence of harsh environmental conditions. For instance, Ozone loss and an increase in the amount of UV radiation hitting the planet due to climate change have raised the occurrence of certain skin disorders that cause pruritus. Additionally, the number of people who suffer from pruritus is rising due to the expanding use of chemicals in personal care and cosmetics. The rising prevalence of pruritus will drive the global market for pruritus therapies. Global market players have been motivated to expand their R&D investment in creating novel medications and therapies due to the rising demand for pruritus therapeutics. The regulatory authorities have streamlined approvals to protect the interests of consumers in response to the discovery of pruritus therapeutics, given the rising prevalence of novel skin diseases/conditions. The market for pruritus treatments will expand as a result of regulatory approvals and licensing becoming more uniform and efficient. However, the lack of extensive knowledge about pruritus pathology will limit the market's growth. The stringent regulatory guidelines governing the pruritus therapeutics market will also hinder the market's growth.
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Competitive Strategy
To enhance their market position in the global pruritus therapeutics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• On August 24, 2020, the pharmaceutical company MC2 Therapeutics announced a partnership with EPI Health, LLC, to market WYNZORA Cream in the United States. EPI Health LLC is a well-known pharmaceutical business and a significant market player in the dermatological industry. On July 20, 2020, the U.S. Food and Drug Administration (FDA) authorized WYNZORA Cream to treat plaque psoriasis, a common contributor to adult-onset psoriasis pruritus.
Market Growth & Trends
Hair regrowth, insect bites, dry skin, sunburns, and healing wounds are a few causes of skin itchiness. A single area of the body may experience pruritus or affect the entire body. Approximately 1 in 5 people globally suffer from contact dermatitis. The most common cause of allergic contact dermatitis is nickel. Nickel is used in milting coins, cars, electronics, aerospace, and construction. The use of nickel in these fundamental industries increases the exposure of humans to nickel exponentially. The rising awareness about nickel-triggered allergic contact dermatitis and the accessibility of doctors for medications will propel the growth of the global pruritus therapeutics market. A few drugs that can lessen the discomfort brought on by pruritus include antihistamines, topical steroids, immunosuppressants, and corticosteroid creams. For instance, antihistamines are used to alleviate allergic-related pruritus. Similar developments in the medical field have produced novel drugs that are successful in treating pruritus-related disorders. The market for pruritus medicines is predicted to increase as knowledge of skin disorders, their underlying causes, and treatments increases.
Key Findings
• In 2022, the corticosteroids segment dominated the market with the largest market share of 28% and market revenue of 2.69 billion.
The product type segment is divided into corticosteroids, local anesthetics, immunosuppressants, antihistamines, counterirritants, calcineurin inhibitors, and others. In 2022, the corticosteroids segment dominated the market with the largest market share of 28% and market revenue of 2.69 billion.
• The allergic contact dermatitis segment is expected to grow at the fastest CAGR of 5.24% over the forecast period.
The disease type segment is divided into atopic dermatitis, urticaria, allergic contact dermatitis, psoriasis, and others. Over the forecast period, the allergic contact dermatitis segment is expected to grow at the fastest CAGR of 5.24%.
• In 2022, the topical segment dominated the market with the largest market share of 56% and market revenue of 5.39 billion.
The route of administration segment is divided into oral, topical, and parenteral. In 2022, the topical segment dominated the market with the largest market share of 56% and market revenue of 5.39 billion.
• In 2022, the retail pharmacies segment dominated the market with the largest market share of 46% and market revenue of 4.43 billion.
The distribution channel segment is divided into hospital pharmacies, online pharmacies, retail pharmacies, and others. In 2022, the retail pharmacies segment dominated the market with the largest market share of 46% and market revenue of 4.43 billion.
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Regional Segment Analysis of the Pruritus Therapeutics Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global pruritus therapeutics market, with a market share of around 42.23% and 4.07 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The pruritus therapeutics market in the Asia Pacific has been expanding rapidly. China and India dominate the pruritus therapeutics market in the Asia Pacific.
Key players operating in the global pruritus therapeutics market are:
• Actavis Plc
• Amgen Inc.
• Bristol-Myers Squibb
• Cara Therapeutics
• Cipla
• EPI Health LLC
• GlaxoSmithKline
• Novartis Pharmaceuticals Corporation
• Pfizer
• Sanofi Aventis
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global pruritus therapeutics market based on the below-mentioned segments:
Pruritus Therapeutics Market by Product Type:
• Corticosteroids
• Local Anesthetics
• Immunosuppressants
• Antihistamines
• Counterirritants
• Calcineurin Inhibitors
• Others
Pruritus Therapeutics Market by Disease Type:
• Atopic Dermatitis
• Urticaria
• Allergic Contact Dermatitis
• Psoriasis
• Others
Pruritus Therapeutics Market by Route of Administration:
• Oral
• Topical
• Parenteral
Pruritus Therapeutics Market by Distribution Channel:
• Hospital Pharmacies
• Online Pharmacies
• Retail Pharmacies
• Others
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About the report:
The global pruritus therapeutics market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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