New York, United States , April 17, 2023 (GLOBE NEWSWIRE) -- The Global Chronic Pruritus Therapeutics Market Size is To Grow from USD 8.2 Billion in 2021 to USD 12.1 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. The factors which are driving this growing share of the market are emerging markets and significant investment in research and development.
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Atopic dermatitis, chickenpox, mycoses, and contact dermatitis are only a few examples of dermatological illnesses that can lead to chronic pruritus. Pruritus is the term for the itching that happens on the skin as a result of several disorders, such as dry skin, allergies, and other illnesses. Longer-lasting pruritus typically suggests a more serious underlying cause. According to the International Forum for the Study of Itch (IFSI): There are three types of pruritus challenges, such as pruritus on normal skin, pruritus on inflamed skin, and pruritus with persistent secondary scratch lesions. Many persons with determined pruritus have skin sores that are mostly caused by skin dryness, scratching or insect bites in the absence of a skin condition. As a result, the IFSI categorization assists in differentiating between disorders that cause specific and generalized pruritus. Additionally, as a result of increased knowledge of the mechanism of chronic itching and access to high-quality data from clinical studies, new medications for the treatment of pruritus have been developed.
The market for treatments for chronic itching is driven by several important variables, such as the growth of the global market for these treatments and the rising prevalence of chronic pruritus. Additionally, the leading market players are investing heavily in R&D to find brand-new chronic pruritus medications. Furthermore, all of the major companies are primarily focused on introducing innovative medicines and creating a strong pipeline also contributes to market expansion. Moreover, Due to an increase in industry participants' mergers, collaborations, and acquisitions, the worldwide chronic pruritus therapies market is also predicted to expand during the forecast period. Furthermore, the high cost of medical services will be a significant barrier to the development of the chronic pruritus medication industry and the negative side effects of treatments for chronic pruritus are preventing the industry from expanding.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Chronic Pruritus Therapeutics Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Corticosteroid, Antihistamine, Local Anesthetic, Counterirritant, Immunosuppressant, Calcineurin Inhibitors, Other Product Types), By Disease Type (Atopic Dermatitis, Allergic Contact Dermatitis, Urticaria, Others), By Distribution Channel (Hospital Pharmacies, Drug stores & Retail Pharmacies, Online providers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The corticosteroids segment is holding the largest market share over the forecast period.
Based on the product type, the global chronic pruritus therapeutics market is classified into corticosteroids, antihistamines, local anesthetics, counterirritants, immunosuppressants, calcineurin inhibitors, and other product types. Throughout these segments, the corticosteroids segment is holding the market share over the forecast period owing to they are used as a first line of treatment and to relieve the patient's pain and reduce inflammation. Corticosteroid is an example of anti-inflammatory medicine. Corticosteroids, which are activated glucocorticoid receptors, reduce local inflammation and slightly control pruritus by inhibiting cytokine activity.
The allergic contact dermatitis segment is dominating the largest market share over the forecast period.
Based on the disease type, the global chronic pruritus therapeutics market is divided into atopic dermatitis, allergic contact dermatitis, urticaria, & others. Among these, the allergic contact dermatitis segment is dominating the market over the forecast period due to an increase in individuals with unknown diseases. Furthermore, consumers will use more cosmetics and skincare items that could lead to allergic contact dermatitis due to the growing personal care and cosmetics companies.
The retail pharmacies segment is leading the market over the forecast period.
Based on the distribution channel, the global chronic pruritus therapeutics market is segmented into hospital pharmacies, drug stores & retail pharmacies, and Online providers. Among these. the retail pharmacies segment led the largest market share during the forecast period due to due to the industry's growth being supported by the rise in the number of pharmacies in grocery stores.
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North America is dominating the largest market share of 41.3% during the forecast period.
Due to the presence of major market layers in this region, which contributed to the development of effective and promising medications and pruritus treatments, North America will hold the biggest market share over the projection period. Moreover, the well-established healthcare infrastructure and the presence of significant market layers in this region dominate the largest market share during the forecast period. Due to the government's increased spending on healthcare during the pandemic, the Asia Pacific market is anticipated to grow at the fastest rate over the projected period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Chronic Pruritus Therapeutics Market include Carl Zeiss Meditec AG, Meridian AG, IRIDEX Corporation, Ellex Medical Lasers Ltd, FCI, Millennium Surgical Corp., BVM Medical Limited, Lombart Instrument, Inc., Welch Allyn, & Others.
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Recent Development
In August 2022, the first-in-human Phase 1 study of CBP-174 successfully evaluated the safety and pharmacokinetics of the drug in healthy individuals. The study's author is Connect Biopharma Holdings Limited. The company develops T-cell-driven medicines to treat inflammatory illnesses. It is a multinational biopharmaceutical company. The highly selective, peripherally acting H3 receptor antagonist CBP-174, a therapeutic candidate, is being created to treat the pruritus brought on by inflammatory and allergic skin disorders, as atopic dermatitis.
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