Prurigo Nodularis Treatment Market size worth over $1.5bn by 2027
Published Date: April 8, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Prurigo Nodularis Treatment Market size is set to surpass USD 1.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
Growing prevalence of dermal disorders resulting into skin irritation and scratching increases the risk of prurigo nodularis. Extensive R&D by pharmaceutical companies for development of therapy and tap unmet treatment areas will augment the market growth. Rising incidence of prurigo nodularis in developed nations with increasing investment on R&D further offers significant growth opportunities to the market.
Extensive R&D for development of specialized disease therapy will foster the prurigo nodularis treatment market expansion
Increasing research activities by companies to offer effective treatment therapy will stimulate the market revenue in the coming years. Sanofi and Regeneron are collaboratively developing medicines for prurigo nodularis. The company received U.S. FDA approval for Dupixent as first biologic medicine in treatment of moderate to severe atopic dermatitis. As prurigo nodularis is frequently related to history of atopic dermatitis in patients, the product approval will assist in minimization of disease burden. Additionally, Menlo Therapeutics Inc. announced the Phase 3 results, evaluating the safety and efficacy of oral serlopitant for the treatment of pruritus associated with PN. Such developments assist in overcoming the unidentified needs of patients across globe and will impel the market demand.
Preference for corticosteroids as primary disease treatment by dermatologists will fuel the prurigo nodularis treatment market value
Corticosteroids segment is projected to witness 5.3% growth rate till 2027 led by increasing usage of topical corticosteroids as first line of treatment. It efficiently decreases inflammation and itching by softening and smoothing firm nodules. This has further driven product innovation and development, that will lead to launch of new products in future. Therefore, demand for anti-inflammatory drugs due to restricted availability of approved medications for pruritus nodularis will enhance the segment growth capabilities over the coming years.
Browse key industry insights spread across 110 pages with 115 market data tables & 14 figures & charts from the report, “Prurigo Nodularis Treatment Market Size By Product (Antihistamines, Capsaicin Cream, Corticosteroids, Emollients), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing product sales through online distribution channels will propel medicine adoption rate
Online pharmacies segment in the prurigo nodularis treatment market accounted for more than USD 360 million in 2020. Increasing acceptance of online platforms or e-commerce for drug purchase will positively impact the internet pharmacies segment size. Awareness and availability of wide range of anti-inflammatory and dermatological medicines on e-pharmacies considerably influence the product usage. Furthermore, expansion of online pharmacies at robust rate coupled with improving accessibility to medicine further boosts product sales.
Rising incidence of skin disorders resulting in higher risk of prurigo nodularis among European population will stimulate the regional growth
Europe prurigo nodularis treatment market held for over 20% of revenue share in 2020. Increasing prevalence of skin disorders including prurigo nodularis will contribute to the addressable patient pool in the region. This will drive the demand for treatment therapies in European countries. Moreover, repetitive occurrence of prurigo further leads to rising treatment spending by the population. Growing healthcare spending favoring research and development by prominent industry players will spur the Europe market growth. In addition, presence of eminent industry players focusing on business expansion strategies will impart high revenue growth during the forecast timeline.
Prominent leaders are focusing on adoption of portfolio expansion to strengthen their market position
Some of the notable companies involved in the market are Johnson & Johnson Services Inc., Pfizer Inc., Merck & Co. Inc., Sanofi and GlaxoSmithKline plc among other players. These industry participants have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.
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