Prurigo Nodularis Treatment Market Will Grow at a CAGR of 3% CAGR Through 2030
Prurigo nodularis indicates a skin condition in which hard, itchy nodules or lumps develop on the skin surface.
This condition can vary from mild to severe case and it is categorised under the chronic inflammatory rare disease of unknown aetiology.
Advancements of diagnostics technology and diagnosis seeking rate are expected to boost prurigo nodularis treatment market growth.
Future Market Insights (FMI), the market will exhibit 3% Y-o-Y growth in 2021. With prevalence of the disease forecast to rise, accelerated demand is likely in the near future.
Leading market players are currently focusing on strategic collaborations with various healthcare institutes, universities, governmental agencies, start-up organizations and industry suppliers.
This is intended to expand their footprint as well as drive various research and development initiatives.
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Besides efforts by market players, initiatives undertaken by regulatory bodies to improve the development and approval process of orphan drug will aid the overall prurigo nodularis treatment market growth.
According to FMI, the capsaicin cream segment by drug class is anticipated to gain the momentum significantly contributing towards market growth in the coming years. It is expected to account for over 40% of the market in 2020.
Key Takeaways from Prurigo Nodularis Treatment Market Study
- The demand from the U.S. is expected to rise at a steady pace. It is expected to account for over 91% of the North America market
- France will emerge as a lucrative market, registering above 3% Y-o-Y growth in 2021
- The U.K. and Germany will emerge as other key markets for prurigo nodularis treatment in Europe
- Within East Asia, Japan and China will record rising demand for Prurigo nodularis treatment.
Who is Winning?
The global market is set to expand steadily over the forecast period, driven by the increasing prevalence of prurigo nodularis, advancements in technology, and adoption of prurigo nodularis treatment drugs which can be used for long term care needs.
In addition to this, changing regulatory dynamics and lack of adequate knowledge has constrained the sales of prurigo nodularis treatment drugs.
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Product approvals by the U. S. Food and Drug Administration (FDA) for prurigo nodularis treatment drugs are expected to push towards high competition among market players.
For Instance, in December 2019, Galderma SA announced the breakthrough therapy designation to its drug Nemolizumab from the U.S. FDA for treatment of prurigo nodularis.
Some of the key market players covered by FMI include Bayer AG, Pfizer Inc., GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd., Johnson & Johnson Services, Inc., Merck & Co. Inc., Sanofi SA, Takeda Pharmaceutical Company Limited, Novartis AG, Celgene Corporation, Galderma SA (Nestle Skin Health Company), VYNE Therapeutics Inc., Trevi Therapeutics Inc. consolidating their positions through mergers, acquisitions and new product launches.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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