Prurigo nodularis indicates a skin condition in which hard, itchy nodules or bumps develop on the surface of the skin.
This condition can range from mild to severe and is categorized as a rare chronic inflammatory disease of unknown etiology.
Advances in diagnostic technology and the rate of diagnostic research are expected to boost prurigo nodularis treatment market growth.
Future Market Insights (IMF), the market will show a growth of 3% YoY in 2021. With the prevalence of the disease expected to increase, an acceleration in demand is likely in the near future.
The major players in the market are currently focusing on strategic collaborations with various health institutes, universities, government agencies, start-ups, and industry vendors.
This is aimed at expanding their footprint as well as conducting various research and development initiatives.
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Apart from the efforts of the market players, the initiatives undertaken by the regulatory bodies to improve the development and approval process of orphan drugs will contribute to the overall growth of the prurigo nodularis treatment market.
According to IMF, the capsaicin cream segment by drug class is expected to gain momentum and contribute significantly to the market growth in the coming years. It should represent more than 40% of the market in 2020.
Main lessons from the market study on the treatment of Prurigo Nodularis
- Demand from the United States is expected to increase at a steady pace. It is expected to represent over 91% of the North American market
- France will emerge as a lucrative market, growing above 3% year-on-year in 2021
- The UK and Germany will become other key markets for the treatment of prurigo nodularis in Europe
- In East Asia, Japan and China will see growing demand for the treatment of Prurigo nodularis.
The global market is expected to grow steadily over the forecast period, owing to the growing prevalence of prurigo nodularis, technological advancement and adoption of prurigo nodularis treatment drugs that can be used for healthcare needs. long duration.
In addition to this, changing regulatory dynamics and lack of adequate knowledge have limited sales of drugs for the treatment of prurigo nodularis.
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Product approvals by the United States Food and Drug Administration (FDA) for prurigo nodularis treatment drugs are expected to push towards stiff competition among market players.
For example, in December 2019, Galderma SA announced Breakthrough Therapy Designation of its drug Nemolizumab by the US FDA for the treatment of prurigo nodularis.
Some of the major 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. consolidate their positions through mergers, acquisitions and new product launches.
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market.
It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
Future Market Outlook
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