Prurigo nodularis treatment industry is anticipated to grow 4% CAGR between 2023 and 2032 owing to growing pharmaceutical & biotechnology industry and rising focus on orphan drug development.
Selbyville, Delaware, Jan. 09, 2023 (GLOBE NEWSWIRE) --
Prurigo nodularis treatment market value is estimated to exceed USD 2.9 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The increasing rollouts of several orphan drug development programs and initiatives driven by the growing requirement to introduce effective medications and treatments for rare diseases will transform the business landscape through the coming years. Rare diseases such as prurigo nodularis are chronically debilitating and may interfere with the patient's lifestyle and psychological well-being. As per the US FDA, more than 30 million people in the US suffer from 7000 rare diseases.
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The expanding patient pool and the limited or non-availability of biologics, drugs, and devices associated with these disorders have escalated the demand for novel drugs and preventive therapies for better patient outcomes. The increasing R&D investments focused on developing orphan drugs to treat rare health conditions will positively influence the prurigo nodularis treatment market dynamics.
Browse key industry insights spread across 105 pages with 115 market data tables & 11 figures & charts from the report, 'Prurigo Nodularis Treatment Market Size, By Product (Antihistamines, Capsaicin Cream, Corticosteroids, Emollients), Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032', in detail along with the table of contents:
Proven efficacy in relieving perception of pain to escalate the sales of capsaicin cream
Prurigo nodularis treatment market from capsaicin cream segment revenue is predicted to expand at 3.5% CAGR by 2032. Capsaicin creams are used as a topical treatment to relieve primary symptoms associated with prurigo nodularis. The topical ointment reduces the perception of pain in the patient suffering from the given skin condition by minimizing the activity of pain-related nerve cells in the skin. That being said, the non-availability of effective target therapy for the disease will propel segmental gains.
Effective patient care to help hospital pharmacies emerge as major distribution channel
Hospital pharmacies segment accumulated over 27% of the prurigo nodularis market share in 2022. Hospital pharmacies have access to an expansive patient pool owing to the availability of a comprehensive range of prescribed medications. These settings enable better interaction between the healthcare staff and the staff, thus ensuring better patient outcomes. Furthermore, better insurance coverage and supportive reimbursement policies across several economies will accelerate business trends.
Expanding geriatric patient pool to drive industry landscape across the Asia Pacific
Asia Pacific prurigo nodularis treatment market is anticipated to amass over 26% business share by 2032. This is attributed to the expanding patient pool backed by the consistent rise in the elderly population and the increasing burden of chronic diseases. The region has been witnessing an extensive use of combination medications, creating a huge demand for pharmaceuticals and advanced therapeutics, driving industry growth across the APAC region.
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Novel drug development to strengthen the competitive landscape
Johnson & Johnson Services Inc., Pfizer Inc., Merck & Co. Inc., Sanofi, Teva Pharmaceutical Industries Ltd, GlaxoSmithKline plc., Bayer AG, Galderma, and Takeda Pharmaceuticals are the key players participating in the prurigo nodularis treatment market. These companies have been emphasizing developing novel drugs and target therapies to provide effective treatment and expand their consumer base.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.