by Introduction:
The global Pruritus Therapeutics Market is estimated to be valued at US$ 7.9 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 3.6% over the forecast period 2022-2031, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Pruritus, commonly known as itching, is a distressing symptom that occurs due to various underlying medical conditions such as skin disorders, systemic diseases, or neurological disorders. The rising prevalence of chronic skin conditions, along with an increasing geriatric population, has driven the demand for pruritus therapeutics. These treatments provide relief from itching discomfort, improving the overall quality of life for patients.
B) Market Key Trends:
As the Pruritus Therapeutics Market continues to evolve, one notable trend is the increasing adoption of innovative therapies. Biologic drugs, targeted therapies, and topical corticosteroids are gaining prominence due to their effectiveness in managing pruritus. For instance, MC2 Therapeutics A/S has developed a novel cream, Wynzora, for the treatment of plaque psoriasis-associated pruritus. This medication not only alleviates itching but also reduces redness and scaling of the skin, offering a comprehensive therapeutic approach.
C) Porter’s Analysis:
Threat of New Entrants: The Pruritus Therapeutics Market presents moderate barriers to entry due to the presence of well-established key players with extensive product portfolios and strong brand recognition.
Bargaining Power of Buyers: With a high number of competitors and available treatment options, buyers have the advantage of choice. This exerts pressure on companies to provide cost-effective and innovative solutions to attract customers.
Bargaining Power of Suppliers: Pharmaceutical companies rely on a network of suppliers for the procurement of raw materials and active ingredients. The availability and quality of these suppliers can influence the market dynamics.
Threat of New Substitutes: The potential threat of alternative therapies and home remedies may pose a challenge to market growth. However, advanced pruritus therapeutics offer superior effectiveness and long-term relief, reducing the appeal of substitute treatments.
Competitive Rivalry: The Pruritus Therapeutics Market is highly competitive, with key players focusing on research and development, strategic collaborations, and mergers and acquisitions to gain a competitive edge. Companies such as Pfizer Inc., Sanofi S.A., Amgen Inc., and Johnson & Johnson are at the forefront of innovation in this market.
D) Key Takeaways:
– Market Size: The global Pruritus Therapeutics Market is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period. The increasing prevalence of chronic skin conditions, coupled with the aging population, is driving market demand.
– Regional Analysis: North America dominates the Pruritus Therapeutics Market, attributed to the high prevalence of dermatological disorders and robust healthcare infrastructure. However, the Asia Pacific region is expected to exhibit significant growth due to improving healthcare access and increasing awareness.
– Key Players: The key players operating in the global Pruritus Therapeutics Market include Pfizer Inc., Sanofi S.A., Amgen Inc., Almirall S.A , NJ Novartis Pharmaceuticals Corporation, MC2 Therapeutics A/S, EPI Health LLC, Allergan Plc., Astellas Pharma US, Inc., Mylan N.V., Johnson & Johnson, Vifor Pharma group, Cara Therapeutics Inc., and Aventis Pharma Ltd. These players are actively engaged in strategic collaborations, product innovation, and expanding their geographical presence.
In conclusion, the Pruritus Therapeutics Market is witnessing significant growth due to the rising prevalence of chronic skin conditions and an aging population. The adoption of innovative therapies and ongoing research and development efforts by key players are contributing to improved treatment outcomes and enhancing the quality of life for patients suffering from pruritus. With a focus on market expansion and effective product offerings, key players are well-positioned to capitalize on the growing market opportunities.
