Global Prurigo Nodularis Treatment Market, by Product (Antihistamines, Capsaicin Cream, Corticosteroids, Emollients, and Others), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global prurigo nodularis treatment market in 2020 is estimated for more than US$ 1.2 Bn and expected to reach a value of US$ 1.6 Bn by 2028 with a significant CAGR of 3.5%.
As per the report, the factors like the increasing count of on-going research and development activities in healthcare sector, implementation of advanced medical care facility for betterment of the patients, upsurge requirement for orphan drugs for the treatment of rare diseases, and the growing awareness programs to improve the existing healthcare conditions and infrastructures are expected to propel the market growth of global prurigo nodularis treatment market.
Furthermore, the emerging demand for better treatment of such conditions and the existence of favorable regulations are also expected to fuel the market growth during the forecast years. On the contrary, the dearth of expert healthcare professionals along with the accessibility of alternative treatment options serves to be the major hindering factor, restricting the market growth.
Furthermore, Meridian Market Consultants (MMC) Study identifies that rising healthcare expenditure, increasing research activities, and the rarity of the prurigo nodularis are also responsible for positively affecting the market growth.
According to a study published in August 2019, Johns Hopkins researchers revealed the unknowing facts prurigo nodularis. The study stated that about 7,095 people with prurigo nodularis, whereas 23,882 patients are likely to have atopic dermatitis without prurigo nodularis, and a count of 38,283 patients with psoriasis without prurigo nodularis. Based on these numbers, an average of 72 people out of 100,000 people are affected with prurigo nodularis, among which females with an average age of 50 years hold the major share. On the other note, the high cost of treatment is likely to hamper the market growth.
MMC Study identifies some of the key participating players in prurigo nodularis treatment market globally are Bayer AG, GlaxoSmithKline plc, Johnson & Johnson Services Inc., Merck & Co. Inc., Pfizer Inc., Sanofi SA, Takeda Pharmaceutical Company Limited, and Teva Pharmaceutical Industries Ltd.
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