APAC prurigo nodularis treatment market is poised to expand at more than 4.5% CAGR through 2027 owing to increasing prevalence of prurigo nodularis and entry of major companies in the region.
Selbyville, Delaware, April 08, 2021 (GLOBE NEWSWIRE) --
According to latest report “Prurigo Nodularis Treatment Market by Product (Antihistamines, Capsaicin Cream, Corticosteroids, Emollients), Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of prurigo nodularis treatment will cross $1.5 billion by 2027. Increasing prevalence of prurigo nodularis in developed and developing nations will spur the market growth.
Prurigo nodularis is a chronic disorder with high hyperkeratotic papule, or highly pruritic nodules on the patient’s body. Neuronal proliferation, mast cells, small-fiber neuropathy and eosinophils, play a vital role in production of prurigo nodules in the body. The market expansion is attributed to rarity of the disease and no therapies approved by the government in the industry, thereby influencing the demand for novel drugs and treatment for better outcomes.
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Growing research and development activities by key players and rising funding from the government in developed regions will significantly drive the prurigo nodularis treatment market demand during the forecast period. For instance, the National Organization for Rare Disorders (NORD) has dedicated to the offering required for the treatment and spreading awareness among the patients suffering from rare diseases. Also, strategic collaborations between government and major industry leaders will offer business development opportunities to the market. In addition, with increasing chronic disease incidence and need for long-term scheduled medication in such patients, the market will foresee significant revenue growth.
Emollients segment accounted for 20.1% of the prurigo nodularis treatment market share led by advantages such as effective soothing and healing dry skin by use of emollients. Increasing prevalence of prurigo nodularis has escalated the demand for effective medications for better and faster outcomes. These medicines are considered to the base therapy making the skin look better and healthy.
Online pharmacies held more than 30% of revenue share in 2020. Online pharmacies offer medicines at affordable rates, with increased access and lower transaction. Hence, availability of broad range of over-the-counter (OTC) and prescription products for prurigo nodularis treatment will boost the industry growth in the coming years.
Asia Pacific prurigo nodularis treatment market is projected to witness 4.5% growth rate till 2027 on account of increasing prevalence of prurigo nodularis and entry of major companies in the region. Growing burden of chronic diseases among elderly population has benefited the industry in the region. Hence, increasing need for pharmaceuticals along with rising disease burden and high adoption of combination therapies will positively impact the regional growth.
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Few noteworthy participants operating in the market include Johnson & Johnson Services Inc., Pfizer Inc., Merck & Co. Inc., Sanofi and GlaxoSmithKline plc. These players are broadening their market presence by adopting several strategies such as product innovation, augmentation of their services, partnerships and collaborations.
Table of Contents (ToC) of the report:
Chapter 3. Prurigo Nodularis Treatment Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016- 2027 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By distribution channel
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape, 2020
3.7.1. Company matrix analysis, 2020
3.8. PESTEL analysis
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