Prurigo Nodularis Therapeutics Market Growth in Future Scope 2021-2028 | Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson Services, Inc.

Prurigo nodularis is skin condition characterized by itchy firm lumps on the skin. It affects people from all ages but mainly adults aged 20-60 (males and females). It has been associated with diseases including iron deficiency anemia, chronic renal failure, gluten enteropathy, HIV infection, and others, however the actual cause of this skin condition is unknown.

Rising incidences of such skin infections are expected to drive the market growth during the forecast period. For instance, according to the Journal of American Academy of Dermatology (JAAD) 2020, the prevalence of Prurigo nodularis ranges from 36.7 to 43.9 per 100,000 population in the U.S.

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The global prurigo nodularis therapeutics market is estimated to be valued at US$ 824.4 million in 2021 and is expected to exhibit a CAGR of 4.2% over the forecast period (2021-2028).

Increasing drug approvals are expected to drive the market growth over the forecast period.

For instance, in 2019, Galderma S.A. a pharmaceutical company focused on dermatological treatments and skin care products, has received the U.S. Food and Drug Administration (FDA) breakthrough therapy designation for its investigational therapy drug Nemolizumab, for the treatment of pruritus associated with prurigo nodularis.

Global Prurigo Nodularis Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic

Thus, COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets

Moreover, in May 2020, the Government of India announced relief for daily wage workers and construction workers for an amount of US$ 13.3 per person of all states and union territories

Furthermore, the Brazilian government announced the economic assistance to the Brazilian population to fight against the economic crises such as unemployment and others observed in Brazil. According to the Ministry of Economy, Public Banks and the Central Bank, Brazil in March 2020, the Brazil government released the economic stimulus package, which involves the disbursement of funds to the following conditions-

Salary allowances and salary benefits up to US$ 2.5 billion and US$ 9.2 billion respectively to the individuals suffering from unemployment and financial crisis
Relaxation in the labor laws to maintain the jobs of common people in Brazil
Temporary reduction on the TAX
Moreover, the healthcare facilities are taking initiatives to support the COVID-19 vaccination drives in India by focusing on partnership with the Government of India to facilitate the COVID-19 vaccination drive from the Healthcare facilities.

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For instance, in January 2021, Amrita Institute of Medical Sciences (AIMS) announced the partnership with Kerala Government, to facilitate the COVID-19 drive in Kerala

Global Prurigo Nodularis Therapeutics Market Restraints

The shortage of skilled healthcare professionals and availability of alternative treatment options are the major factors expected to hinder growth of the global prurigo nodularis therapeutics market. For instance, Pimecrolimus topical agent is as effective as a hydrocortisone treatment and is offered as an alternative topical treatment option that may be implemented in a long-term regimen.

Moreover, phototherapy can be used for the treatment of several inflammatory skin conditions and is also a therapeutic alternative for patients with prurigo nodularis. These factors act as the restraints for the global prurigo nodularis therapeutics market.

Major Players Are Operating In This Market Are: Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson Services, Inc., Sanofi SA, Takeda Pharmaceutical Company Limited, Novartis AG, Celgene Corporation, VYNE Therapeutics Inc., Trevi Therapeutics Inc., Galderma SA, Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Merck & Co. Inc.

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