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Pruritus Therapeutics Market: In-Depth Insights, Size, Share, and Growth Trends
Pruritus Therapeutics Global Market Report 2024
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According to The Business Research Company's, The pruritus therapeutics market size has grown strongly in recent years. It will grow from $11.39 billion in 2023 to $12.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growth in incidence of pruritus, diverse causes and conditions, rising aging population, patient quality of life focus..
The pruritus therapeutics market size is expected to see strong growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to expanding knowledge of pruritus pathophysiology, innovative drug formulations and delivery, focus on personalized medicine, rise in dermatological research and development, increasing awareness and diagnosis rates, growing interest in botanical and herbal remedies. Major trends in the forecast period include development of itch-specific receptor agonists and antagonists, market emphasis on personalized therapeutic approaches, integration of technology in itch monitoring and management, collaborations for cross-disciplinary research..
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Market Drivers and Trends:
The rise in the incidence of dermatological disorders is expected to propel the growth of the pruritus therapeutics market going forward. Dermatological disorders refer to skin, hair, nail, and mucous membrane disorders ranging from acne and eczema to skin cancer and fungal infections. The underlying cause of itching often determines the use of pruritus treatments for dermatological illnesses. This condition uses topical treatments, emollients and moisturizers, immunosuppressant medications, and itching medications. For instance, in January 2022, according to the report published by the American Cancer Society Inc., a US-based voluntary organization for cancer awareness, the estimated cases of skin cancer increased to 108,480106,110 in 2021 , an increase of 5.8% from 100,350 in 2020. Therefore, the rise in the incidence of dermatological disorders is driving the growth of the pruritus therapeutics market.
Product innovation is a key trend gaining popularity in the pruritus therapeutics market. Major companies operating in the pruritus therapeutics market focused on developing novel products to strengthen their position in the market. For instance, in August 2021, Fresenius Medical Care AG & Co., a Germany-based product and service provider for people with kidney illnesses, launched KORSUVA (difelikefalin) for a reduction of pruritus related to chronic kidney dysfunction (CKD-aP) in adults having hemodialysis. The Food and Drug Administration (FDA) approved a novel therapeutic injectable drug for managing moderate-to-severe pruritis in patients receiving hemodialysis due to chronic renal failure. It is a first-in-class kappa opioid receptor (KOR) that targets the outer neurological system of the human body. It enhances the safety or effectiveness of the treatment, diagnosis, or prevention of crucial illnesses compared to standard applications.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, AbbVie Inc., Sanofi S.A., Bristol-Myers Squibb Company, Abbott Laboratories, Eli Lilly and Company, Amgen Inc. , Regeneron Pharmaceuticals Inc., Astellas Pharma Inc. , Bausch Health Companies Inc., Brunswick Corporation, Galderma Laboratories LP, Cipla Limited, Vifor Pharma Ltd., Carl Zeiss Meditec AG, LEO Pharma AS, Mirum Pharmaceuticals Inc., Cara Therapeutics Inc., GlaxoSmithKline Plc, Novan Inc., Escient Pharmaceuticals Inc., Nerre Therapeutic Ltd., EPI Health LLC, Trevi Therapeutics Inc., Evelo Biosciences, Toray Medical Co. Ltd.
Pruritus Therapeutics Market 2024 Key Insights:
• The pruritus therapeutics market size is expected to see strong growth in the next few years. It will grow to $14.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surge In Dermatological Disorders Fuels Pruritus Therapeutics Market Growth
• Innovative Therapies Drive Progress In Pruritus Treatment
• North America was the largest region in the pruritus treatment market in 2023
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