April 24, 2024
Pruritus Therapeutics Market

Pruritus Therapeutics Market Growth is driven by Rising Prevalence of Pruritus-Related Diseases

Pruritus, commonly known as itching, is a distressing sensation that prompts the urge to scratch. Chronic itching negatively impacts patients’ quality of life and causes psychological stress. Currently, several options are available to manage itching including antihistamines, corticosteroids, immunosuppressants, immunoglobulins, and neuromodulators. However, the need for safe and effective therapies persists.

The Global Pruritus Therapeutics Market is estimated to be valued at US$ 81.38 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the pruritus therapeutics market are Levantina, Polycor, Indian Natural Stones, Topalidis, Dermitzakis, Antolini, Amso, Pakistan Onyx Marble & Granite, Etgran, Mumal Marbles, Tepia, Arizona Tile, Vetter Stone, Tekmarble & Granite, Temerty Stone, Dal Tile, M S International, Pokarna Limited, Cosentino. Key players are focused on expanding their product portfolios by developing novel formulations for optimal pruritus management.

The global Pruritus Therapeutics Market Size is primarily driven by the growing prevalence of chronic pruritic conditions worldwide. According to some estimates, over 20% of the general population experiences pruritus regularly. The increasing number of people suffering from atopic dermatitis, psoriasis, chronic kidney disease, cholestasis, and HIV/AIDS is expected to augment market growth.

Geographic expansion into emerging markets presents lucrative opportunities for major players. While North America dominates the global space currently, Asia Pacific is recognized as a high growth territory owing to rising disposable incomes, healthcare spending, and growing awareness about treatment of itching. Various initiatives are being taken to strengthen healthcare infrastructures and make therapies available to wider population segments across China, India, and other Asian countries.

Market drivers

The major driver fueling the pruritus therapeutics market is the rising prevalence of chronic pruritus due to conditions like atopic dermatitis and psoriasis. According to estimates by the National Eczema Association, over 31 million Americans experience eczema currently. Meanwhile, the National Psoriasis Foundation cites that over 8 million Americans have psoriasis. Growing geriatric population is another key factor as older adults are more prone to develop chronic illnesses that cause itching. Extensive R&D into modern treatment modalities and growing awareness about available therapies are further propelling the market growth.

Impact of geopolitical situation on Pruritus Therapeutics market growth

The current geopolitical instability and tensions across regions are impacting the global Pruritus Therapeutics market. The ongoing Russia-Ukraine conflict and economic sanctions have disrupted supply chains and international trade. They have also led to a surge in commodity prices including fuel and raw materials for pharmaceutical manufacturing. This is negatively impacting production and distribution capacities of key market players. The COVID-19 pandemic too has contributed to geopolitical challenges with international border closures and import-export restrictions earlier. Overall, the uncertain geopolitical environment is slowing market growth through higher operational costs and uncertainty. Market players need to diversify their supply networks, form strategic alliances and focus on local manufacturing to mitigate risks from geopolitical issues in the forecast period.

Regions where Pruritus Therapeutics market is concentrated in terms of value

North America currently dominates the global Pruritus Therapeutics market in terms of value. The advanced healthcare systems, high healthcare spending, strong reimbursement policies and presence of leading market players in the US and Canada contribute to its large market share. Europe is another major revenue generator owing to growing awareness about skin diseases, rising investment in R&D and favorable regulatory support within the EU. Asia Pacific is projected to expand at a rapid pace during the forecast period with improving access to diagnosis and treatment in high population countries like India and China boosting regional growth. The Middle East & Africa region is likely to emerge as a lucrative market in future as well with economic development programs enhancing patient access/affordability.

Fastest growing region for Pruritus Therapeutics market

The Asia Pacific region is poised to exhibit the highest growth rate in the global Pruritus Therapeutics market during the forecast period. Factors such as rising health awareness, growing dermatology patient pool, increasing healthcare expenditure, presence of generic drug manufacturers, opening up of private insurance coverage and infrastructure developments are fueling regional markets. India and China, being highly populated developing nations with unmet medical needs represent major opportunities for market expansion. Initiatives from governments to boost local pharmaceutical production and streamline regulatory guidelines are also supporting the market growth. Rising per capita income levels are enabling greater affordability of prescription therapies leading to strong demand growth prospects across Asia Pacific for pruritus treatment.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it