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How Big Is The Global Nodular Prurigo Market Expected To Grow?
The global report for nodular prurigo market is predicted to reveal substantial growth from 2024 to 2025, showing a market worth of $1.17 billion expanding to $1.25 billion. This increase represents an impressive Compound Annual Growth Rate CAGR of 6.8%. Significant drivers of growth involve factors such as increased dermatology consultations, advancements in diagnostic methods, extensive academic research, heightened awareness among dermatologists, and unmet medical need.
What Is Its Annual Growth Rate?
In the years to come, the Nodular Prurigo market is predicted to continue its strong growth trajectory. By 2029, the market is projected to have exceeded $1.6 billion, achieving a CAGR of 6.4%. This considerable progress can be attributed to various factors such as the approval and availability of targeted therapies, increased funding for research and development R&D for rare dermatological conditions, expanded health insurance and reimbursement, development of companion diagnostics and biomarkers, and powerful patient advocacy and awareness campaigns. Notably, major trends predicted in the coming years encompass AI-driven diagnostics, biologics innovation, gene editing, developments in nanotechnology for drug delivery, and the creation of wearable monitoring devices.
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What Is Driving The Growth Of The Nodular Prurigo Market?
As we look towards the future, it is forecasted that the increasing demand for targeted therapies will have a positive impact on the Nodular Prurigo market. Such therapies offer the advantage of specifically targeting and disrupting molecular pathways that play a part in the development and spread of diseases. The appeal of these therapies can be attributed to their ability to provide more precise treatment options, resulting in fewer side effects, improved patient outcomes, and offering an alternative to traditional, less specific therapies. For instance, in the UK government agency, NHS England reported in October 2023 that there had been a surge in hormone replacement therapy HRT prescriptions, with a 47% increase from 2021 to 2022, resulting in around 2.3 million patients being treated. Thus, such a demand for targeted therapies appears to be on an escalating trajectory, driving growth in the Nodular Prurigo market.
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Which Leading Companies Are Driving The Growth Of The Nodular Prurigo Market Share?
Prominent players in the Nodular Prurigo market include Merck & Co Inc., Sanofi S.A., GlaxoSmithKline plc, Amgen Inc., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Sun Pharmaceutical Industries Limited, Galderma S.A., Galderma Laboratories L.P., Incyte Corporation, Kyowa Kirin Co Ltd., LEO Pharma A/S, Maruho Co Ltd., Kiniksa Pharmaceuticals Ltd., Keymed Biosciences Co Ltd., Trevi Therapeutics Inc., Fierce Pharma, Menlo Therapeutics Inc., VYNE Therapeutics Inc., and Celldex Therapeutics Inc.
What Are The Key Trends Of The Nodular Prurigo Market?
Speaking of emerging trends, several of these key industry players are focussed on achieving regulatory approvals as part of the strategy to expand their reach and improve patient outcomes. Regulatory approvals are critical as they signify formal permission for a drug, medical device, or a particular treatment to be marketed and used by the public. A notable example of this was observed in September 2022 when the U.S.-based biotechnology company, Regeneron Pharmaceuticals Inc., received FDA approval for Dupixent dupilumab. This medicine was the first and only treatment specifically indicated for prurigo nodularis in adults, backed by data from two pivotal Phase 3 trials PRIME and PRIME2, highlighting that Dupixent significantly reduced itch and skin lesions in comparison with a placebo.
How Is The Global Nodular Prurigo Market Segmented?
The Nodular Prurigo market report investigates its segmentation in detail:
1 By Type: Chronic Nodular Prurigo, Acute Nodular Prurigo, Subacute Nodular Prurigo
2 By Treatment Type: Topical Treatments, Systemic Treatments, Phototherapy, Immunosuppressants
3 By Patient Demographics: Adults, Children, Elderly
4 By End-User: Hospitals, Homecare, Specialty Clinics, and Other End-Users
Subsegments:
1 By Chronic Nodular Prurigo: Idiopathic Chronic Nodular Prurigo, Secondary To Dermatologic Conditions, Neuropathic Causes, Systemic Disease-Associated, Psychogenic Prurigo
2 By Acute Nodular Prurigo: Insect Bite-Induced, Allergic Reactions, Drug-Induced Prurigo, Infectious Triggers
3 By Subacute Nodular Prurigo: Healing Phase Of Chronic Prurigo, Post-Inflammatory Prurigo, Transient Dermatoses, Reaction To Environmental Irritants
What Are The Leading Region In The Nodular Prurigo Market?
North America held the largest market share in 2024. In the forecast period, Asia-Pacific is expected to be the fastest-growing region. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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