Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
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).
Figure 1. Global Prurigo Nodularis Therapeutics Market Share (%) in Terms of Value, By Region, 2021
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.
Prurigo Nodularis Therapeutics Market Report Coverage
||Market Size in 2021:
||US$ 824.4 Mn
|Historical Data for:
||2016 to 2019
||2021 to 2028
|Forecast Period 2020 to 2028 CAGR:
||2028 Value Projection:
||US$ 1,099.1 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC Countries, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product Type: Corticosteroids, Capsaicin Cream, Antihistamines, Anticonvulsants, Others
- By End User: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
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. and Teva Pharmaceutical Industries Ltd., and Merck & Co. Inc.
- Rising Incidence of Prurigo nodularis cases
- Increasing Product Approvals And Launches
|Restraints & Challenges:
- Availability of alternative treatment options
Figure 2. Global Prurigo Nodularis Therapeutics Market Share (%), by Product Type, 2021
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.
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 operating in the global prurigo nodularis therapeutics market 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. and Teva Pharmaceutical Industries Ltd., and Merck & Co. Inc.