Valley Cottage, NY -- (SBWIRE) -- 01/17/2019 -- A rare disease is defined as a diseases which affects small population when compared to the general population. Drugs used for the treatment of rare diseases is called as orphan drugs. Prurigo Nodularis treatment is the treatment for a rare diseases called Prurigo Nodularis. More than 80% of rare diseases are of genetic origin. There are approximately 7000 different types of rare diseases. The recognized number of rare disease is expected to rise at a rate of 250 per annum according to the National Institutes of Health. Only 5 % of all rare disease have been addressed so far. Majority of the treatments of rare diseases are currently in research and development.

The report classifies global Prurigo Nodularis Treatment Market by product type, distribution channel and regions.

Market Value and Forecast

The global Prurigo Nodularis Treatment Market is poised to expand at CAGR of 3.4% over the forecast period of 2018–2028 to reach US$ 697.91 Mn by 2028. By Country, U.S. dominated North America Prurigo Nodularis Treatment Market and is expected to be the most lucrative market in the region

Market Dynamics

Increasing healthcare expenditure and prevalence of rare diseases are the prime factor driving the growth of Prurigo Nodularis Treatment Market. The increasing demand of better treatment of prurigo nodularis is anticipated to drive the growth of the prurigo nodularis treatment market over the forecast period. Growing number of initiatives for prurigo nodularis treatment with the help of various non-government organisations, collaborative funding mechanisms help in transitional projects enabling adequate financing for the research and development of Prurigo Nodularis Treatment market. In addition, growing development is increasing the demand for prurigo nodularis treatment, coupled with socio-economic factors such as increasing number rare diseases are driving the growth of the market globally.

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However, availability of alternative treatment options, dearth of skilled healthcare professionals and lack of regulatory framework in emerging economics, are factors expected to restrain growth of the prurigo nodularis treatment market over the forecast period.

Market Segmentation by Product Type

Based on product type, global Prurigo Nodularis Treatment Market has been segmented into corticosteroids, emollients, capsacin cream, antihistamines and others. Amongst them, the antihistamines segment is anticipated to register the highest CAGR of 4.9% over the forecast period for the prurigo nodularis treatment market. Capsacin cream segment is expected to register the market share of 49.2% for prurigo nodularis treatment market in 2028.

Market Segmentation by Distribution Channel

Distribution channel of prurigo nodularis treatment covered in this report include hospital pharmacies, retail pharmacies and online pharmacies. The retail pharmacies segment contributed the leading shares, and the trend is expected to continue over the forecast period for prurigo nodularis treatment market. Next to retail pharmacies segment, hospital pharmacies segment also anticipated to occupy the significant market share over the forecast period for prurigo nodularis treatment.

Key Regions

Geographically, global Prurigo Nodularis Treatment Market has been segmented into eight major regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding China and Japan (APEJ), China, Japan and Middle East and Africa (MEA). Globally, in terms of revenue, Western Europe has been estimated to account for the highest share in global Prurigo Nodularis Treatment Market with approximately 40%-45% in 2017 end. Meanwhile, revenue from the market in Middle-East & Africa is expected to expand at the significant CAGR of 4.8% over the forecast period.

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However, matured markets such as North America and Western Europe are expected to witness a modest growth in market share due to maturation of the prurigo nodularis treatment market.

Competitive Landscape

Market for prurigo nodularis treatment is highly consolidated with many players' operating in global market. Some of the key players identified in global Prurigo Nodularis Treatment Market are Bayer AG, Pfizer Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd, Johnson & Johnson Services Inc., Merck & Co. Inc., Sanofi SA, Takeda Pharmaceutical Company Limited and others. Companies in the global Prurigo Nodularis Treatment Market are focusing on strategic alliances such as strategic agreements, collaborations, rising research and development activities, new product launches, joint ventures, partnerships, and mergers & acquisitions to sustain in the overall competition in the Prurigo Nodularis Treatment Market.