Global Ringworm Treatment Market - 2022-2029

Market - Overview

The global ringworm treatment market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Ringworm is a common skin fungus infection. The medical name for ringworm is tinea. Dermatophytes, which are skin fungi, cause the infection. Scaly, red, and circular areas of skin can be caused by ringworm infection. It can also cause hair loss in spots, irritation, blisters, and scalp scaling. The infection can spread to the skin of the scalp, foot, beard, and crotch. Ringworm is extremely contagious and can be spread by animals. Certain antifungal and over-the-counter medications can effectively treat the infection.

Market Dynamics

Advancement in the treatment of fungal diseases is expected to drive market growth.

Fungal infections continue to pose a serious hazard to human health. Antifungal chemotherapeutics are used inappropriately and irrationally, resulting in the development of multidrug-resistant fungal infections, undesired toxicity, and limited therapeutic efficacy. According to current literature, many research activities actively work on innovative and alternative drug delivery mechanisms. In this instance, topical carrier formulation is critical for medication penetration through the skin and overall therapeutic effectiveness. Continuous advancements in nanotechnology suggest a novel method for treating fungal skin infections. Antifungal medications are linked to potential adverse effects, patient non-compliance, and decreased bioavailability at the target site, limiting their therapeutic potential. To solve this issue, safe and effective novel drug delivery systems, which will reduce the dose with an increase in the concentration of drug in the targeted organ with low systemic concentration, are highly desirable. Thus, the market is expected to drive in the forecast period from the above statements.

Restraint:

Lack of awareness about antifungal treatment in some developing countries, complications during the regulatory approvals and side effects of the drugs are some factors the market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has severely impacted healthcare systems and the market. Coronavirus is a virus that primarily affects the upper respiratory tract, but it can also damage the skin. Because coronavirus first touches the skin and mucous membrane, skin is easily affected. Numerous research looks at the symptoms of coronavirus on the skin, which might include rashes, blisters, irritation, dermatitis, and more. Excessive use of hand sanitizers and soaps can also lead to skin irritation. The skin and mucous membranes can also be irritated by personal protective equipment. The study concludes that skin must be protected from virus exposure in the external environment.

Additionally, the pandemic interrupts the supply chain and process. Many companies will vary to other geographic regions to ensure that products remain available and protect their supply chain. Thus, from the above statements, the market got affected, and it is expected to gain traction quickly with the resumption of the economic activities.

Segment Analysis

Antifungals segment is expected to hold the largest market share in ringworm treatment market

The antifungals segment is expected to dominate in 2021. The segment is benefited because, according to the American Academy of Dermatology (AAD), the only way to cure ringworm is with antifungal medication. Antifungal medications kill the fungus by interfering with the fungus' ability to form cell walls. Moreover, in most cases, ringworm affects the skin. The first line of defense is a non-prescription antifungal medicine. These come as creams, ointments, powders, or sprays and usually work quickly. For instance, Lotrimin cream, Cruex spray powder, Mycelex, and Pedesil (clotrimazole) are some medicines used to treat ringworm. Therefore, it has increased the demand for the treatment. Thus, the market segment is expected to hold the largest market share in the forecast period from the above statements.

Geographical Analysis

North America region holds the largest market share in the global ringworm treatment market

In 2021, North America accounted for the highest revenue share. The increasing prevalence of skin diseases, rising healthcare spending, well-established infrastructure, and advancements in innovative therapies for the ringworm treatment are factors the market is expected to boost in the forecast period. For instance, according to the Centers for Disease Control and Prevention, in 2020, Dermatophyte infections led to 4,981,444 outpatient visits, 690 hospitalizations and 821,433,855 total direct medical costs. Therefore, it has increased the demand for treatment in the region. Thus, the North American region is expected to hold the largest market share in the forecast period from the above statements.

Competitive Landscape

Major key players in the ringworm treatment market are Bayer, Merck & Co., Inc. , AdvaCare Pharma, GlaxoSmithKline, Valeant Pharmaceuticals North America LLC, Janssen Pharmaceutica Products, L.P, Pfizer Inc., Taro Pharmaceutical Industries Ltd.

Bayer:

Overview:

Bayer is a German multinational pharmaceutical and Life Sciences Company and one of the largest pharmaceutical companies in the world. Headquartered in Leverkusen, Bayer's business areas include pharmaceuticals, consumer healthcare products, agricultural chemicals, seeds and biotechnology products. The Pharmaceuticals division of Bayer focuses on prescription products for women's healthcare, cardiology, oncology, hematology and ophthalmology. The division also comprises the Radiology Business Unit, which markets contrast-enhanced diagnostic imaging equipment and the necessary contrast agents. Moreover, in 2020, the Bayer Group comprised 385 consolidated companies in 83 countries, and in 2020 alone, the company invested nearly €2 billion in research and development.

­Product Portfolio:

Lotrimin AF Ringworm Cream: Lotrimin AF Ringworm Cream clotrimazole cream is clinically proven to cure the fungus infection tinea corporis, commonly known as ringworm.

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