The global ringworm treatment market is poised for substantial growth, driven by increasing prevalence of skin diseases and rising incidence rates of ringworm infections. According to a recent report by Future Market Insights, the market is projected to reach a value of USD 13.91 billion by 2033, expanding at a CAGR of 5.2% from 2023 to 2033.
Key Market Drivers:
- Rising Prevalence of Skin Diseases: The surge in skin infections, particularly ringworm, is a major factor propelling market growth.
- Increased Research and Development: Growing research efforts aimed at developing innovative antifungal treatments are driving market expansion.
- Rising Awareness: Increased consumer awareness about antifungal medications and advanced treatment options is fueling market demand.
Future Outlook:
The future of ringworm treatment appears promising, with advancements in medical technology and treatment methodologies. Key trends shaping the market include:
- Development of Targeted Therapies: Researchers are focusing on developing targeted treatments to address specific types of fungi, enhancing treatment efficacy.
- Improved Treatment Strategies: Ongoing research is aimed at improving existing treatments to make them more effective and less irritating.
- Increased Home Care: Pet owners are increasingly opting for home care solutions, such as antifungal creams, shampoos, and oral medications.
As the global population continues to grow and urbanization accelerates, the demand for effective ringworm treatments is likely to increase. The market is expected to witness significant growth in the coming years, driven by these factors and ongoing advancements in medical science.
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Key Takeaways from the Market Study
- By 2023, global ringworm treatment sales are expected to reach USD 8.38 billion.
- Topical routes of administration for ringworm treatment are expected to grow 64% market share between 2023 and 2033.
- Antifungal drugs for the ringworm treatment market are projected to grow at a CAGR of 3.8% from 2023 to 2033.
- According to the forecast, the Asia Pacific ringworm treatment market will grow at a CAGR of 3.2%.
- According to the forecast, the North American market is projected to grow by 14% in the next few years.
“Advances in technology, approval of new topical and oral drugs, and developments in diagnostic kits will contribute to the growth of the ringworm treatment market.” comments a Future Market Insights analyst.
Competitive Landscape
With the advancement of diagnostic techniques, companies are increasingly interested in developing and researching them at the same time. Since many companies will be developing new antifungal treatment techniques in the near future, it’s likely that many of them will expand their product lines, acquire other firms, or merge.
- Glenmark Pharmaceuticals Ltd., An innovative global pharmaceutical company has created a digital patient education tool for Dermatophytosis (Ring Worm or Tinea) in India. The tool is called ‘Hello Skin’, and it was created in partnership with IADVL (Indian Association of Dermatologists, Venereologists, and Leprologists). With Hello Skin, patients suffering from Ring Worm have access to 24/7 medication reminders for topical/systemic therapies, as well as tips on how to care for their skin and create disease awareness. In addition to Hindi and English, this platform will be available in 6 different regional languages, making it more patient-friendly.
- F2G Inc. announced that the U.S. Food and Drug Administration (FDA) has approved its New Drug Application (NDA) for olorofim for patients with limited options for treating fungal infections.
Key Companies Profiled:
- Perrigo Company plc
- Novartis AG
- GlaxoSmithKline Plc
- Teva Pharmaceuticals, Inc.
- Taro Pharmaceutical Industries Ltd.
- Glenmark Pharmaceuticals Inc.
- Avik Pharma
- Actiza Pharmaceutical
- Chempro Group India
- Merck & Co., Inc.
Key Segments Profiled in the Ringworm Treatment Market Industry Survey?
By Drug Class:
- Steroids
- Antifungals
- Anti-infective
- Others
By Route of Administration:
- Oral
- Topical
By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retailers
- E-commerce
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐌𝐈’𝐬 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐨𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐃𝐨𝐦𝐚𝐢𝐧:
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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