(MENAFN- GlobeNewsWire - Nasdaq) New York, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The Global Ringworm Treatment Market Size is to grow from USD 13.9 Billion in 2022 to USD 21.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.36% during the forecast period.
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Ringworm is a common fungal infection of the skin. Tinea is the medical term for ringworm. The illness is caused by dermatophytes, which are skin fungi. Ringworm can cause scaly, red, and circular areas of skin. It can also cause scalp scaling, irritation, blisters, and spot hair loss. The infection can spread to the scalp, foot, beard, and crotch area. Ringworm is very contagious and may be spread by animals. Certain antifungal and over-the-counter medications can effectively treat the condition. In addition, several reasons have contributed to the growth of ringworm instances, including increased urbanization, congested living circumstances, insufficient sanitation, and an increase in the number of immunocompromised people. Lifestyle changes, such as greater engagement in sports and leisure activities, have also raised the chance of transmission.
The availability of over-the-counter treatments for fungal infections, as well as increasing awareness of ringworm infections and their symptoms, aided market growth. Moreover, public education and healthcare measures have increased people's awareness of the early signs of ringworm, encouraging them to seek treatment as soon as possible. This improved knowledge has aided not just patient outcomes but also market expansion in general. Furthermore, Drug resistance to conventional antifungal medications may restrain market growth. The widespread and frequently not appropriate use of antifungal drugs has led to the development of drug-resistant strains of the fungus that causes ringworm infections. Standard antifungal medications become less effective when resistant strains emerge, resulting in treatment failures. This may hurt the sales of some drugs used to treat ringworm infections.
Covid 19 Impacts
The pandemic of COVID-19 has had a significant influence on the ringworm treatment business. Because the virus overloaded global healthcare systems, attention, and resources were directed to treating the pandemic, causing interruptions in the treatment of other illnesses such as ringworm infections. Many healthcare facilities had to reschedule non-urgent appointments, causing diagnoses and treatments to be delayed. In addition, the pharmaceutical industry encountered manufacturing and supply chain interruptions, resulting in antifungal medicine shortages. However, as healthcare institutions adapted to the new normal and adopted telemedicine technologies, virtual consultations for skin disorders such as ringworm grew more popular, potentially offering a pathway for continuous treatment.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on " Global Ringworm Treatment Market Size , By Drug Class (Steroids, Antifungals, Anti-infective, & Others), By Route of Administration (Topical and Oral), By Type (Tinea Corporis, Tinea Pedis, Tinea Cruris, Tinea Capitis, Tinea Manuum, & Other), By Age Group (Below 18 years, 18 - 35 years, 35 - 50 years, 50 years and above), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, & Online Pharmacies), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032".
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The antifungals segment is influencing the largest market share over the forecast period.
The global ringworm treatment market is divided into different categories based on medication class such as steroids, antifungals, anti-infectives, and others. Among these sectors, the antifungals segment is predicted to have substantial growth potential throughout the projection period. Antifungal medications are crucial in treating ringworm infection, alleviating symptoms, and preventing its spread. Antifungals have a substantial market share due to the continuous development of complex and novel formulations that cater to a wide variety of patient requests, as well as their established efficacy and safety profiles. Furthermore, increased awareness among healthcare professionals and patients about the need for timely and appropriate ringworm treatment is expected to drive up demand for antifungal drugs.
The topical segment is influencing the market with the largest market share during the forecast period.
The global ringworm treatment market is segmented into multiple categories based on the route of administration such as topical and oral. The topical segment is dominating the market with the largest revenue share during the forecast period due to the significant acceptance of topical creams and ointments for the treatment of ringworm infections can be due to their very successful nature in fighting ringworm infections. Additionally, the ease of administration and user-friendliness of topical creams have achieved widespread acceptance among both healthcare professionals and consumers. Furthermore, the non-invasive nature and low side effects of topical formulations have gained the faith and confidence of patients seeking trustworthy treatment.
The tinea corporis segment is dominating the market with the largest market share during the forecast period.
The global ringworm treatment market is classified into several categories, including tinea corporis, tinea pedis, tinea cruris, tinea capitis, tinea manuum, and others. The tinea corporis segment is dominating the market with the biggest revenue share during the projected period due to the high prevalence of tinea corporis due to its ease of transmission in close-contact circumstances, resulting in red, itchy, and circular rashes on the skin. Because of the rising popularity of sports and fitness activities, more people are sharing equipment and clothing, which might be a probable carrier of the fungus.
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North America led the market with the largest market share over the forecast period
North America is expected to lead substantial market expansion during the forecast period. North America has a strong healthcare system, modern medical facilities, and a high level of public awareness about the need of receiving quick treatment for skin conditions. Furthermore, the presence of many pharmaceutical and biotechnology companies actively engaged in the development of innovative and effective therapeutics drives regional market growth.
Asia Pacific is predicted to experience strong revenue market growth throughout the forecast period Because of the rising number of patients suffering from fungal diseases and infections, major manufacturers expanded R&D activities, hospital-related infections grew, government support increased, and other causes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ringworm Treatment Market include 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., and Others.
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Recent Development
In May 2022, Glenmark Pharmaceuticals Ltd. created the 'Hello Skin' digital patient education tool in partnership with the IADVL (Indian Association of Dermatologists, Venereologists, and Leprologists) to assist patients suffering from dermatophytosis in India in adhering to the suggested treatment period. This enabled the corporation to access a bigger consumer base and so improve product sales.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Ringworm Treatment Market based on the below-mentioned segments:
Global Ringworm Treatment Market, By Drug Class
Steroids Antifungals Anti-infective Others
Global Ringworm Treatment Market, By Type
Tinea Corporis Tinea Pedis Tinea Cruris Tinea Capitis Tinea Manuum Other
Global Ringworm Treatment Market, By Age
Below 18 years 18 - 35 years35 - 50 years
Global Ringworm Treatment Market, By Distribution Channel
Hospital Pharmacies Retail Pharmacies Online Pharmacies
Ringworm Treatment Market, By Regional Analysis
Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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