Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Tinea Pedis Treatment Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Tinea Pedis Treatment Market is on a trajectory of significant expansion, with market analysts projecting growth from USD 1.32 billion in 2023 to USD 1.62 billion by 2028.
This impressive growth is driven by various factors, including the escalating prevalence of fungal infections, increased research and development initiatives, and a growing focus on topical treatments.
Rising Fungal Infections Fuel Market Growth
The primary driver behind the market's growth is the surge in fungal infections worldwide. These infections, known as mycotic diseases, are prevalent in tropical and subtropical regions, leading to a substantial number of cases. As the prevalence of fungal infections continues to rise, so does the demand for effective treatments, thereby propelling the Tinea Pedis Treatment Market.
A study updated by NCBI in July 2022 estimates that approximately 10% of the global population suffers from dermatophyte infections of the toe clefts, a common form of fungal infection. Prolonged wearing of occlusive shoes is a leading cause of these infections. The sharing of communal bathing facilities, showers, and pools also increases the risk of infection, making tinea pedis a notable concern. This condition is more frequently observed in adult males than in females. Additionally, the increase in immunocompromised patients adds to the demand for tinea pedis treatment.
Research and Development Drive Market Growth
The expansion of the Tinea Pedis Treatment Market is further fueled by an upsurge in research and development efforts aimed at addressing infectious disorders caused by bacteria, viruses, and fungi. Globally, antimicrobial research is gaining momentum, with many companies actively engaged in research and development activities. Fungal infections are a crucial component of antimicrobial research, making them a significant focus of study.
For example, as of January 8, 2021, a total of USD 362 million had been invested in 1,047 fungal research and development projects, with the majority of funding directed toward human-related research. This highlights the substantial investment in fungal R&D projects, particularly those related to human health.
The rise in the prevalence of tinea pedis and the concurrent increase in research and development efforts, especially in antimicrobial research, are the key factors expected to drive the market's growth.
Challenges in Market Growth
While the market is poised for substantial expansion, certain challenges may hinder its growth. One significant challenge is the lack of awareness about tinea pedis treatment options among potential patients. Additionally, stringent approval regulations can pose hurdles for market players seeking to introduce new treatments to the market.
Tinea Pedis Treatment Market Trends
Topical Treatments Dominate the Market
Topical medications for tinea pedis have gained prominence and are anticipated to hold a significant market share during the forecast period. Topical treatments offer various advantages, including localized action, lower risk of systemic adverse events and drug interactions, cost-effectiveness, and reduced drug volume. For instance, clotrimazole, a topical medication from the azole class, is commonly used to treat tinea pedis.
Furthermore, topical antifungal formulations have demonstrated effectiveness in targeting infection sites, enhancing treatment efficacy, and minimizing systemic side effects. Patient compliance is high when appropriate topical formulations like creams, ointments, and gels are used. Recent developments and clinical trials related to topical tinea pedis treatments by key market players are expected to lead to the development of advanced products.
North America Takes the Lead
North America is expected to hold a significant share of the Tinea Pedis Treatment Market, with the United States playing a substantial role. The region's robust healthcare infrastructure, a high prevalence of tinea pedis cases, and the availability of treatments contribute to its market dominance.
The United States, in particular, faces a significant prevalence of tinea pedis cases, creating a substantial demand for innovative treatment approaches. Clinical trials and research activities conducted in the region are expected to further drive market growth. The prevalence of tinea pedis in the United States is supported by research indicating successful treatment with topical antifungals in a significant percentage of patients.
Key Market Players
The Tinea Pedis Treatment Market is highly competitive and features several major players. Key companies in the market include GlaxoSmithKline PLC, Bausch Health, Glenmark Pharmaceuticals, Bayer AG, Sanofi, Sun Pharma, and Teva Pharmaceutical, among others.
A selection of companies mentioned in this report includes
- GlaxoSmithKline PLC
- Bausch Health Companies Inc.
- Glenmark Pharmaceuticals Limited
- Bayer AG
- Sun Pharmaceutical Industries Ltd
- Sebela Pharmaceuticals Holdings Inc.
- Teva Pharamceutical Industries Limited
- Amneal Pharmaceuticals Inc.
- Viatris Inc.
- Pfizer Inc.
- Advantice Health (Kerasal)
- Abigail Healthcare Pharmaceutical
For more information about this report visit https://www.researchandmarkets.com/r/a6r3c9
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