Tinea Pedis Treatment Market to Grow at a CAGR of 3.41% During the Forecast Period 2022-2027

Tinea Pedis Treatment Market to Grow at a CAGR of 3.41% During the Forecast Period 2022-2027

“Tinea Pedis Treatment Market | IndustryARC”
Snowballing global temperature is Projected to Drive Tinea Pedis Treatment Market Growth

Tinea Pedis Treatment Market size is estimaed to reach $1.24 billion by 2027, growing at a CAGR of 3.41% during the forecast period 2022-2027. Interdigital Tinea Pedis Treatment is widely known as, “athlete’s foot” is a communicable infection that befalls amid the toes of feet. Itchiness while wearing the shoes, reddish skin, dryness, and rashes are common symptoms of Tinea Pedis Treatment. Coming into contact with defiled superficial is the paramount cause. Oral antifungals such as terbinafine and Sporanox, topical creams such as luliconazole are preeminent remedies to cure infections like Tinea Pedis Treatment. A fungus named, “Dermatophyte”, warm and humid environment stimulate such infections therefore, athlete’s foot is quite common in tropical areas (= areas between tropic of cancer and Capricorn). Upsurge in infectious diseases exhibiting communicable nature, the surfeit of fundings into research and development to generate more reliable and effective measures to cure such ailments are set to drive the growth of the Tinea Pedis Treatment Market for the period 2022-2027.

Tinea Pedis Treatment Market Segment Analysis-By Use/Exercise

The Tinea Pedis Treatment Market based on the Use/Exercise type can be further segmented into Oral medicines (=Terbinafine, Itraconazole), external/topical medicines. The external/Topical medicine segment held the largest share owing to the factors such as a preeminent alternative to administrating medicines orally/by mouth because maximum patients feel aversion toward pills and generally vomit immediately after taking the drug, Utmost suitability for all ages patients including kids, zero internal side effects such as digestion problems.

Moreover, the Topical medication segment is estimated to be the fastest-growing segment with a CAGR of 3.9% over the period 2022-2027. This growth is owing to jaw-dropping discoveries in topical medicine’s field such as effective antifungal sprays, powders, and gels, swelling fungal infection cases around the world, side effects associated with various oral drugs. Some of the common side effects include decreased urine output, increased thirst, irregular heartbeat, muscle pain, or cramps.

Tinea Pedis Treatment Market Segment Analysis-By Distribution Channel

The Tinea Pedis Treatment Market based on the Distribution Channel can be further segmented into Hospitals, Online pharmacies, Retail pharmacies/ local medical stores, Drug stores. The Retail pharmacy and Drug store segment held the largest share in 2021 owing to the factors such as the widespread presence of such drug and pharmacy stores in countries around the globe even in the remotest parts, convenience in buying drugs due to over-the-counter facilities, and no pre-appointments and prescriptions are required while purchasing the drugs, swelling cognizance among people about health complications and remedies.

The Online Retail segment is estimated to be the fastest-growing segment with a CAGR of 4.0% over the forecast period 2022-2027. This growth is owing to an upsurge in fungal infections fueling the demand for various topical and oral drugs, surfeit flows of funds by the government to improve existing and building new health infrastructure, enlarging numbers of pharmacies in both metropolitical and pastoral areas to meet the expanding demand. Furthermore, the strategy in place helps for customer inclusion. For example, an antifungal cream within India is available at the rate of INR 51, however, if one pursues the route of online retails, they can claim 15% cashback, some coupons, and other membership benefits.

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Tinea Pedis Treatment Market Segment Analysis-By Geography

The Tinea Pedis Treatment based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as health-conscious public, the widespread presence of research laboratories with world-class facilities, premier education institutes such as Harvard, MIT producing innumerable sound minds and skilled professionals, state-of-the-art hospitals and pharmacies chain, the superfluous flow of investments due to affluent economies of nations like US, Canada. Additionally, the US allocates close to $3.8 trillion, which also includes around 5-10% for medical R&Ds.

However, the Asia-pacific segment is estimated to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to intensification in contagious diseases due to rising global temperature as Tinea Pedis Treatment cases thrive in a warm atmosphere, increasing health infrastructure, and the presence of developing nations like India and China which are being considered as, “world’s pharmacies.”

Tinea Pedis Treatment Market Drivers

Snowballing global temperature is Projected to Drive Market Growth

It should not come as a surprise that the population around the globe is on surging and human beings’ dependence on natural resources is intensifying ultimately ensuing in the devastation of nature such as widespread cutting of trees, mining, and carbon emissions, etc. Due to carbon emission overall, global temperature is escalating and soon to pass 1.5-degree Celsius level. With swelling temperature communicable infections like Tinea Pedis Treatment are prevailing on a broader scale.

An innumerable number of investments in research are Expected to Boost Product Demand

Post COVID-19 the world has witnessed a sheer escalation in the prevalence of contagious sicknesses. Therefore, Governments around the world are allocating a major portion of their budgets toward improving healthcare infrastructure in their respective countries and investing a surfeit amount of hard cash into the research field. As a result of that, nowadays numerous contemporary drugs and techniques are available to cure infections like athlete’s foot. Therefore, the overall demand for the Tinea Pedis Treatment market is intensifying.

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Tinea Pedis Treatment Market Challenges

Lack of awareness among a major faction of population and side effects of certain drugs is Anticipated to Hamper Market GrowthThere is no doubt about it that in continents like North America and Europe majority of the population is so aware and conscious about their physical health. But still, if we consider on world level many people’s casual behavior toward fungal, communicable sicknesses defies description. This lack of seriousness can cripple the growth of the market. Moreover, side effects posed by certain drugs which can lead to serious health issues are another factor that might obstruct the steady flow of growth.

Tinea Pedis Treatment Market Competitive Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Tinea Pedis Treatment top 10 companies include:

Sun Pharma
Exeltis USA
Teva Pharmaceutical
Bayer AG
Glenmark Pharmaceuticals

Partnerships/Product Launches:

In September 2021, an independent researcher collated the pipeline for various anti-fungal creams in development. Firstly, Rezafungin (Cidara), is a unique echinocandin born from an iterative search to identify novel echinocandin that offered alternative dosing regimens to already approved agents. There are currently two ongoing phases 3 studies. The ReSTORE trial is the progression of STRIVE for the treatment of candidemia and invasive candidiasis. The 400mg followed by a 200mg weekly dosing regimen was chosen for final development.

In September 2021, Fosmanogepix (Amplyx) Fosmanogepix is the precursor of the active compound manogepix. The compound is a first-in-class anti-fungal that blocks glycosylphosphatidylinositol (GPI) production via inhibition of Gwt1. The GPI compounds are important for the construction of the cell wall and maintenance of homeostasis via a highly conserved pathway. The phase I and phase II trials have been conducted in humans, and doses were well-tolerated while no significant adverse effects were observed.

In September 2021, Olorofirm (F2G, LTD) is a novel class of anti-fungal cream in development. Since the discovery, it has progressed through pre-clinical studies and phase 1 human trials to currently exist in the form of an ongoing phase 2 clinical trial. Further, the clinical trial of phase-I has been well-tolerated in healthy volunteers. Further, the clinical phase-II trial would prove its efficiency in patients who lack treatment options.

Key Takeaways

Geographically, the North America Tinea Pedis Treatment Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the rise in fungal infections, and state-of-the-art medical/healthcare setup. However, the growing Asia-Pacific medical infrastructure would help in curing the said ailment in the disease dominant portion of Southeast Asia.

The intensification in the communicable ailments after COVID-19 is driving the Tinea Pedis Treatment Market. However, casual behavior of people especially in developing countries such as India, China toward such infections and discountenance in treatment and prescription from the doctor are one of the major factors that are said to reduce the growth of the Tinea Pedis Treatment Market.

Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Tinea Pedis Treatment Market report.

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