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Tinea Pedis Treatment Market Report 2024: Market Growth Drivers, Innovations, and Competitive Insights
Tinea Pedis Treatment Market Growth
According to The Business Research Company's, The tinea pedis treatment market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to rising incidence of infectious disorders, ancient remedies, discovery of Antifungals, Over-the-Counter (OTC) Products and medical education.
The tinea pedis treatment market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to globalization, travel, drug resistance, economic factors and public health campaigns. Major trends in the forecast period include Innovative drug delivery systems, medical advancements, advancements in pharmaceutical technology and nanotechnology.
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Market Drivers and Trends:
The escalating incidence of foot and ankle injuries is expected to propel the growth of the tinea pedis treatment market going forward. Foot and ankle injuries are any damage or trauma sustained to the bones, ligaments, tendons, muscles, or other tissues in the foot or ankle region, often resulting from accidents, sports activities, or repetitive stress. The factors, including lifestyle changes, rising participation in sports and physical activities, inadequate footwear, improper training techniques, prone to falls and degenerative conditions, cause foot and ankle injuries. Additionally, the prevalence of obesity and chronic diseases like diabetes further exacerbates the risk of foot and ankle complications. Ankle and foot injuries can exacerbate tinea Pedis treatment by creating favorable conditions for fungal growth and prolonging periods of inactivity. For instance, in November 2023, according to Howden Group Holdings Ltd, a UK-based insurance intermediary company, the severity of ankle injuries in the English Premier League increased by 170% from October 2022 to January 2023 after the FIFA World Cup Qatar 2022. Therefore, the Escalating incidence of foot and ankle injuries drives the Tinea pedis treatment market.
Impact of Increasing Fungal Infection Prevalence on the Tinea Pedis Treatment Market
The increasing prevalence of fungal infections is expected to propel the growth of the tinea pedis treatment market going forward. Fungal infections are diseases caused by fungi that can infect various body parts. The prevalence of fungal infections is caused by weakened immune status, environmental conditions favoring fungal growth, exposure to fungi, underlying health conditions, occupational exposure, and personal hygiene practices. The treatment of tinea pedis aims to eliminate the fungal infection and relieve the associated symptoms. For instance, in July 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based public health agency, fungal infection-related hospitalizations reached a total of 59,212 by 2021, with the rate of these hospitalizations increasing from 25.0 in 2020 to 26.8 in 2021 per 10,000 hospitalizations, with an average annual increase of 8.5%. Therefore, the increasing prevalence of fungal infections drives the growth of the tinea pedis treatment market.
Major tinea pedis treatment market companies are developing full-cycle skin infection control formulations to enhance patient outcomes. Full-cycle skin infection control formulation offers comprehensive solutions that treat the fungal infection, prevent its recurrence, and manage associated symptoms such as itching, scaling, and redness. For instance, in May 2022, Bayer, a Germany-based pharmaceutical company, launched an innovative and improved range of Canesten. This full-cycle skin infection control formulation alleviates itching and prevents the further spread of infection. Canesten cream relieves ringworm, jock itch, athlete's foot, skin candidiasis, erythrasma, and fungal infections. It contains clotrimazole as the active ingredient, effectively treating the fungal infection responsible for athlete's foot. Clotrimazole works by disrupting the growth of the fungus, thereby helping to alleviate symptoms like itching, burning, and skin irritation associated with tinea pedis.
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Major Key Players of the Market:
McKesson Corporation, Pfizer Inc., Bayer AG, Novartis AG, GlaxoSmithKline plc, Sandoz International GmbH, Bausch Health Companies Inc., Perrigo Company plc, Aurobindo Pharma, Dr. Reddy's Laboratories Ltd., Cipla Ltd., Lupin Limited, Glenmark Pharmaceuticals Ltd., Almirall S.A., Exeltis USA Inc., Taro Pharmaceutical Industries Ltd., Tolmar Pharmaceuticals Inc., Sebela Pharmaceuticals Inc., Ego Pharmaceuticals Pty. Ltd., Fougera Pharmaceuticals Inc., Camber Pharmaceuticals Inc, Mayne Pharma Group Limited, Sun Pharmaceutical Industries Ltd., CorePharma LLC, Blueberry Therapeutics Ltd.
Tinea Pedis Treatment Market 2024 Key Insights:
• The tinea pedis treatment market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Foot & Ankle Injuries Fueling Tinea Pedis Market Growth
• Innovations in Tinea Pedis Treatment With Full-Cycle Skin Infection Control Formulations
• North America was the largest region in the tinea pedis treatment market in 2023
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