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Dermatophytosis Treatment Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Dermatophytosis Treatment Market
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According to The Business Research Company's, The dermatophytosis treatment market size has grown strongly in recent years. It will grow from $9.76 billion in 2023 to $10.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased awareness, advancements in diagnostic techniques, environmental factors, antifungal resistance, population growth, immune compromised population.
The dermatophytosis treatment market size is expected to see strong growth in the next few years. It will grow to $13.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to technological innovations, research and development, changing demographics, regulatory environment, consumer preferences, global health concerns. Major trends in the forecast period include continued research and development, focus on personalized medicine, rising demand for topical therapies, emergence of novel therapies, shift towards natural remedies.
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Market Drivers and Trends:
The increasing prevalence of musculoskeletal disorders is expected to propel the growth of the compound camphor ointment market going forward. Musculoskeletal disorders (MSDs) affect the body's muscles, bones, joints, ligaments, tendons, and other soft tissues. Musculoskeletal disorders arise from various factors, often stemming from repetitive motion, poor posture, overuse, and improper lifting techniques. Compound camphor ointment is used to treat pain and inflammation in joints and muscles and has analgesic and anti-inflammatory qualities that make it practical for musculoskeletal problems. For instance, in July 2022, according to the World Health Organization, a Switzerland-based health organization, approximately 1.71 billion people have musculoskeletal conditions worldwide. Furthermore, in October 2023, according to an international study by the Institute for Health Metrics and Evaluation (IHME) at the University of Washington, the number of musculoskeletal disorders in the US is projected to increase by 115% from 2020 to 2050, reaching 1.06 billion cases therefore, the increasing prevalence of musculoskeletal disorders is driving the compound camphor ointment market.
Major companies operating in the dermatophythosis treatment market are focusing on developing topical treatments, such as powder and cream, to improve treatment efficacy and enhance patient satisfaction, aiming to address the evolving needs of the market. The powder and cream for dermatophytosis are used to reduce itching, absorb moisture, inhibit fungal growth, heal, and prevent further spread of the infection. For instance, in May 2022, Bayer, a Germany-based life science, healthcare, and nutrition company, launched canesten powder and cream. This product provides relief from a range of fungal skin infections, including ringworm, jock itch, skin candidiasis, athlete's foot, erythrasma, and fungal nail infections. The product provides 5X as much relief as ordinary talcum powder from prickly heat, redness, skin irritation, itching, and fungal infection.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Bayer AG, Novartis International AG, Abbott Laboratories, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Mylan N.V., Astellas Pharma Inc., Valeant Pharmaceuticals International Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Fougera Pharmaceuticals Inc., Galderma S.A., Dr. Reddy's Laboratories Ltd., AmDerma Pharmaceuticals LLC, LEO Pharma A/S, Glenmark Pharmaceuticals Ltd., Taro Pharmaceutical Industries Ltd., Quinnova Pharmaceuticals Inc., Enzon Pharmaceuticals Inc.
Dermatophytosis Treatment Market 2024 Key Insights:
• The dermatophytosis treatment market size is expected to see strong growth in the next few years. It will grow to $13.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Fungal Infections Fuel Dermatophytosis Market Growth
• Focus On Advanced Topical Treatments To Enhance Efficacy And Patient Satisfaction
• North America was the largest region in the dermatophytosis treatment market in 2023
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