The global ringworm treatment market is expected to reach USD 8.38 Billion in 2023 and is projected to exhibit a CAGR of 5.2% from 2023 to 2033. The high prevalence of skin diseases and the high incidence of ringworm are the major factors driving the global market for ringworm treatments.
A fungal infection of the skin called dermatophytosis is on the rise for antifungal products such as creams, dusting powders, and oral medications. The incidence of ringworm may reach as high as 20% worldwide every year. It is more common for men to contract groin infections, while females are equally likely to contract scalp and body infections. Children are most likely to contract scalp infections, while the elderly are most likely to suffer from groin infections
FMI predicts that by 2023, the drug class segment will account for more than 3/5th of ringworm treatment sales. According to estimates, ultraviolet races will collectively hold more than half of the market share by 2032. Phototherapy utilizing ultraviolet light is highly popular in treating fungus infections on the skin, such as ringworm. Medical professionals in various developed regions use UV light therapy to treat affected skin areas, and the demand for these therapies has increased. Usually, this therapy takes a few weeks to complete in a series of treatments.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 8 Billion |
| Expected Market Value (2023) | USD 8.38 Billion |
| Anticipated Forecast Value (2033) | USD 13.91 Billion |
| Projected Growth Rate (2023 to 2033) | 5.2% CAGR |
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The global demand for ringworm treatment is projected to increase at a CAGR of 5.2% during the forecast period between 2023 and 2033, reaching a total of USD 13.91 Billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 4.7%.
Worldwide awareness of the problem of ringworm among consumers is likely leading to the development of tropical treatments in the market. Natural and homemade remedies are most frequently used by consumers to treat ringworm. In children, tinea capitis caused by Trichophyton species may be treated with griseofulvin and newer treatments including terbinafine, itraconazole, and fluconazole.
Fungal infections are a risk to several children and the growth of these diseases will lead to the development of antifungal treatments. Children with Trichophyton infection may benefit more from griseofulvin than ketoconazole, whereas terbinafine, itraconazole, and fluconazole may have similar effects. There have been studies showing that terbinafine or griseofulvin is effective in curing Trichophyton infections exceeding 90%, but in many comparisons, this proportion is much lower.
Growing Incidence of Ringworm Cases to Drive Market Growth
Ringworm is one of the most prevalent skin diseases in the world, contributing to the growth of the global ringworm treatment market. The increased prevalence of bacterial and viral infections, coupled with a rise in awareness about the treatment of fungal infections and the development of novel treatments for diseases, is driving the global market for antifungals to grow.
With the increasing amount of research and development funding and the development of new therapies, the market for ringworm treatment is expected to grow significantly in the coming years. The rise in the number of combination therapies, the increase in the amount of funding allocated to healthcare, and the development of innovative products are also anticipated to drive the global ringworm treatment market. With increasing awareness about the importance of hygiene and the spread of diseases, the market for ringworm treatments will continue to grow.
In recent years, oral and applied product development has been occurring in the market, and the growing concerns associated with these diseases in children have increased market growth. It has also been noted that rapid advancements in nanotechnology for the development of advanced formulations of medications have also played a significant role in the growth of this market.
Advancement in Technology and Drug Development to Expand the Market for Ringworm Treatments
With the advancement of technology and the development of new drugs, there has been a positive impact on the market for ringworm treatments. There has been a significant increase in the effectiveness of treatment for ringworm infection in recent years due to the development of new drugs and improved diagnosis and treatment protocols. An array of new medications has been developed to treat ringworm infections, including antifungal medications and immunomodulators.
As a result of technological advancements like PCR technology, antigen detection kits, and culture tests, it has become easier to diagnose ringworm infections with greater accuracy. The development of new technologies has also made it possible for treatment to be produced and delivered more efficiently, which has resulted in an overall increase in the availability of treatment. In recent years, the development of novel drugs and treatments has made ringworm treatments more accessible to those who are most vulnerable and more affordable, making them available to a broader range of people.
Drugs with a High Incidence of Side Effects and Frequent Use will hamper the Market
There are several factors that are likely to hinder the growth of the antifungal market in the forecast period, including a lack of understanding of the benefits of antifungal medicines in emerging countries, regulatory approval delays, and adverse effects caused by these drugs. Despite the fact that generic drugs are becoming increasingly available for the regular treatment of fungal infections, the cost of these drugs is increasing and thus restricting the market growth. As a consequence of overusing steroids to treat ringworm, there is an increasing risk of developing antimicrobial-resistant ringworm infections.
A rise in the popularity of self-treatments using natural and ayurvedic treatments at home will further impede the growth of the market. A lack of awareness about diseases and proper treatment will present a challenge to the market. In addition to this, the adverse effects caused by the antifungal medicines used for the eradication of fungal infections are also holding the market back from growth. Furthermore, there are also certain important factors that hinder the market during the forecast period, including the existence of rigid government regulations, the expiration of patents and drugs, the rapid emergence of fungicide resistance, as well as the proliferation of counterfeit products.
Increasing Disposable Income and Adoption of Various Treatments Drive Ringworm Treatment
The Asia Pacific region is projected to grow at a CAGR of 3.2% during the forecast period, the fastest growth rate among all regions. According to industry forecasts, the Asia Pacific market will exhibit the fastest growth rate in the coming years. An increase in healthcare expenditures, coupled with an aging population, is expected to drive the growth of fungal infections in this region.
In Asia Pacific, the pharmaceutical industry is experiencing a surge in disposable income, chronic diseases are on the rise, and global companies are focusing on the region. Market growth is expected to continue due to the expansion of international pharmaceutical companies in developing regions and the significant demand for funding for studies in the market for ringworm treatments. Rural areas with a higher prevalence of pet adoption will have a greater likelihood of transmitting the disease, unhealthy living habits, and a higher prevalence of disease transmission rates. With the growing adoption and development of ayurvedic treatments in India, ringworm treatments have grown exponentially.
A large number of Pharmaceutical Companies Focusing on Treating Ringworm is in High Demand
Globally, North American markets are forecast to account for 14% of the overall market. According to projections, North America will dominate the global market for ringworm treatments. A growing healthcare sector, an increase in pet ownership, and an increase in awareness regarding skin diseases are a few of the factors driving the demand for ringworm treatments in the region.
A highly developed infrastructure, an increase in healthcare expenditures, and the advancement of innovative therapies for the treatment of ringworm are some of the factors that are expected to boost the market in the forecast period. Approximately 9 Million outpatient visits and 75,000 hospitalizations are caused by fungal diseases every year. In addition, the region is focusing its efforts on developing innovative technologically advanced therapies to treat ringworms and prevent the spread of the disease, which will further grow the market over the coming years.
CDC data indicates that Dermatophyte infection-related outpatient visits, hospitalizations, and direct medical costs totaled 4,981,444 in 2020. Therefore, the region has seen an increase in treatment demand. From the above statements, it can be concluded that the North American region will hold a leading market share over the forecast period.
In recent years, the prevalence of these diseases has increased the demand for antifungal drugs, resulting in the development of fast-track FDA-approved antifungal treatments. The expansion of geographical reach and commercialization of pharmaceuticals by established companies are expected to contribute significantly to the growth of the regional market.
Antifungal Drugs to Contribute to the Growth of the Ringworm Treatment Market
Increasing awareness about fungal infections is expected to contribute to the growth of the market in the coming years. A CAGR of 3.8% is predicted for the market during the forecast period. An increasing number of product launches, coupled with an increasing number of cases of fungal infections, are two of the major factors that are driving the revenue growth of the fungal infection market. In addition to increased tourism, global warming and a growing economy have all contributed to an increase in fungal illnesses treatments in the market.
A market share of 55% is expected to be achieved for antifungal drugs. Hospitalized patients with invasive fungal infections were much more likely to suffer from invasive fungal infections during the COVID-19 pandemic. In 2021, approximately 7,199 deaths due to fungal diseases were reported by the Centers for Disease Control and Prevention (CDC). Also, the availability of over-the-counter medications as well as the ease of administering ointments, oral pills, topical creams, and IV drips play a significant role in antifungal treatment demand.
As awareness increases among patients and healthcare professionals, the demand for this antifungal agent is expected to increase. Additionally, the lack of safe and effective antifungals available to treat ringworm infections has been identified as one of the primary factors driving growth during the forecast period. Although there are alternative treatments available for ringworm infections, such as herbal medicines, and a narrow market for antifungal drugs, the market for antifungals is expected to be limited.
Topical Drugs to be the Most Promising Segment for Ringworm Treatment Market
Atopic treatments are expected to be the dominant form of treatment for ringworm in the coming years. Approximately 64% of the total market share for topical creams for the treatment of ringworm in the global market will be held by this market. In recent years, market demand for topical treatments has increased due to growing awareness about diseases and the availability of treatments that target the site of infection. As systemic side effects are reduced, treatment efficacy increases and patient compliance increases, revenue growth for this segment is expected to increase.
Due to their ease of use and effectiveness in treating ringworms, topical drugs are the most popular treatment segment for ringworm. As a result, there has been an increase in the availability of ringworm multiple topical anti-fungal drugs on the market, which is expected to contribute to the growth of the segment.
As well as providing relief from the symptoms of itching and burning associated with this condition, these creams can also affect the infection. As opposed to oral medications, topical medications don't enter the bloodstream. As an added benefit, topical drugs are more effective and cost-effective at treating localized ringworm infections. These factors have all contributed to the growth of the market in a positive way.
Startups in the field of ringworm include the following:
The key players in the global ringworm treatment market are conducting research and development activities to develop new products as well as antifungal ointments for the diagnosis and treatment of ringworms. These new treatments are anticipated to launch in the near future. Obtaining approval for new products in a timely manner gives companies a competitive edge over competitors.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 8.38 Billion |
| Market Value in 2033 | USD 13.91 Billion |
| Growth Rate | CAGR 5.2% |
| Base Year for Estimation | 2022 |
| Historical Data | 2018B to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Drug Class, Route of Administration, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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. |
| Customization | Available Upon Request |
The ringworm treatment market CAGR for 2033 is 5.2%.
The market is valued at USD 8.38 billion in 2023.
The projected market value of the market for 2033 is USD 13.91 billion.
Key players are developing the market by introducing new and innovative treatments.
The key market players are GlaxoSmithKline, Novartis AG, and Pfizer Inc.
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