Focus of government on prevention of diseases to curb healthcare costs; entry into untapped markets to present opportunities for growth
Tinea infections are fungal infections caused by T rubrum, Trichophyton mentagrophytes and Epidermophyton floccosum. This dermatophyte fungus thrives in humid conditions. The clinical features of tinea pedis include patchy and dry scaling on foot and presence of blisters or pustules on feet and between toes. Various countries are focusing on prevention of microbial and fungal diseases to reduce their healthcare costs, which in turn, is expected to result in high demand for advanced treatment options and diagnostic processes from local governments and third-party payers.
Moreover, increasing research and development activities to develop highly specific antifungal products are also expected to create new growth opportunities for manufacturers operating in tinea pedis treatment market. Currently, several countries are still unaware about fungal treatment. In several low income countries, physicians depend on antibacterial treatment and steroids for the treatment process. Awareness about effective treatment procedures in these countries is very low. However, these countries have a large patient pool and hence, various companies are trying to enter into these markets by offering better quality and affordable antifungal products.
Insights on the global tinea pedis treatment market
Future Market Insights in its research report on the global tinea pedis treatment market has described a complete market scenario and has presented forecast insights on the global market for tinea pedis treatment for a period of 10 years. According to Future Market Insights, the global tinea pedis treatment market is expected to grow at a moderate rate to register a CAGR of 4.8% throughout the period of forecast, 2017-2027. The estimation value of global tinea pedis treatment market is bit more than US$ 1 Bn in 2017 and is anticipated to touch a value more than US$ 1700 Mn by the end of 2027. The growth of the global tinea pedis treatment market can be attributed towards increasing geriatric population, rising consumer inclination towards maintaining aesthetic appearance, increasing product innovation and rising per capita healthcare expenditure.
Increasing occurrence of interdigital tinea pedis to augment the demand for the treatment of the disease in the coming years
Typically, tinea pedis occurs in the form of interdigital spaces. The occurrence of interdigital tinea pedis is higher than other type of tinea pedis diseases. This has led to an increased focus on the treatment of interdigital tinea pedis. The interdigital tinea pedis segment in the disease type category is the largest segment owing to higher prevalence of the disease. The interdigital tinea pedis segment is expected to grow at a CAGR of 4.5% throughout the period of forecast and is expected to generate a value of more than US$ 1.1 Bn by the end of 2027. In 2017, it is valued at less than US$ 750 Mn. This segment is expected to dominate the global market by disease type.
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Plantar tinea pedis, also known as moccasin foot, occurs on the side of the foot. The plantar tinea pedis segment is anticipated to grow at a significant rate to reach an estimation of around US$ 320 Mn by the end of the year of assessment. This is the second largest segment in terms of value as well as growth rate. It is projected to register a CAGR of 5.1% during the period of forecast, 2017-2027.