Tinea Versicolor Treatment Market, Growth, Size, Share, and Industry Analysis, By Type (Antifungal Shampoos, Antifungal Creams, Drugs, and Others), By Application (Hospitals, Dermatology Clinics, Medical Research Centers, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Tinea Versicolor Treatment Market REPORT OVERVIEW

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The global tinea versicolor treatment market size was USD 130.2 million in 2021 and market is expected to touch USD 198.99 million by 2031, exhibiting a compound annual growth rate (CAGR) of 4.0% during the forecast period.

Tinea versicolor is a skin disease and is also known as pityriasis Versicolor. In this, small, discolored patches appear on the skin, affecting the shoulders and trunk. The rising prevalence of the disease, growing awareness of the treatment, increasing healthcare expenditure, and advanced diagnosis and treatment options are the leading factors in the worldwide tinea versicolor treatment market. Various aspects and initiatives, such as the growth of the tinea versicolor treatment process, product development, and increasing funding for research and development, are driving the change in the market. The market is divided into type and application segments. The type segment consists of antiviral shampoo, creams, drugs, and other medications.

The application segment consists of hospitals, dermatology clinics, and research centers. Enormous investments by national governments and companies for research and development funding to determine the cure for tinea versicolor disease and the growing adoption of technologically advanced medical devices will also accelerate the market growth. Several other factors affecting the growth and demand are government initiatives to improve public healthcare, growing awareness, rising demand from developing countries, and newly developed healthcare practices are also the major factors for the market growth and share.

 COVID-19 Impact: Lack of Healthcare Facilities Impeded Market Growth

The lack of healthcare and infrastructure facilities due to the pandemic's prevalence and intensive lockdowns significantly restrained market growth and share of tinea versicolor treatment worldwide. The focus had shifted to the cure and treatment for the virus, which diverted resources and negatively affected facilities for the skin disease. The pandemic also prevented people from seeking treatment for tinea versicolor due to increased attention to the virus circulation. However, the market will witness an unprecedented boom post the pandemic, leading to revenue and profit generation for investors and manufacturers.

LATEST TRENDS

"Demand for Antiviral Pills to Lead Market Growth"

The growing demand for antiviral pills and medicines to treat skin diseases will grow the product's market. The increasing demand of consumers, decreasing inflation, rising disposable income, and resumption of industrial activities are the significant factors that will lead the market growth and share worldwide. Thus, these factors, along with technological innovations, will drive the product's market growth in developed and developing countries.

Tinea Versicolor Treatment Market SEGMENTATION

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• By Type

The market is subcategorized into types and consists of antifungal shampoos, antifungal creams, drugs, and others.

• By Application

The market is subcategorized based on other applications in hospitals, dermatology clinics, medical research centers, and others.

DRIVING FACTORS

"Increasing Awareness in Patients to Drive Market Growth"

The increasing awareness about tinea versicolor treatment in developing countries will propel the tinea versicolor treatment market growth and share. Government insurances, subsidies, and initiatives are the major factors promoting the treatment in developed regions such as the U.S. and France. There are several benefits of seeking the treatment, and these factors are the primary drivers of market growth. Thus, investors will benefit immensely from these favorable factors, leading to massive revenue generation.

"Major Breakthroughs and Innovations to Propel Market Growth"

Significant innovations and breakthroughs in the healthcare industry post the pandemic will lead to the market growth of the product as collaborations, partnerships, acquisitions, and mergers prevail in developed regions. The primary market for investors and producers is North America, as it deals with a booming industry post the adverse effects of the pandemic. Thus, these developments will lead to significant revenue generation and profits for health clinics and service providers worldwide.

RESTRAINING FACTORS

"Rising Resource Prices to Hamper Market Growth and Share"

The rising resource prices worldwide due to ongoing tensions in the European region and the increasing inflation will impede the product's market growth. The decreasing consumer income in developing countries post the pandemic due to severe consequences on the healthcare industry is a major factor restraining the market growth of tinea versicolor treatment. The expensive treatment and the lack of available resources to seek treatment in developing countries will also impact the market.

Tinea Versicolor Treatment Market REGIONAL INSIGHTS

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"North America to Lead Market Share Owing to Rising Capabilities"

The North American region will lead the tinea versicolor treatment market share due to the presence of major industrial players in the area and the rising capabilities of producers and manufacturers. The significant rise in technological advancements, rising disposable income, decreasing inflation, and increasing awareness and demand for the treatment in the region post the pandemic will drive the market growth and share of the product.

KEY INDUSTRIAL PLAYERS

"Industrial Players to Record Profits and Revenues Owing to Rising Demand"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the tinea versicolor treatment market. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Novartis (Switzerland)
• Pfizer (U.S.)
• Teva Pharmaceutical (Israel)
• Bayer (Germany)
• Enzon Pharmaceuticals (U.S.)
• Galderma (Switzerland)
• Gilead (U.S.)
• Astellas Pharma (Japan)
• Taro Pharmaceutical (U.S.)
• Bausch Health (Canada)

INDUSTRY DEVELOPMENT

September 2022: Gilead has acquired MiroBio, a U.K.-based biotechnology company focussing on restoring immune balance, for approximately USD 405 million. The acquisition provides Gilead with MiroBio's proprietary platform and the entire portfolio of inhibitory receptor agonists. This development will positively affect the company's market share and growth as the demand for Versicolor treatment increases with rising innovations in developed regions.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the Versicolor treatment industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.