FUNGAL OTITIS EXTERNA MARKET ANALYSIS

Fungal Otitis Externa MarketSize and Trends

The global fungal otitis externa market is estimated to be valued at US$ 169.40 million in 2021 and is expected to exhibit a CAGR of 2.9% over the forecast period (2021-2028).

Increasing incidence and prevalence of fungal otitis externa are expected to drive the market growth over the forecast period. 

Increasing incidence of fungal otitis externa is expected to drive the growth of global fungal otitis externa market over the forecast period. For instance, according to the article published in the National Center for Biotechnology Information, in March 2019, fungal otitis externa is common all over the world, with a higher incidence in tropical than in temperate zones owing to higher temperature and humidity. Its lifetime prevalence is estimated at 10%. It affects adults commonly, and children very rarely generally in the age range between seven to 12 years. Similarly, according to the same studies from the Netherlands and the U.K. have shown an annual incidence of 1%.

Robust product pipeline expected to offer the market growth opportunities over the forecast period.

Robust product pipeline for the treatment of fungal otitis externa which are expected to launch during the forecast period is anticipated to drive the growth of the global fungal otitis externa market. For instance, in February 27, 2020, Salvat Laboratories, a Spain-based pharmaceutical company, initiated a phase III, multicenter, randomized, doubleblind clinical trial to assess the efficacy and safety of SVT-15652 Otic Solution compared to placebo for the treatment of fungal otitis externa (otomycosis).

Global Fungal Otitis Externa Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of Coronavirus disease (COVID-19) has resulted in more than 189 million infected individuals worldwide as of July 19, 2021.

COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.

Furthermore, players operating in the global fungal otitis externa market are facing major challenges on various fronts due to the COVID- 19 pandemic. The major challenges include supply of raw materials required for manufacturing drug formulations due to irregularities in transportation facility. Moreover, distributors of products are experiencing irregular demand for products from the retailers due to increasing number of patients suffering from COVID-19 and other life threatening disorders.

Moreover, according to the article published in the National Center for Biotechnology Information in August 2020, the incidence of otitis externa increased in the patients suffering from COVID-19. According to the study results, increased incidence of otitis externa in COVID- 19 patients that is 18% of study group out of 257 cases were infected with COVID-19 and the symptoms were observed mainly between the fifth to eighth day of COVID-19 infection.

Figure 1. Global Fungal Otitis Externa Market Share (%) in Terms of Value, By Drug Type, 2021

Figure 2. Global Fungal Otitis Externa Market Share (%), Fungus Type, 2021