Global Fungal Otitis Externa Market, by Drug Type (Ear Drops (Clotrimazole, Fluconazole, and Acetic Acid (2%)), Oral Medications (Itraconazole and NSAIDS), Topical Medications, and Late Stage Pipeline Drugs), by Fungus Type (Aspergillus and Candida), by Route of Administration (Otic, Oral, and Topical), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 169.40 Mn in 2021 and is expected to exhibit a CAGR of 2.9% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Rising government initiatives for increasing awareness about serious fungal diseases is expected to drive the market growth over the forecast period. For instance, on the occasion of Fungal Disease Awareness Week on September 20-24, 2021, Centers for Disease Control and Prevention (CDC) and partners have organized this week to highlight the importance of recognizing serious fungal diseases early enough in the course of a patient’s illness to provide life-saving treatment.
Global Fungal Otitis Externa Market– Impact of Coronavirus (COVID-19) Pandemic on Clinical Trials and Drug Development
The COVID-19 pandemic has drastically affected clinical trials for fungal otitis externa. Several trials have paused enrollment and researchers are facing multiple challenges associated with setting up remote visits, and performing laboratory and other study assessments. For instance, according to a survey conducted by Medidata Solutions, Inc. (a U.S. based technology company, which develops and markets software as a service for clinical trials), on April 23, 2020, 63% of survey respondents reported that they stopped recruiting new patients for ongoing clinical trials and 43% of the respondents postponed their studies. The U.S. Food and Drug Administration (FDA) released guidelines on conducting clinical trials of medical products during the COVID-19 public health emergency in March 2020. The guidelines were further updated on July 02, 2020. The guidelines issued by the U.S. Food and Drug Administration (FDA) include general considerations to assist sponsors and researchers, which ensures the safety of trial participants, and compliance with good clinical practice (GCP) for the duration of the COVID-19 public health emergency. The appendix of the guidelines also provide answers to few general questions, which the U.S. Food and Drug Administration (FDA) received from various sponsors and researchers about conducting clinical trials during the COVID-19 public health emergency. Furthermore, healthcare facilities and researchers are adhering to the following safety measures for ongoing clinical trials. The healthcare providers obtain consent from patients over the phone or through video conferences. For instance, according to a survey conducted by Medidata Solutions, Inc., on April 23, 2020, 45% respondents opted for virtual/telemedicine for consultancy. The patient receives a phone call for screening of COVID-19 symptoms before the scheduled in-person visits.
Browse 51 Market Data Tables and 36 Figures spread through 166 Pages and in-depth TOC on “Global Fungal Otitis Externa Market”- Forecast to 2028, Global Fungal Otitis Externa Market, by Drug Type (Ear Drops (Clotrimazole, Fluconazole, and Acetic Acid (2%)), Oral Medications (Itraconazole and NSAIDS), Topical Medications, and Late Stage Pipeline Drugs), by Fungus Type (Aspergillus and Candida), by Route of Administration (Otic, Oral, and Topical), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/fungal-otitis-externa-market-4548
Increasing prevalence of fungal otitis externa is expected to lead to high demand for various treatment therapy. According to the article published in the National Center for Biotechnology Information in March 2019, the lifetime prevalence rate of fungal otitis externa is estimated at 10%.
Key Takeaways of the Global Fungal Otitis Externa Market:
- The global fungal otitis externa market is expected to exhibit a CAGR of 2.9 % during the forecast period owing to increasing number of patients suffering from fungal otitis externa are expected to drive growth of the market over the forecast period. For instance, according to an article of American Academy of Family Physicians, the chronic form of otitis externa is commonly of a fungal or allergic origin or is the manifestation of dermatitides. It attacks three to five percent of the population. One–four acute otitis externa is unilateral in 90% of patients, it peaks in persons seven to 12 years of age, declines after 50 years of age, and often is associated with high humidity, warmer temperatures, swimming, local trauma, and hearing aid or hearing protector use.
- On the basis of distribution channel, retail pharmacies segment is estimated to exhibit a higher CAGR in the global fungal otitis externa market over forecast period. Retail pharmacies segment accounts for a significant market share, owing to patients’ preference for retail pharmacies, as well as the increasing number of retail or independent pharmacies across the globe. For instance, according to PLOS Journal’s August 2017 findings, independent pharmacies in the U.S. increased from 22,737 in 2007 to 23,596 in 2015, which witnessed a growth of 3.8%.
- In terms of route of administration, otic segment is estimated to hold a dominant position in the global fungal otitis externa market in 2021. Advantages of otic route include it is used to administer higher concentration of antibiotic to the site of infection also the otic medications are usually less expensive than comparable systemic medications. Thus, unique advantages of otic drugs are expected to drive the segment growth over the forecast period.
- Among regions, Asia Pacific is estimated to exhibit higher CAGR in the global fungal otitis externa market over the forecast period. Asia Pacific is expected to witness significant growth in geriatric population in coming years, and this group of population is more susceptible to chronic infections such as fungal otitis externa. This factor is expected to drive growth of the fungal otitis externa market during the forecast period. For instance, according to the United Nations data, one in four people in Asia and the Pacific will be over 60 years old by 2050. The population of older people (aged over 60) in the region will triple between 2010 and 2050, reaching close to 1.3 billion people in the region.
- Key players operating in the global fungal otitis externa market include Novartis, Bayer AG, Sanofi, GlaxoSmithKline plc., AbbVie, Par Pharmaceutical, Inc., Hi-Tech Pharma, Actavis Mid-Atlantic, Hill Dermaceuticals Inc, NuLife Pharmaceuticals, Glenmark Pharmaceuticals Limited, Pfizer Inc., Janssen Pharmaceutical, McNeil Consumer Healthcare, Mylan N.V., and, Salvat Laboratories
