Release of Coherent Market Insights on December 14, 2021
For primary care physicians, the diagnosis of fungal otitis externa is difficult. Symptoms usually mimic those of otitis media or bacterial otitis externa. If not diagnosed early, the course of the disease may be prolonged and may lead to serious complications such as perforation of the tympanic membrane. To help guide treatment, the doctor may prescribe a combination of topical antibiotics or topical antifungal drugs. The treatment of fungal otitis externa includes a combination of anti-fungal, anti-inflammatory and earwax products. The first line of treatment is sofradex, and ciprofloxacin-based drops are used when the tympanic membrane is perforated.
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It is expected that during the forecast period, a strong product pipeline will drive the growth of the global fungal otitis externa market. Major companies in the healthcare and pharmaceutical industries focus on R&D activities and have a strong product line for the treatment of fungal otitis externa. For example, in June 2020, Novus Therapeutics Inc., a US-based pharmaceutical company, announced the top-line results of an exploratory phase 2a clinical trial of the company's OP0201 for the treatment of acute otitis externa. Therefore, these factors are expected to drive the growth of the global external market for fungal otitis media during the forecast period.
However, during the forecast period, the increase in generic drugs and complications associated with drugs used in treatments is expected to inhibit the growth of the global fungal otitis externa market.
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global fungal otitis externa market. After the pandemic, some countries imposed strict blockade regulations across the country. To curb the spread of the virus, manufacturing and construction activities are temporarily suspended. In addition, due to international trade and travel restrictions, the global supply chain industry has experienced large-scale disruptions. However, the recent relaxation of the lockdown policy and reduction in cases can provide lucrative opportunities for potential growth.
The global fungal otitis externa market is rapidly expanding, with a compound annual growth rate of 2.9% during the forecast period. This is due to the increasing incidence and prevalence of fungal otitis externa. According to data from the National Center for Biotechnology Information (NCBI), the prevalence rate was estimated to be 10% in March 2019.
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Among the regions, the Asia-Pacific region is expected to witness significant growth in the global fungal otitis externa market during the forecast period. This is due to the increasing number of elderly people, who are the most vulnerable to chronic infections such as fungal otitis externa.
The main players participating in the global fungal otitis externa market are Novartis, Bayer, Sanofi, GlaxoSmithKline, 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 NV, and Salvat Laboratories.
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