Pune, India -- (SBWIRE) -- 03/14/2018 -- Rising prevalence of tinea versicolor, increasing awareness of the disease, rising healthcare expenditure, advanced diagnosis and treatment options, and approval of new antifungal medicines are leading the growth of global tinea versicolor treatment market.

Global Tinea Versicolor Treatment Market is expected to grow at the CAGR of ~7.1% during the forecast period and is estimated to reach USD 197.9 million by 2023.

Also known as pityriasis versicolor, Tinea Versicolor is a skin infection. It also called as. In this condition, small and discolored patches of skin occur, mostly affecting the shoulders and trunk.

Various factors initiative the growth of Tinea Versicolor Treatment market such as new product development, and increasing funding for research, clinical trials are driving the growth for the market. Enormous amount of investment by government and companies for research and development to determnine cure for Tinea Versicolor Treatment. Growing adoption of technologically advanced diagnostic medical devices also accelerates the market growth. Various other factors affecting the market growth are government support to improve public healthcare, increasing awareness, rising demand from emerging markets, and newly developed healthcare practices are also major factors for the market growth.

Competitive Analysis:

Astellas Pharma US, Inc. (U.S.), Bayer AG (German), Enzon Pharmaceuticals, Inc. (US), Galderma S.A. (Switzerland), Gilead (US), Novartis AG (Switzerland), Pfizer Inc. (US), Taro Pharmaceutical Industries Ltd. (US), Teva Pharmaceutical Industries Ltd. (Israel), Valeant (Canada) are some of the leading players at the cutting edge of the competition in the market of Tinea Versicolor Treatment across the globe.

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Key developments

Major players in the market are engaged in the development of new products to capture the market globally. Thus, key market players are investing more in research and development activity, in order to lead the global market. In this regards, market players undertake various strategic approaches.

Teva Pharmaceutical Industries Ltd.

In August, the company aquired Actavis Generics to strengthen its position in the global and U.S. generics markets.

Novartis

In March 2016, Novartis cancer drug gets FDA's principal 'biosimilar' affirmation. Federal regulators have permitted the first "biosimilar" drug to be sold in the U.S. under a program intended to branch a new market of lower-cost substitutes to some of the most expensive treatments in healthcare. This approval of biosimilars will help many patients who are in need of these treatments.

In May 2016, Novartis studies new sales model for tentative cancer therapy. Novartis strategies to use a medical device-like sales model to market its CAR T-cell technology if the new cancer treatment receives FDA approval. This approach may help stem concern about the therapy's complex distribution process as well as the expected high prices for treatment.

Regional analysis:

Considering the global scenario of the market, America is the top contributor in this market. The Americas mainly include North America and South America. Due to large amount of money invested in research, clinical trials, and new product development, US is the dominating country in this region.

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Europe is the second largest market for tinea versicolor treatment. Germany is dominating this market while UK is the fastest growing tinea versicolor treatment market. Asia Pacific is witnessing rapid growth in this market which is mainly due to rapidly improving healthcare facilities, increasing awareness of disease, and rising healthcare expenditure. Middle East & Africa is expected to have limited growth.

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