Paronychia Treatment Market | Business Analysis and Evolutionary Growth
Paronychia Treatment Market – Overview
The paronychia treatment market is growing mainly due to rising cases of infection. According to a recent study report published by the Market Research Future, the paronychia treatment market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).
Paronychia is a soft tissue infection that begins as cellulitis but can progress to a definite abscess. There are majorly two types of paronychia i.e. acute paronychia, and chronic paronychia. The treatment of paronychia depends upon the extent of the infection. In case of acute paronychia, medical care is usually adopted. Major symptoms associated with paronychia are redness of the skin around nail, tenderness of the skin around your nail, changes in nail shape, colour, or texture, detachment of nail, and pus-filled blisters.
Notably, rising research and development expenditure is the primary driver for paronychia treatment market. In the year of 2016, the R&D expenditure in the Pharmaceutical Industry was EUR 35000 million, suggested by European Federation of Pharmaceutical Industries and Association. According to the Centres for Disease Control and Prevention, the per capita national health expenditures in 2015 was amounted to be USD 9,990 and total national health expenditure was USD 3.2 trillion. It is also reported that out of total national health expenditures in the US, prescription drugs 10.1% share.
Other push factors such as, rising occurrence of infections, and related complications, increasing awareness among the people, changing reimbursement policies, and growing geriatric population are also fuelling the growth of the market. According to Pacific Bridge Medical, the government of China partially reimburses the cost of many drugs provided the drug is in the list of China’s National Reimbursement Drug List (NRDL) which was first published in 2000. Whereas, reimbursement policies in India, Hong Kong, Singapore, Indonesia, and other countries are different and vary according to the product made such as local, generic, imported generic, or branded. Therefore, revised reimbursement policies by the government, scope to the emerging player, and need for innovative drug development methodologies will impact the growth of the market positively over the forecast period. According to the Indian Brand Equity Foundation (IBEF), in 2016 the generics market of India stood at USD 26.1 billion.
Despite these drivers, presence of misbranded and spurious drugs, and side effects associated with drugs are expected to hinder the growth of the market.
Paronychia Treatment Market – Competitive Analysis
The paronychia treatment market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced drugs to control this condition. The global paronychia treatment market is currently dominated by numerous players.
Astellas is one of them by holding a strong share in the market. The company is a multinational pharmaceutical and biopharmaceutical company. Astellas offers distinctive products such as Cresemba, AmBisome, and many others. On March 6, 2015, Cresemba received FDA approval for treatment of fungal infection. On Nov. 9, 2015, Astellas Pharma Inc. acquired Ocata Therapeutics, Inc. for USD 379 million.
In today’s dynamic environment, many businesses are on the hunt for companies in the same industry for horizontal mergers and acquisitions. For instance, on August 24, 2016, Pfizer Inc. entered into an agreement with AstraZeneca to acquire their small molecule anti-infective business. The agreement includes the development, and commercialization rights to the EU approved drug Zavicefta, Merrem/Meronem, and Zinforo. Integration among companies offer various benefits such as diversification of products and services, selling of products to larger market, reduction in the cost of production, and the amount of external competition.
Novartis AG is another renowned market player in paronychia treatment market. Novartis offers a distinct portfolio of antifungal medical products such as Derbina, Nystatin ointment, Econazole nitrate, voriconazole, and many others. The major strategy employed by company is to invest in research & development focused on areas of unmet medical need.