Griseofulvin is an antifungal agent used to treat a variety of superficial tinea infections and fungal infections of the fingernails and toes. It is administered orally only for dermatophytosis. It is ineffective topically. It is reserved for cases with nail, hair, or large body surface involvement. This drug works by binding to a part of the fungus causing infection in the body. This stops the fungus from multiplying. This drug also prevents fungus from spreading to new cells. These actions cause the infection to die off. Griseofulvin is among the first generation of antifungal agents and is available in oral and liquid dosage forms for adults as well as pediatrics. It is also used in the agriculture industry as it has shown effects against plant fungal diseases.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine, have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This in turn is expected to have a significant impact on the griseofulvin market.
Top Impacting Factors
Key factors driving the growth of the griseofulvin market include an increase in number of cases of dermatophytosis and rise in population of people with weak immune systems. The immune system weakens with age and a globally rising geriatric population contributes to the high prevalence of dermatophytosis. Apart from this, rise in sedentary lifestyle and increase in incidence of hospital-acquired diseases have resulted in a higher rate of dermatophytosis. This drives the growth of the griseofulvin market.
Subsequently weakened immunity of the patients who are recovered from COVID-19 is giving rise to multiple fungal infection which can also boost the market growth in the upcoming years. Besides dermatophytosis, griseofulvin is effective in tinea capitis treatment and holds a potent molecule to treat tinea capitis.
Griseofulvin functions as a fungistatic agent rather than as a fungicidal agent, which makes it hard for competing against newer drugs, such as terbinafine and itraconazole. Griseofulvin does not have a broad spectrum of activity and is only effective against dermatophyte-related onychomycosis. Its low efficacy is related to its relatively low affinity for keratin, the protein that makes up the nail, as well as its exceedingly short half-life.
On the other hand, the lack of awareness about dermatophytosis and related fungal diseases, and its treatment options limits the growth prospects of this market. In addition, reluctance on the part of patients in receiving fungal infection treatment limits the growth of the market globally.
Key Market Trends
The Griseofulvin market is anticipated to gain significant growth owing to increase in fungal infection cases post COVID-19 treatment. There has been an increased chance of getting infected rapidly due to the pandemic. This factor is expected to boost the growth of the market.
Griseofulvin registers the highest revenue generation in tinea capitis treatment market followed by Itraconazole. Potential activities of griseofulvin can be discovered by investment in the R&D sector.
Key Benefits of the Report
- This study presents the analytical depiction of the griseofulvin industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the griseofulvin market share.
- The current market is quantitatively analyzed to highlight the griseofulvin market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Griseofulvin Market Report
- Which are the leading players active in the griseofulvin market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the griseofulvin market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
Griseofulvin Market Report Highlights
By End User
Key Market Players
Chifeng Pharmaceutical Co. Ltd, Comed Chemicals Limited, Sun Pharmaceuticals, Pfizer, GlaxoSmithKline Plc., Nippon Kayaku, CFL Pharmaceuticals Limited, Inga Pharmaceuticals, BAL Pharma Ltd, Dr. Reddy’s Laboratories