Otitis is an inflammation in the middle ear which resulting in dysfunction of the eustachian tube that occurs during viral upper respiratory tract infection. The eustachian tube links the middle ear with the throat and ear. It prevents fluid drainage from the middle ear, causing a fluid buildup behind the eardrum. When fluid does not evacuate, the infection grows in the ear which leads to acute otitis media.

Otic drugs are the drugs that are used to treat infections of the ear canal. Causes of ear infections can be various factors such as ear injuries, bacteria, cigarette smoking, and viral infections. A rise in the prevalence of various infections of the ear and the use of external objects such as hairpins and cotton swabs, which are found responsible for ear infections are likely to prosper the market.

Market Scope and Structure Analysis

Impact of COVID-19 Pandemic on the Otic Drugs Market:

• The consequences of lockdown and government-enforced restrictions as a result of the coronavirus have been felt heavily by businesses across all industries. Both the private healthcare sector and health businesses, which rely on close physical contact with their clients, have been significantly affected. 
• Many small hospitals, clinics and nursing homes have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services otic drugs market growth.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Ongoing clinical trials which are carried out in various pharmaceutical companies, exposure to toxins, change in environment, with a high prevalence for indoor as well as outdoor allergens and worldwide rise in the prevalence of otitis diseases are likely to act as market drivers for the otic drugs market.

As per the published article by the American Academy of Family Physicians, it is estimated that nearly 80% of the children have been diagnosed with one episode of acute otitis media (AOM). Change in environment or exposure to the certain toxin may rise the otitis infection and the prevalent middle ear diseases are likely to grow the otic drugs market.

Novel Therapeutics, Inc, a pharmaceutical company with a specialty in otolaryngology has initiated phase II trials for OP0201 In 2019, which is a drug-device combination of cholesteryl palmitate & surfactant dipalmitoylphosphatidylcholine which have shown promising results for otitis treatment in phase I clinical trials. If proved to be successful it will enhance a new significant option for the treatment of otitis.

Asia-Pacific is predicted to hold the largest share in the market due to the rise in ear infections.  Europe is considered to be one of the growing markets in the timeline with high investment in the infrastructure related to healthcare. North America is likely to dominate the market of otic drugs because of the presence of the core market players with novel technology.

Restraints that prevail in the market are unaffordable or unavailable treatments, the introduction of generic drugs and patent expiry from companies, inadequate knowledge about tinnitus disease in developing economies.

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the global otic drugs market 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 global otic drugs market share.
• The current market is quantitatively analyzed from 2021 to 2028 to highlight the global otic drugs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global otic drugs market analysis based on competitive intensity and how the competition will take shape in coming years. 
• Questions Answered in the Otic Drugs Market Research Report
• What are the leading market players active in the otic drugs market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?