The next five years are set to be brighter for the Anti-Fungal Medication (OTC) industry benefiting major players like Novartis AG
Los Angeles, California (PRWEB) October 19, 2011
The Anti-Fungal Medication OTC industry has grown during the past five years. Revenue is expected to increase by an average of 1.4% per year to $1.9 billion in the five years to 2011, according to IBISWorld, the nation’s largest provider of industry research. The recession actually benefited the industry as more consumers purchased over-the-counter (OTC) anti-fungal products while job loss was high and insurance benefit coverage was low. The lack of insurance coverage pushed many consumers to purchase OTC medications to help with their ailments. For this reason, IBISWorld has expanded its industry research report collection to include Anti-Fungal medication and other industries within over-the-counter medicines (OTC).
The Anti-Fungal Medication OTC industry will likely expand over the next five years. According to IBISWorld, the nation’s largest publisher of industry research, revenue is anticipated to grow by an average of 3.1% per year to $2.2 billion in the five years to 2016. As the economy gains steam, consumers will increasingly switch from generic brands to premium brands, resulting in revenue growth. Despite the expected increase in health insurance coverage (as a result of legislation passed by the US Congress during the previous five years), many consumers will continue to rely on OTC medicines to cure fungi-related ailments. An increase in the median age of the population will also benefit the industry, as the older population will purchase more of the industry's medicines. Industry players will continue to differentiate their products from the competition as the industry becomes more saturated. Further, all-natural products will be a growth segment for the industry and will capture interest from consumers concerned with products that are perceived to be environmentally friendly. External competition will also grow, as laser treatments for fungus removal gain popularity, limiting the industry's revenue growth during the next five years.
Despite thinning profit margins, the industry prospered because of other trends caused by the recession. Amid low rates of health insurance coverage, consumers increasingly self-diagnosed themselves without going to a doctor. Because many consumers lacked health insurance coverage, consumers did not visit the doctor as often as they did before the recession. In turn, consumers bought OTC anti-fungal medications by self-diagnosing themselves, and in many cases, they misdiagnosed their ailments. This trend resulted in higher sales of the industry's products as consumers increasingly purchased anti-fungal OTC medications without a doctor's consultation. Revenue is anticipated to continue growing 1.5% from 2010 to 2011, as more consumers misdiagnose themselves.
The next five years are set to be brighter for the industry benefiting major players like Novartis AG. The company's Lamisil drug is the key product relevant to the Anti-Fungal Medication OTC industry. Other players include Insight Pharmaceuticals, Merck & Co. Inc., and Pfizer Inc. As the US economy gains steam and disposable income rises, consumers will switch back to premium brands. Despite higher insurance coverage rates and the subsequent drop in demand from the self-diagnosed population, the median age of the US population will grow, increasing demand for anti-fungal medications. Additionally, industry firms will continue to create marketable differences between their products to drive sales higher. Nevertheless, external competition will limit the industry's growth potential. Innovative laser removal techniques will grow in popularity as incomes rise over the next five years. “As a result of these trends, industry revenue is anticipated to rise by 3.1% per year to $2.2 billion in the five years to 2016,” says IBISWorld analyst Justin Molavi.
This industry primarily manufactures over-the-counter (OTC) anti-fungal medications. An anti-fungal medication is used to treat fungal infections such as athlete's foot, ringworm, candidiasis (thrush), serious systemic infections such as cryptococcal meningitis and others.
Primary activities IBISWorld’s Anti-Fungal Medication OTC report include; conducting market research for OTC anti-fungal drugs, developing OTC anti-fungal drugs, testing OTC anti-fungal drugs, getting FDA approval to sell OTC anti-fungal drugs, manufacturing OTC anti-fungal drugs, marketing OTC anti-fungal drugs
Major products and services in IBISWorld’s Anti-Fungal Medication OTC report include; cream anti-fungal medications, powder anti-fungal medications, liquid anti-fungal medications, other anti-fungal medications and gel anti-fungal medications
For more information, download the full report from IBISWorld on the Anti-Fungal Medication OTC industry
Anti-Fungal Medication OTC industry Report Table of Contents
About this Industry
Industry at a Glance
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalisation & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Jargon & Glossary
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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.