Thank you for your reply! I've had this for a couple of weeks already but it hasn't healed...I'm just wondering how long it should take for the peeled areas to regenerate skin
Could be a reaction to the latex. Ive heard this reaction before. Sometimes there are spermicides inside that cause an allergy. Also this can happen from a change in your skins pH from the latex. Normal flora grow out of control. If this is what is is, fungal cream would be needed.
If your worried, see a doc for some tests.
Here is a picture of the peeling and redness
http://tinypic.com/r/14dop5f/8