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You are possibly having Candidal Balanitis - a fungal infection of the glans penis. The diagnosis can be confirmed by a KOH mount. You need to maintain proper hygiene in the glans and surrounding area. The treatment would be application of Candid (Clotrimazole 1 % cream ) over the glans penis, groove and the undersurface of foreskin twice daily IN CONSULT with your Doctor,
Let me know if your wife is also having some symptoms - such as white discharge. In that case she will also need treatment. Please note, the diagnosis can be confirmed only by testing. You can also do a fasting blood sugar test to rule out diabetes.
Hope this helps
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