The market for onychomycosis treatment worldwide was priced at US$ 2,859.8 million in the year 2021 and is predicted to the extent of US$ 4,185.4 million by the year 2028 at a CAGR of 5.7% from 2022 to 2028.The market is witnessing robust development due to the threat of onychomycosis in the diabetic patient and developing geriatric or olderly population across the world. Furthermore, increase in the need for real and safe treatment and the rise in emphasis on the growth of the new treatments in onychomycosis is anticipated to boost the market growth. Though, factors like treatment of onycomycosis and its side effects and the alternative available treatment are anticipated to hinder the market growth.
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On the basis of geography,the market for onychomycosis treatment is divided into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa.
.On the basis of regions, North America is anticipated to have the major market share in the predicted period due to the increasing incidence of onychomycosis in the population of the elderly population and rising consciousness amongst people about safe and accurate treatment in this region. For example, as per the Centers for Disease Control and Prevention (CDC), nail infections arising from fungi, onychomycosis, are commonly seen. About 14% of the overall population gets affected by onychomycosis. Fungal fingernail infections are less common than fungal toenail infections. This will result in anticipated to raise the demand for the treatment of onychomycosis in the United States.
Asia Pacific is anticipated to experience substantial development in the market for treatment of onychomycosis owing to the rising incidence of onychomycosis and the developing elderly population in this region. For example, the elderly people suffer most frequently from onychomycosis and is more commonly seen in male than in comparison to females who are aged more than 60 years and is anticipated to the extent 194 million in the year 2031 from 138 million in the year 2021, almost an increase of 41% in a decade, as per National Statistical Office (NSO)’s Elderly in the report of India 2021. This leads to anticipated rising in need for treatment in onychomycosis.
The threat of onychomycosis in people suffering from diabetes or rise in incidence of diabetes worldwide is anticipated to fuel the development of the treatment for onychomycosis worldwide in the predicted period. For example, diabetic patients suffer more frequently than non-diabetes patients, and so diabetic patients develop more risks and complications from onychomycosis. As per the report of 2021, International Diabetes Foundation,about 537 million people aged 20-79 years are having diabetes, which is 1 in every 10 people. This figure is anticipated to the extent to 643 million by the year 2030 and 783 million by the year 2045. This result is anticipated to help in the development of the market for treatment in onychomycosis.
Increasing population for the elderly people across the world is anticipated to boost the development of the market for treatment of onychomycosis globally in the predicted period. For example, adults and the geriatric population are more prone to onychomychosis and more common in male than in female. As per WHO (World Health Organization), by the end of 030, 1 in every people across the world, aged 60 years or above, and the global population of people, aged 60 years or above will be doubled, which is 2.1 billion, by the year 2050. Across the globe, populace of 65years and above is increasing rapidly than other groups of ages. This is anticipated too, to fuel the market growth.
Increase in need for safe, efficient and accurate treatment for onychomycosis is anticipated to give substantial development for opportunities for growth for the companies in the market for the treatment of onychomycosis worldwide. For example, with the rise in prevalence of onychomycosis and rise in consciousness amongst the masses, the need for safe, efficient and accurate treatment is rising too. Lupin got approval from the U.S. Food and Drug Administration (FDA) in July 2021, in manufacturing and marketing a drug named Tavaborole Topical Solution for treating onychomycosis. It ia type of oxaborole antifungal, which indicates topical treatment of onychomycosis of the toenails owing to Trichophyton rubrum or mentagrophytes.
Rise in the emphasis on the growth of the treatment of new and innovative onychomycosis is anticipated to offer profitable opportunities for growth for the companies in the market for the treatment of onychomychosis. For example, companies in the market are emphasizing on the launch of new and innovative products for safe, accurate and efficient treatment of onychomycosis. TheOTCLab introduced Funge array for innovative treatment of the nail fungus in April 2020. The product is a patented application with its uniqueness and offers eight hours of treatment at the time when the onychomycosis patients were fast asleep. This is anticipated to boost the market growth.
With the rise in need for safe, efficient and accurate treatment, the clinical trials’ number worldwide is rising too with increased pace. Companies operating in the market are emphasizing on carrying out clinical trials to multiply their portfolio of products. Companies in the market are introducing safe, efficient and new treatments of onychomycosis to treat the same. This tendency is anticipated to last in the predicted period, pushing the market growth.
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Furthermore, the main fashion that is boosting the growth of the market for the treatment of onychomycosis is the increasing incidence of onychomycosis and the increase in consciousness amongst people. For example, many studies have revealed that the incidence of onychomycosis raises with age, mainly owing to reasons of diabetes mellitus, improper circulation of the periphery, persistent exposure to pathogenic fungi and the recurrent trauma of nail, amongst others. This tendency is anticipated too to last in the predicted period, pushing the market growth of the treatment of onychomycosis worldwide.
The onychomysosis drug that is used in the treatment for onychomycosis has many side effects and is anticipated to hinder the development of the market for the treatment of onychomycosis worldwide. For example, for treatment of onychomycosis, the oral drugs used are griseofulvin, terbinafine, itraconazole, and ketoconazole amongst others. The side effects which are commonly seen are itching, mild burning sensation, redness, abdominal pain, rashes, feeling sick, diarrhea, indigestion and change in taste. Though, the effect of the treatment is mild and continue for a little time span.
The available options for alternative treatments are anticipated to hamper the market growth of the treatment for onychomycosis worldwide. For example, available options for alternative treatments like, Vicks Vapour Listerine,tea tree oil for treatments in the infections of nails is anticipated too, to restrict the market growth of the treatment of onychomycosis worldwide.
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Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics in April 2020, declaredthat the U.S Food and Drug Administration (FDA), approved a sNDA or supplemental New Drug Application for JUBLIA (efinaconazole) topical solution, 10%, in treating onychomycosis which is a fungal infection of the toenails.
Galderma SA, and the European Society for Dermatological Research (ESDR) and healthcare companies LEO Pharma and Celgene in June 2019, united in finding the Skin Science Foundation or SSF in Geneva, Switzerland. This will augment the next generation skincare by the use of innovative technology in understanding the health of skin and its disease transition in a better manner.
The market for the treatment of onychomycosis worldwide is very much competitive in form. This is credited to the increase in need for safe, efficient and accurate treatment, consequently, companies functioning in the market are emphasizing on the launch of new products.
The main companies in the market for thetreatment of onychomycosis worldwide includes Lumenis Ltd., Cipla Ltd., Bayer AG, Johnson & Johnson, Moberg Pharma AB, Pfizer Inc., Novartis, Galderma SA, Dr. Reddys Laboratories Ltd., Medimetriks Pharmaceuticals Inc., and Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), among others.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Onychomycosis Treatment Market Size Analysis from 2022 to 2030
11.6 COVID-19 Outbreak: Onychomycosis Treatment Industry Impact
Chapter 2 Global Onychomycosis Treatment Competition by Types, Applications, and Top Regions and Countries
2.1 Global Onychomycosis Treatment (Volume and Value) by Type
2.3 Global Onychomycosis Treatment (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Onychomycosis Treatment Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Onychomycosis Treatment Market Analysis
Chapter 6 East Asia Onychomycosis Treatment Market Analysis
Chapter 7 Europe Onychomycosis Treatment Market Analysis
Chapter 8 South Asia Onychomycosis Treatment Market Analysis
Chapter 9 Southeast Asia Onychomycosis Treatment Market Analysis
Chapter 10 Middle East Onychomycosis Treatment Market Analysis
Chapter 11 Africa Onychomycosis Treatment Market Analysis
Chapter 12 Oceania Onychomycosis Treatment Market Analysis
Chapter 13 South America Onychomycosis Treatment Market Analysis
Chapter 14 Company Profiles and Key Figures in Onychomycosis Treatment Business
Chapter 15 Global Onychomycosis Treatment Market Forecast (2022-2030)
Chapter 16 Conclusions
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