The onychomycosis treatment market is expected to register a CAGR of 6.5% during the forecast period. Onychomycosis, also known as tinea unguium, is a fungal infection of the fingernails or toenails that may involve any component of the nail unit, including the matrix, bed, or plate. This may cause pain, disfigurement, and discomfort and may produce serious issues, and results in reducing the quality of life. Onychomycosis is of different types such as superficial onychomycosis, distal and lateral subungual onychomycosis, proximal subungual onychomycosis, endonyx onychomycosis, and total dystrophic onychomycosis. Onychomycosis accounts for one-third of fungal skin infections because only about one-half of nail dystrophies are caused by fungus.
Some of the symptoms of onychomycosis are whitish to yellow-brown discoloration, thickened, distorted in shape, brittle, crumbly or ragged, Smelling slightly foul. Toenail fungal infection can start from foot fungus, and it can spread from one nail to another. Factors that can increase the risk of developing nail fungus include diabetes, circulation problems or a weakened immune system, psoriasis, sweating heavily, reduced blood flow, and more years of exposure to fungi and slower growing nails.
As per some of the Research studies, estimates up to 10% of adults in Western countries have a fungal infection of the nails, and this is projected to increase by 20% in adults who are above 60 years of age. In addition, as per a study published in PLOS PATHOGENS, the prevalence rate of onychomycosis has been reported to be 23% across Europe, and 20% in East Asia. In North America, the incidence of onychomycosis is up to 14%, with fungal infection responsible for 50% of all nail disease.
Increasing the geriatric population, rising prevalence of onychomycosis, and diabetic population worldwide and growing awareness about the potential threats of onychomycosis are the key driving factors in the onychomycosis treatment market.
Key Market Trends
The Drugs Segment is Expected to Hold a Major Market Share in the Onychomycosis Treatment Market
- Some of the drugs available for the treatment of onychomycosis are terbinafine, ciclopirox, Jublia, fluconazole, Penlac, Ciclodan, ketoconazole, Sporanox, itraconazole, Kerydin, efinaconazole, griseofulvin, and so on. For onychomycosis treatment, drugs remain the first-line choice of treatment with major market share owing to a consistently high success rate.
- As per Elewski and Charif onychomycosis report, states that approximately 40% of the elderly population have onychomycosis. Moreover, a reduction in nail growth rate ranges from about 40% to 60% in persons more than 65 years of age. Furthermore, onychomycosis affects approximately 2% to 26% of different populations globally. Moreover, less than 30% of infected individuals with onychomycosis seek medical advice or treatment in developed countries.
- Drugs segment holds a significant market share in the onychomycosis treatment market and is anticipated to show a similar trend over the forecast period due to the highly effective and easy availability of the products.
- Rise in the geriatric population, increasing availability of treatment options for the condition, and growing awareness about early detection of disease is the key driving factors in the drugs segment.
North America is Expected to Hold a Significant Share in the Market in the Forecast Period
North America is expected to hold a major market share in the global onychomycosis treatment market due to high drug costs, rising geriatric population, increasing prevalence of onychomycosis, and diabetic patient population in this region. A study published in the Journal of Cutaneous Medicine and Surgery states that the prevalence of onychomycosis in the United States is estimated to be at least 12%, and the rate is high in individuals who are more than 65 years of age.
The onychomycosis treatment market is fragmented competitive and consists of several major players. Some of the players which are currently dominating the market are Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), Galderma SA, Novartis AG, Pfizer Inc., Moberg Pharma AB, Johnson & Johnson, Bayer AG, Dr. Reddy’s Laboratories Ltd, Cipla Ltd, Medimetriks Pharmaceuticals Inc., and Lumenis Ltd.
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