Onychomycosis Treatment Market size worth over $6.2bn by 2027
Published Date: August 12, 2021 Authors: Sumant Ugalmugale, Rupali Swain
Onychomycosis Treatment Market size is set to surpass USD 6.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Growing awareness among people about onychomycosis and the availability of treatment and diagnosis will propel the market growth. Also, the rising demand for dermatology procedures in developed countries will foster the market progression over the coming years.
In the last few years, the rapidly increasing prevalence of onychomycosis has been seen in adults and the old-age population. Adults are frequently affected due to leisure and sports activities. The use of contaminated or unhygienic material such as socks, sweated clothes, sports shoes, etc. increases the chances of onychomycosis. The geriatric population with diabetes should be checked for onychomycosis to prevent secondary bacterial infections and following complications. Also, changing the lifestyle of adults and certain activities such as frequent usage of public swimming pools, gyms, or locker rooms also contribute to the rising incidences of onychomycosis.
Availability of white superficial onychomycosis treatment options will fuel the overall onychomycosis treatment market expansion
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The white superficial onychomycosis accounted for USD 590 million in 2020. White superficial onychomycosis is a less common variety of nail fungal infections. It only affects toenails and fungi colonizes the surface of the nail plate that causes multiple white friable patches. Systemic treatment is always required for the treatment of WSO.
Growing usage of topical therapy for onychomycosis will spur the market value
The topical therapy segment captured 40% of the market share in 2020 as these therapies are safe for patients. Numerous topical therapies are available in the form of nail lacquers and ointments. For instance, in May 2020, Ortho Dermatologics received the U.S. FDA approval for Jublia topical solution to treat onychomycosis.
Browse key industry insights spread across 130 pages with 119 market data tables & 15 figures & charts from the report,” Onychomycosis Treatment Market Size By Test (Distal Subungual Onychomycosis (DSO), White Superficial Onychomycosis (WSO), Proximal Subungual Onychomycosis (PSO), Candida Onychomycosis), By Treatment Type (Drug Treatment, Topical Therapy), By Drug Class (Allylamine, Azole, Griseofulvin), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online pharmacies), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Adoption of novel drugs for the treatment of onychomycosis will stimulate the market revenue
The azoles segment in the onychomycosis treatment market was valued at USD 740 million in 2020. Antifungals from the azole class is the most used oral medications for the treatment of onychomycosis. These are the most commonly used to treat certain kind of fungal infections such as yeast infection, candidiasis and more. Ecoza, Luzu, Lotrimin AF cream are some examples of the azoles that prevents the growth of fungus. Increasing usage of such drugs will augment the industry growth.
Growing product purchase through online pharmacies will accelerate the market demand
The online pharmacies distributional channel in the onychomycosis treatment market exceeded USD 460 million in 2020. Now a days, online pharmacies are fulfilling the consumer needs by offering personalized shopping experience and a spectrum of options to choose from. Some of the market leaders are collaborating with online pharmacies to enhance the business revenue and product portfolio growth. Many of the customers purchase dermatological products thorough online pharmacies to reduce time consumption.
Rapidly increasing awareness of onychomycosis treatment in European region will boost the industry expansion
Europe onychomycosis treatment market is expected to grow at 5.3% growth rate through 2027 led by the rising skin disorders and growing demand of dermatologist in Europe. Increasing geriatric population leading to increased cases of onychomycosis in Europe will influence the regional growth. Also, British Association of Dermatologist provide patient information leaflet for fungal infections of the nails. The aim of the association is to spread awareness among people about fungal infection.
Strategic initiatives undertaken by market players will gain higher competitive advantage
Some of the prominent companies operating in the market include Novartis AG, Pfizer Inc., Galderma Laboratories, Bausch Health Sciences, Dr. Reddy’s Laboratories, Medimetriks Pharmaceuticals, Merz Pharma, Moberg Pharma AB, Johnson and Johnson Services Inc., GSK Plc, and Taro Pharmaceuticals Industries Ltd. among others. These leaders are involved in strategic partnership agreements, collaborations and mergers to strengthen the market position.
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