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The onychomycosis treatment market size is estimated to grow at a CAGR of 7.44% between 2022 and 2027. The market size is forecast to increase by USD 1,776.53 million. The growth of the market depends on several factors, including the increasing prevalence of onychomycosis, the increasing awareness of onychomycosis treatment, and the growing aging population.
This onychomycosis treatment market report extensively covers market segmentation by type (pharmacological and non-pharmacological), distribution channel (offline and online), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing awareness of onychomycosis treatment are notably driving the market growth, although factors such as the increase in multidrug-resistant fungal pathogens the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing awareness of onychomycosis treatment is the key factor driving the growth of the global onychomycosis treatment market. As people become aware of the condition, they are more likely to seek treatment for it, and this is driving up the demand for effective treatments. One instance of growing awareness is the various awareness campaigns launched by the government and non-governmental organizations worldwide. Another instance of growing awareness is the increasing adoption of telemedicine and online consultations.
Platforms such as Dermatology Direct and Spruce Health, among others, allow patients to consult with healthcare providers remotely and receive diagnosis and treatment for onychomycosis without needing to visit a clinic physically. This has not only increased awareness of the condition but also made treatment more accessible, leading to a rise in demand for onychomycosis treatments. Thus, the growing awareness of onychomycosis treatment leads to increased research and innovation in the market in focus. As more people become aware of the condition, the market for onychomycosis treatment is expected to witness growth during the forecast period.
Advancements in technology in onychomycosis treatment is the primary trend in the global onychomycosis treatment market growth. Several technological innovations are helping to revolutionize the treatment of nail fungal infections, making treatment more precise, targeted, and effective. One such technological innovation is photodynamic therapy (PDT), which involves the use of a photosensitizer and a light source to destroy fungal cells. PDT offers a minimally invasive, targeted way of treating onychomycosis, leading to high cure rates and fewer side effects. It has been shown to be more beneficial when combined with systemic antifungal therapy and topical applications.
Another example is the use of lasers to treat fungal nail infections. Laser treatment is known to increase nail permeability, increasing the penetration of antifungal medications into the nail bed. Laser therapy ensures that the infected nail is treated precisely while avoiding damage to the surrounding tissue. During the forecast period, it is expected that these technological advancements will continue to become more sophisticated, leading to even better outcomes for patients. Therefore, the above-mentioned technological advancements will positively impact the growth of the global onychomycosis treatment market during the forecast period.
Increase in multidrug-resistant fungal pathogens are a major challenge to the growth of the global onychomycosis treatment market. The clinical management of fungal infections such as onychomycosis is the major challenge for the market, since it limits the number of drug classes available as treatment options. Several resistance patterns have been studied in fungi, including antifungal resistance led by environmental sources in species such as Aspergillus fumigatus and multidrug resistance observed in different Candida species.
Moreover, multidrug resistance is prominently seen among common Candida species, which is the most common human pathogen. It has a ubiquitous resistance mechanism for the initiation of membrane-associated efflux pumps that identify various chemicals, allowing multidrug resistance. Therefore, an increase in multidrug-resistant fungal pathogens will negatively impact the growth of the global onychomycosis treatment market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Onychomycosis Treatment Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Almirall SA: The company offers onychomycosis treatment solutions namely Efinaconazole.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the pharmacological segment will be significant during the forecast period. The increasing demand for non-invasive and cost-effective treatment for onychomycosis is driving the growth of the pharmacological segment. Also, the continuous approval of drugs for the treatment of onychomycosis is also driving the growth of this segment.
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The pharmacological segment was valued at USD 2,263.91 million in 2017 and continue to grow by 2021. Pharmacological treatment refers to the use of medications, either orally or topically, to treat onychomycosis. It involves the administration of drugs to achieve a desired therapeutic effect and alleviate symptoms or cure onychomycosis. Continuous oral terbinafine therapy is the most effective against the dermatophytes that mainly cause onychomycosis.
Antifungal drugs of the azole and allylamine class are the most commonly used oral drugs in the treatment of onychomycosis. The azole class includes itraconazole (Sporanox), fluconazole (Diflucan), and ketoconazole, but ketoconazole is rarely prescribed due to drug interactions and hepatotoxicity. In recent years, treatment outcomes for patients with onychomycosis have improved significantly, mainly due to the introduction of more effective oral antifungal drugs. Such Factors will increase the segment grwth during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the major growth drivers for the regional market is the rise in geriatric population. The US population aged 65 years and above grew from 2010 to 2020 at the fastest rate since 1880 to 1890 and reached 55.8 million, a 38.6% increase in just ten years. The number of Americans of age 65 years and above is projected to nearly double from 52 million in 2018 to 95 million by 2060, with the 65-year-old group growing from 16% to 23% of the total population during this time period. The elderly population is more prone to nail infections, which will increase the demand for onychomycosis treatments. Furthermore, the prevalence of diabetes and other chronic diseases that increase the risk of onychomycosis also increases with age, further driving the demand for treatment options. Such factors will increase the market growth in this region during tgeb forecast period.
The COVID-19 pandemic had a negative impact on the North American onychomycosis treatment market. However, ease in lockdown restrictions and the initiation of large-scale vaccination drives led to the resumption of medical visits for a patient suffering from onychomycosis, which increased the demand for treatment options in 2020. The resumption of supply chain operations and the increasing adoption of online channels by vendors boosted the growth of the regional market. Moreover, growing awareness about onychomycosis treatment, increasing adoption of advanced technologies such as PDT, and adoption of digital practices by vendors are expected to fuel the growth of the regional onychomycosis treatment market during the forecast period.
The onychomycosis treatment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Onychomycosis Treatment Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2023-2027 |
USD 1,776.53 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.37 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alembic Pharmaceuticals Ltd., Almirall SA, Astellas Pharma Inc., Bausch Health Co. Inc., Bayer AG, Cipla Ltd., Dr Reddys Laboratories Ltd., Fotona d.o.o, Galderma SA, GlaxoSmithKline Plc, Kaken Pharmaceutical Co. Ltd., Lupin Ltd., Medimetriks Pharmaceuticals Inc., Moberg Pharma AB, Novartis AG, Perrigo Co. Plc, Pfizer Inc., Sanofi, Teva Pharmaceutical Industries Ltd., and The OTClab B.V. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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