Onychomycosis Treatment Market by Type, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

Onychomycosis Treatment Market Size 2023-2027

The onychomycosis treatment market size is forecast to increase by USD 1.78 billion, at a CAGR of 7.44% between 2022 and 2027. The market's expansion hinges on various factors, notably the rising incidence of onychomycosis, heightened awareness regarding its treatment options, and the expanding elderly demographic. As onychomycosis becomes more prevalent, the demand for effective treatments and solutions also escalates, driving innovation and investment in this sector. This growth is further propelled by increased knowledge among healthcare professionals and patients about onychomycosis diagnosis and management. Additionally, the aging population contributes significantly to market growth, as older individuals are more susceptible to this fungal infection. Altogether, these factors create a conducive environment for advancements in onychomycosis treatment and the overall development of the market.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This 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.

Market Dynamics and Customer Landscape

The market is driven by the rising cases of Onychomycosis, a fungal disease affecting nails and caused by various fungal strains like Trichophyton rubrum and yeasts. The demand for clinical examination methods such as dermoscopy and mycological examination is increasing, leading to the development of effective drug segments like Terbinafine, Ciclopirox, and Jublia. However, challenges like discomfort, disfigurement, and the prevalence of chronic illnesses among the geriatric population pose obstacles to treatment adoption. Telemedicine offers a promising avenue for remote consultations and diagnosis in this context. 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.

Key Market Driver

Increasing awareness of onychomycosis treatment is the key factor driving the growth of the global 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.

Significant Market Trends

Advancements in technology in onychomycosis treatment is the primary trend in the global 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 market during the forecast period.

Major Market Challenge

Increase in multidrug-resistant fungal pathogens are a major challenge to the growth of the global 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 market during the forecast period.

Market Customer Landscape

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.

Market Customer Landscape

Who are the Major Market Players?

Companies 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 companies, including:

• Alembic Pharmaceuticals Ltd.
• 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

Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Market?

The Market is a critical segment within the healthcare industry, primarily focusing on addressing fungal infections such as Tinea unguium affecting the nails. Diagnosis often involves clinical examination, dermoscopy, and mycological examination, with Trichophyton rubrum being a common culprit. In the drugs segment, notable medications like Terbinafine, Ciclopirox, and Jublia stand out for their efficacy in combating fungal growth and alleviating discomfort associated with onychomycosis. This condition, characterized by disfigurement and commonly observed in individuals with peripheral artery disease or the geriatric population, requires specialized treatments. Photodynamic therapies and histopathological examinations also play crucial roles in managing onychomycosis, especially in cases involving chronic illnesses and challenges like culture identification.

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 2.26 billion 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 growth during the forecast period.

Which are the Key Regions for the Market?

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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 aged 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 the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.

• Type Outlook 
  • Pharmacological
  • Non-pharmacological

• Distribution Channel Outlook 
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Argentina
    • Australia
    • Rest of the World

Market Analyst Overview

The Market is witnessing significant growth driven by factors such as Tinea unguium infections, which are fungal diseases affecting the nails. Various fungal strains including yeasts and non-dermatophyte molds contribute to this condition, often contracted in public places like gymnasiums and swimming pools. The market is further propelled by the occurrence of fungal agents on wet surfaces and within footwear. Rising disease incidences among athletes and individuals with conditions like HIV or peripheral artery disease are fueling demand for antifungal therapies from hospital pharmacies and retail pharmacies. Despite challenges such as low awareness, pharmaceutical firms are investing in research and development to create novel topical therapies like Ciclopirox, Jublia, Penlac, and Kerydin to address nail fungus infection and associated issues like chronic pain and disfigurement. Collaboration with dermatologists and podiatrists is crucial for effective treatment, especially for age-related onychomycosis in diabetic patients where topical treatment solutions play a significant role in managing the condition safely and efficiently.

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 1.78 billion
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 companies, Market Positioning of companies, 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 forecasting, 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market forecast analysis of factors that will challenge the growth of market companies

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