The onychomycosis treatment market in Europe and APAC is projected to display a CAGR of 5% during the forecast period. North America onychomycosis treatment market is expected to display a CAGR of 7% during the forecast period.
NEWARK, Del., Sept. 15, 2022 /PRNewswire/ — The worldwide onychomycosis treatment market is supposed to show hold a worth US$4.44 Billion out of 2022. From 2022-2032, the onychomycosis treatment market is probably going to show a CAGR of 8.46% while gathering a worth $10 Billion. The development of the market can be credited to the developing predominance of diabetes which brings about high dangers of nail organism disease.
Toenail onychomycosis are more common and require longer duration of treatment, which can also extend to a year. Sometimes complete cure, defined as clinical cure, is unattainable, which may lead to indefinite treatment duration and consequently drive the onychomycosis treatment market. The risk of onychomycosis is 1.9 to 2.8 times higher in people with diabetes, compared with the general population. This is leading to rising revenue accumulation of drug manufacturers targeting the onychomycosis treatment market.
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The increasing risk factors such as nail injury or nail surgery, diabetes, weakened immune system, blood circulation disorders, athlete’s foot or ringworm, and others are driving the onychomycosis treatment market. The growing risk of occupational hazards such as agriculture, waste disposal, and others is also propelling the growth of the onychomycosis treatment market.
Diabetes and related conditions contributing to poor peripheral circulation are the major drivers of the market. Onychomycosis may represent an important forecast for the development of diabetic foot syndrome and foot ulcers. Patients who are immunosuppressed, such as those undergoing cancer therapy and those with HIV infection also are predisposed to fungal nail infection.
Coronavirus pandemic has changed the public medical care needs and spending however this is viewed as transient effect on the onychomycosis treatment market. The increasing COVID-19 patient pool attracted spotlight to the treatment of these patients on an emergency basis, consequently reducing the patient visits to the medical clinics for onychomycosis treatment.
Decreasing visits demonstrate lesser treatment reception that resulted in temporary contraction of sales. Nonetheless, demand is likely to recover in the coming years with drugs emerging as more preferred type of treatment. The drugs segment is expected to account for nearly 75% of revenue generated in the market.
Key Takeaways from Onychomycosis Treatment Market Study
- High spending power supports growth in the US, sealing its dominance in North America. The US is expected to account for over 84% of sales registered in the region
- The demand from the UK will continue to rise, enabling year-on-year growth at above 7%
- Germany and France too will continue exhibiting high demand
- Within East Asia, Japanese holds dominance, yet demands from China is likely to rise at a higher pace
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“Market players are likely to focus on merger and acquisition to expand their footprint worldwide. They are also expected to focus on capitalizing on opportunities across emerging economies to gain competitive advantage,” said an FMI analyst.
Geriatric Population More Susceptible Onychomycosis
According to the World Health Organization (WHO), age is the key risk factor for the development of onychomycosis and the risk for onychomycosis increases with age, particularly for persons aged >50 years. Approximately, about 80-85% of onychomycosis occurs in patients aged greater than 50 years, globally. The rise in elderly population will therefore present lucrative growth opportunities to onychomycosis treatment market.
Who is Winning?
Key players in the onychomycosis treatment market are keenly focusing on strategic activities such as acquisitions, collaborations and mergers in order to create a strong position.
For Instance, In October 2018Almirall SA acquired a portfolio of five products comprising of Allergan’s Medical dermatology unit in the US to further enhance the company’s dermatology portfolio.
In 2017, Ziarco Group ltd. was acquired by Novartis acquired. Ziarco Group ltd. a privately held company in the UK The company focuses on the development of novel treatments in the field of dermatology.
- Teva Pharmaceutical Industries Ltd.
- Sanofi SA
- Medimetriks Pharmaceuticals, Inc.
- Johnson & Johnson
- Novartis AG
- Moberg Pharma AB
- Cardinal Health, Inc.
- Pfizer Inc.
- Almirall, SA
- Bayer AG
- Viatris Inc.
- GlaxoSmithKline plc
- Cipla Ltd.
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Onychomycosis Treatment Market by Category
- Distal Subungual Onychomycosis
- White Superficial Onychomycosis
- Proximal Subungual Onychomycosis
- Candidal Onychomycosis
- Total Dystrophic Onychomycosis
- 0-18 Years
- 18-39 Years
- 40-64 Years
- 65 Years & Above
- Institutional Sales
- Dermatology Clinics
- Retail Sales
- Retail Pharmacies
- Drug Stores
- Mail Order Pharmacies & Online Sales
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Table of Contents
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
23. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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