The Onychomycosis Treatment Market is estimated to be valued at US$ 3.22 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Onychomycosis, commonly known as nail fungus, is a fungal infection of the nail bed or nail plate. It is mainly caused by dermatophytes that live on the skin and nails. Symptoms include thickening, separation or crumbling of the nail. Treatment options for onychomycosis include topical and oral antifungal drugs. Topical drugs such as ciclopirox and amorolfine are gaining popularity due to their localized effect and fewer side effects. Meanwhile, oral antifungals including terbinafine and itraconazole continue to dominate the market.
Market Dynamics:
The growing elderly population is one of the key drivers of the onychomycosis treatment market. Older individuals are more prone to nail fungus due to age-related decline in immunity and decreased circulation in the extremities. According to the United Nations, the population over 60 years is expected to double from 12% to 22% between 2015 and 2050. Increasing awareness about the condition and its treatment options through social media marketing and patient education programs is another driver. Onychomycosis if left untreated can cause pain, secondary bacterial infection or social embarrassment. Greater availability of generic drugs at lower costs has made treatment more affordable and accessible over the years. However, the presence of undiagnosed and self-treated cases acts as a significant restraint to market growth.
Segment Analysis
The global onychomycosis treatment market is segmented into distal subungal onychomycosis, white superficial onychomycosis, proximal subungual onychomycosis and candidal onychomycosis. Among these, the distal subungal onychomycosis segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is owing to the high prevalence of distal subungal onychomycosis type, accounting for over 90% of onychomycosis cases.
PEST Analysis
Political: Regional and international regulatory bodies are supporting the R&D of advanced treatment options for onychomycosis. For instance, favorable drug approval processes are propelling clinical trials.
Economic: Growing healthcare expenditure across different countries and rising income levels are augmenting the demand for onychomycosis treatment drugs and devices.
Social: Increasing awareness about nail disorders and their treatment options among general population is positively impacting the market growth.
Technological: Continuous advancements in treatment technologies such as photon therapy devices, topical drugs and advanced oral medications are expanding the reach of onychomycosis care.
Key Takeaways
The global onychomycosis treatment market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing awareness about nail disorders and availability of advanced treatment solutions. The market size for 2023 is US$ 3.22 Bn.
Regionally, North America dominated the global market in 2023 and is likely to maintain its lead during 2023-2030. This is attributed to the well-established healthcare industry, high prevalence of onychomycosis cases and growing number of nail care centers in the region.
Key players operating in the onychomycosis treatment market are Lumenis Ltd., Cipla Ltd., Bayer AG, Johnson & Johnson, Moberg Pharma AB, Pfizer Inc., Novartis, Galderma SA, Dr. Reddys Laboratories Ltd., Medimetriks Pharmaceuticals Inc., and Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), among others. These players are focusing on new product launches, collaborations and geographic expansion to garner higher revenues.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.