The global onychomycosis treatment market is expected to hold a value worth USD 4,738.3 million in 2023. From 2023 to 2033, the onychomycosis treatment market is likely to exhibit a CAGR of 8.4% while garnering a value worth USD 10,608.8 million. The market's growth can be attributed to the growing prevalence of diabetes, which results in high risks of nail fungus infection.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 4,738.3 million |
| Anticipated Forecast Value (2033) | USD 10,608.8 million |
| Projected Growth Rate (2023 to 2033) | 8.4% |
Onychomycosis is a fungal infection that occurs in the fingernails and toenails that can result in chronic pain, disfigurement, and discomfort. The disease is characterized by symptoms such as whitish to yellow-brown discoloration, distortion in the shape of nails, and ragged and crumbly texture of the nails.
It is generally diagnosed through potassium, oxygen, and hydrogen examination, culture, and histopathological examinations of nail clippings and nail biopsies and is treated with laser therapy and photodynamic therapies.
The growing prevalence of chronic illnesses like human immunodeficiency virus (HIV), diabetes and peripheral artery disease (PAD), and onychomycosis is one of the key factors driving the market growth during the forecast period.
Also, the expanding geriatric population, prone to such disorders due to the weakened immune system, is likely to fuel the demand for treatment during the forecast period.
Besides, the condition is highly prevalent among millennials and adults owing to the rising exposure to public swimming pools and the usage of tight clothes, shoes, and socks.
Other factors adding to the market growth include topical nail lacquers and ointments to maintain nail hygiene, along with the significant developments in the healthcare infrastructure as likely to augment the market size in the forthcoming time.
Additionally, increasing approvals for novel products in the industry are expected to grow the market in the assessment period. For instance, in 2022, Zydus Lifesciences received approval from the US health regulator to market an antifungal Efinaconazole Topical Solution.
The company received the final approval from the United States FDA to market the product. Such factors are likely to widen the market growth scope during the forecast period.
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The expansion of the market can be attributed to increasing awareness about the threats of onychomycosis and increasing adoption of drug therapies, which are likely to have contributed significantly to the development of the market.
Further, increasing cases of age-related onychomycosis is another cause that is expected to have benefitted the market.
Also, increasing approval by the regulatory authorities is another vital factor that has contributed to the market growth. For instance, in July 2021, Lupin received approval to launch Tavaborole Topical Solution, 5 % in the United States from the United States FDA.
Tavaborole Topical Solution is a generic equivalent of Kerydin Topical Solution, 5%, of Anacor Pharmaceuticals, and is an oxaborole antifungal indicated for the topical treatment of onychomycosis of the toenails owing to Trichophyton rubrum or Trichophyton mentagrophytes.
From 2023 to 2033, the global onychomycosis treatment market is anticipated to display a CAGR of 8.4%. The expansion of the market during the aforementioned period can be attributed to the increasing prevalence of diabetes across the globe. Diabetic patients are susceptible to toenail fungus.
Various studies and research have been performed to understand whether diabetic people experience a greater risk of onychomycosis than those without diabetes; most studies concluded that they do. Such factors are expected to benefit the market during the forecast period.
Increasing Shift toward Topical Solutions to Benefit the Market
As per the analysis, the increasing preference for topical treatment solutions is expected to play a significant role in developing the market during the forecast period. Per a survey conducted on dermatologists and podiatrists in the United States, 7 out of 10 doctors avoid prescribing oral terbinafine due to the risk of liver damage.
Another factor contributing to the market growth is the increasing prevalence of toenail infection caused due to onychomycosis. As per a study, about 10% of the world’s general population suffers from onychomycosis, with 35 to 40 million Americans being infected with nail fungus. This is anticipated to favor market growth in the coming time.
Also, the growing approval of medications by the regulatory authorities is anticipated to augment the market size significantly during the forecast period.
For instance, in 2020, Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, obtained FDA approval for a supplemental New Drug Application (sNDA) for Jublia (efinaconazole) topical solution, 10%, a treatment for onychomycosis, a fungal infection of the toenails. Such factors are expected to benefit the market during the forecast period.
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Lack of Awareness to Hinder the Market
The most significant factor affecting the market negatively includes the lack of awareness regarding the condition. People tend to ignore the symptoms of onychomycosis, such as decolorization, thickening of the nails, and separation of nails from the nail bed.
Because of this, the nail fungal infection remains undiagnosed. Further, people refrain from the treatment as they are not aware of the prevailing condition. Thus, the market is likely to suffer in the coming time. Another factor hampering the market is the side effects of the onychomycosis treatment drugs. Thus, the market is projected to suffer in the assessment period.
Increasing Research and Development Investment by Pharmaceutical Companies to Offer Remunerative Opportunities
The disease's growing prevalence has resulted in a significant investment in research and development by pharmaceutical companies for the development of novel therapeutics.
Various available topical treatment solutions fail to penetrate deep inside the nail bed and, thus, do not cure the infection completely. Various players are investing significantly to offer novel drugs to meet the growing demand to cure the condition.
For instance, Hexima is conducting a phase I/IIa clinical study on HXP124, a plant defensin anti-fungal molecule for dermatophytes onychomycosis treatment. HXP124 witnessed a greater penetration rate as compared to Jublia and Kerydin. Such factors are anticipated to offer remunerative opportunities for expansion in the forthcoming time.
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Availability of Medicines in Hospitals to Benefit the Segmental Growth in the Forecast Period
According to the analysis, the hospital segment is anticipated to be valued at more than USD 2.2 Billion in 2022. The development of the segment can be attributed to the availability of medicines and other medical facilities there.
Also, an increase in privately owned clinics and the rise in dermatologists and podiatrists are likely to develop the segment in the forecast period.
Increasing Research and Development on Drugs to Favor Segmental Growth
| Segment | Drugs |
|---|---|
| Market Share % (2022) | 59.4% |
According to the analysis, the drug segment is expected to claim more than 59.4% of the global revenue during the forecast period. The domination of the segment can be attributed to the increasing focus on research and development and the convenience of this treatment type. Thus, the segment is likely to witness notable growth during the forecast period.
| Region | North America |
|---|---|
| Market Share % (2022) | 33.6% |
According to the analysis, the onychomycosis treatment market in North America is expected to dominate the global market during the forecast period. The region is projected to account for a more than 33.6% market share in 2023.
The United States is anticipated to significantly contribute to developing the industry in the assessment period. The domination of the regional market can be attributed to the increasing initiatives of players to study the disease.
For instance, in October 2020, Pfizer Inc. announced that it had commenced clinical studies on onychomycosis. The first phase involved research on whether the AN2690 topical solution is effective for onychomycosis of the toenail.
The second stage involved an open-label study to understand the safety and pharmacokinetics of the tavaborole 5% topical solution to treat distal subungual onychomycosis of the toenail in children and adolescents.
Another factor contributing to the market growth is the increasing cases of diabetes. As per CDC, 37.3 million Americans, or 1 in 10, have diabetes. Such stats are expected to benefit the market in the forecast period.
| Region | Europe |
|---|---|
| Market Share % (2022) | 28.8% |
As per the study, the European onychomycosis treatment market is anticipated to display a market share of more than 28.8% in 2023. The United Kingdom is projected to make a significant contribution to developing the regional market during the forecast period.
The development of the regional market can be attributed to the growing initiatives by the government to spread awareness among citizens.
For instance, the British Association of Dermatologists offers patient information leaflets for fungal infections of the nails. Such factors are expected to benefit the onychomycosis treatment market in Europe during the forecast period.
| Countries | Market Share % (2022) |
|---|---|
| China | 13.2% |
| India | 10.8% |
According to the study, the Asia Pacific is projected to exhibit maximum market growth during the forecast period. The rapid development of the regional market can be attributed to various developing countries making significant contributions to advancing healthcare services.
For instance, in 2020, Kaken Pharmaceuticals Co., Ltd. announced the launch of Jublia in Hong Kong for dermatophytic onychomycosis treatment. Such initiatives are expected to drive the market in the Asia Pacific during the forecast period.
Blueberry Therapeutics, Richpoint Pharma (Canada), ToeFX (Canada), and Hallux (US) are emerging names in the global onychomycosis treatment industry.
Recent Development in the Startup Landscape
In December 2020, Hallux, a United States-based player, completed a USD 7.1 million Series A expected to allow it to conduct Phase IIa clinical trials of its drug/device combination product for onychomycosis.
Key players in the global onychomycosis treatment market include Teva Pharmaceutical Industries Ltd., Sanofi S.A., Valent Pharmaceutical, Galderma, Johnson & Johnson, Novartis AG, Moberg Pharma AB, Cardinal Health, Inc., Pfizer Inc., Almirall, S.A., Bayer AG, Viatris Inc., GlaxoSmithKline plc, Cipla Ltd., and Dr. Reddy’s Laboratories Ltd.
Recent Developments in the Market Include
| Attributes | Details |
|---|---|
| Onychomycosis Treatment Market Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Onychomycosis Treatment Market Analysis | USD million in value |
| Onychomycosis Treatment Market - Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC, South Africa |
| Onychomycosis Treatment Market - Key Segments Covered | Treatment Type, Indication, Age Group, Gender, Distribution Channel, Region |
| Key Companies Profiled | Teva Pharmaceutical Industries Ltd.; Sanofi S.A.; Medimetriks Pharmaceuticals, Inc.; Galderma; Johnson & Johnson; Novartis AG; Moberg Pharma AB; Cardinal Health, Inc.; Pfizer Inc.; Almirall, S.A.; Bayer AG; Viatris Inc.; GlaxoSmithKline plc; Cipla Ltd.; Dr. Reddy’s Laboratories Ltd |
| Report Coverage | Market Forecast, brand share analysis, competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The onychomycosis treatment market is worth USD 4,738.3 million in 2023.
The onychomycosis treatment market is predicted to rise at an 8.4% CAGR through 2033.
The onychomycosis treatment market is estimated to be worth USD 10,608.8 million by 2033.
The drugs segment leads the onychomycosis treatment market with 59.4% shares acquired in 2022.
China holds prominence, with 13.2% of shares captured in 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Treatment Type 5.1. Drugs 5.1.1. Oral 5.1.2. Topical 5.2. Lasers 5.2.1. C02 Ablative Lasers 5.2.2. Nd: YAG Lasers 5.2.3. Dual-wavelength near-infrared Lasers 5.3. Photodynamic Therapy 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Disease Indication 6.1. Distal Subungual Onychomycosis 6.2. White Superficial Onychomycosis 6.3. Proximal Subungual Onychomycosis 6.4. Candidal Onychomycosis 6.5. Total Dystrophic Onychomycosis 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Age Group 7.1. 0-18 Years 7.2. 18-39 Years 7.3. 40-64 Years 7.4. 65 Years & Above 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Gender 8.1. Male 8.2. Female 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 9.1. Institutional Sales 9.1.1. Hospitals 9.1.2. Dermatology Clinics 9.2. Retail Sales 9.2.1. Retail Pharmacies 9.2.2. Drug Stores 9.2.3. Mail Order Pharmacies & Online Sales 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Teva Pharmaceutical Industries Ltd. 20.2. Sanofi S.A. 20.3. Medimetriks Pharmaceuticals, Inc. 20.4. Galderma 20.5. Johnson & Johnson 20.6. Novartis AG 20.7. Moberg Pharma AB 20.8. Cardinal Health, Inc. 20.9. Pfizer Inc. 20.10. Almirall, S.A. 20.11. Bayer AG 20.12. Viatris Inc. 20.13. GlaxoSmithKline plc 20.14. Cipla Ltd. 20.15. Dr. Reddy’s Laboratories Ltd 21. Assumptions & Acronyms Used 22. Research Methodology
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Onychomycosis Treatment Market
