The global Onychomycosis Treatment Market is estimated to be valued at US$ 3.22 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Onychomycosis, also known as tinea unguium, is a fungal infection of the nail bed or nail plate. It commonly affects fingernails and toenails and may cause discoloration, thickening or deformation of the nail. Treatment for onychomycosis includes oral antifungal medications, topical antifungal creams or ointments and laser therapy.
Market key trends:
Increased prevalence of diabetes and rise in aging population are major factors fueling growth of the global onychomycosis treatment market. Diabetes increases the risk of onychomycosis as high blood sugar levels provide suitable environment for fungal infection to thrive under nails. According to International Diabetes Federation, approximately 463 million adults aged between 20-79 years suffered from diabetes in 2019 and the number is projected to rise to 700 million by 2045. Growing geriatric population aged 60 years and above is also contributing to market growth as older individuals are more prone to onychomycosis due to poor blood circulation and weakened immune system with increasing age.
Market key trends:
The onychomycosis treatment market has seen rising awareness about nail fungal infections as a key trend over the past few years. There is greater understanding now that nail fungal infections should not be ignored as they can potentially spread and cause other health issues if left untreated. As people are more informed about identifying symptoms of nail fungal infections and available treatment options, diagnosis and treatment rates have been increasing consistently.
SWOT Analysis
Strength: Wide range of treatment options available including oral antifungal medications, topical antifungal medications and laser treatments providing patients flexibility in treatment choice.
Weakness: Oral antifungals have side effects like headache, nausea and liver damage risk which increases non-compliance. Laser treatments have higher cost.
Opportunity: Rising incidence of diabetes which increases risk of nail fungal infections opens up opportunites. Untapped emerging markets offer scope.
Threats: Potential resistance to commonly used antifungals due to long term use can reduce effectiveness of available treatment options. Low healthcare access in poor regions.
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 prevalence of diabetes which increases risk of nail fungal infections. North America is expected to dominate the market over the forecast period due to developed healthcare infrastructure and higher spending on personal healthcare in the region.
Regional analysis
Asia Pacific is expected fastest growing region in the onychomycosis treatment market owing to rapid economic development, rising health awareness and increasing prevalence of self-pay healthcare models in major countries like India, China and Japan.
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
