Onychomycosis Market Forecast to Grow at 4.7% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Onychomycosis Market size was valued at USD 3.5 billion in 2023 to USD 5.05 billion by 2031, at a CAGR of 4.7% during the forecast period (2024-2031).
The global onychomycosis treatment market refers to the pharmaceutical and healthcare industry focused on the diagnosis, treatment and management of the fungal infection that affects the nails, commonly known as onychomycosis. Onychomycosis is a common disease that can cause nail discoloration, hardened and weakened. Increased awareness of nails health due to possible complications and complications, increasing incidence of onychomycosis due to factors such as aging population, diabetes and weakened immune system, advances in diagnostic methods and treatment options, and among others.
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Onychomycosis Market Segmental Analysis
Global Onychomycosis Market is segmented on the basis of type, treatment, and region.
Based on type, the market can be segmented into Distal Subungual Onychomycosis, White Superficial Onychomycosis, Proximal Subungual Onychomycosis and others.
Based on treatment, the market is segmented into Oral, topical and others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Onychomycosis Treatment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 3.5 Billion |
| Estimated Value by 2031 | USD 5.05 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Treatment Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Demand for Non-invasive and Over-the-counter Treatment Solutions |
| Key Market Drivers | Increasing Prevalence of Fungal Infections |
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Prominent Players in Onychomycosis Treatment Market
- Bausch Health Companies Inc. (Canada)
- GSK plc (UK)
- Abbott (US)
- Pfizer Inc. (US)
- Bayer AG (Germany)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Cipla Inc. (India)
- Merck & Co., Inc. (US)
- Novartis AG (Switzerland)
- Sun Pharmaceutical Industries Ltd. (India)
- Sanofi (France)
- Johnson & Johnson (US)
- Eli Lilly and Company (US)
- Mylan N.V. (US)
- Galderma S.A. (Switzerland)
- Valeant Pharmaceuticals International, Inc. (Canada)
- Sandoz International GmbH (Germany)
- Lupin Limited (India)
- Dr. Reddy's Laboratories Ltd. (India)
- Aurobindo Pharma Limited (India)
Distal Subarachnoid Onychomycosis Segment to Dominate Due to High Volume of Patients in Hospitals and Clinics
The dominant segment in the global onychomycosis treatment market is distal subarachnoid onychomycosis. This fungal infection affects the nail bed and the base of the nail, typically beginning at the tip and gradually spreading to the cuticle. Distal subtotal onychomycosis is the most common form of onychomycosis, accounting for a large proportion of human diagnoses worldwide. It is often associated with skin fungi and can cause nail discoloration, hardness and deformity.
Topical Treatment Segment to Drive Market Due to Introduction of Single-use NPWT Systems
The fastest growing segment of the global onychomycosis treatment market is the topical treatment segment. Local antifungal agents are applied directly on and around the affected nail. They come in a variety of creams, gels, lacquers, and solutions. Topical therapy is gaining popularity due to ease of use, low risk of systemic side effects, availability of drug substitutes Advances in pharmaceutical technology has also led to the development of effective and aesthetically pleasing topical formulations, leading to market growth.
North America is Dominating Due to High Prevalence of Fungal Infections
North America is the dominating region in the market. The region is characterized by a large market share in onychomycosis due to factors such as high prevalence of fungal infections in North America, well-established healthcare infrastructure and advanced diagnostic and treatment methods. There is an increased awareness of nail health and early management of onychomycosis, leading to the search for effective treatment solutions
On the other hand, the fastest growing segment in the global onychomycosis market treatment is Asia Pacific. Furthermore, the onychomycosis treatment market is growing rapidly owing to factors such as increasing aging population, increasing risk factors associated with diabetes and other fungal infections, improved healthcare and nail health and due to increased awareness of fungal infections. The availability of effective treatments and expansion of pharmaceutical companies in the region are contributing to the growth of the market in Asia Pacific.
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Drivers
- Increasing Prevalence of Fungal Infections
- Rising Awareness of Nail Health and Hygiene
- Technological Advancements in Treatment Options
Restraints
- High Cost of Advanced Treatment Options
- Side Effects Associated with Oral Antifungal Medications
- Limited Awareness and Access to Treatments in Developing Regions
Key Questions Answered in Onychomycosis Treatment Market Report
- How big is the Global Onychomycosis Treatment Market?
- What are the key restraints of Global Onychomycosis Treatment Market size?
- Which is the fastest growing region in the Global Onychomycosis Treatment Market?
This report provides the following insights:
Analysis of key drivers (increasing prevalence of fungal infections, rising awareness of nail health and hygiene, technological advancements in treatment options), restraints (high cost of advanced treatment options, side effects associated with oral antifungal medications, limited awareness and access to treatments in developing regions), opportunities (growing demand for non-invasive and over-the-counter treatment solutions), influencing the growth of Onychomycosis Treatment Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Onychomycosis Treatment Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Onychomycosis Treatment Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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