The global 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, also known as fungal nail infection, is a common fungal infection of the nail bed and surrounding tissue. It is caused by different types of fungi and affects 10% to 18% of the population. Topical drugs, oral drugs, and laser therapy are commonly used treatment options for this infection. They provide relief from nail discoloration, thickness and detachment associated with fungal nail infection.
Market key trends:
Topical drugs segment is witnessing high growth due to rising preference for these drugs over oral drugs. Some of the key benefits of topical drugs include convenient topical application, lesser risk of systemic drug reactions, and targeted local treatment. For example, efinaconazole topical solution 10% (Jublia) was approved by FDA in 2014 and has shown clinical cure rate of 35% to 45% in clinical trials. This increasing adoption of topical drugs over oral drugs is one of the major trends fueling growth of the onychomycosis treatment market.
Segment Analysis
The global onychomycosis treatment market is segmented into infection type, treatment type, route of administration, distribution channel, and end user. Based on infection type, the market is segmented into distal subungual onychomycosis, white superficial onychomycosis, proximal subungual onychomycosis and candidal onychomycosis. Among these, the distal subungual onychomycosis segment dominates the market due to the high prevalence of infection in toe nails. Based on treatment type, the market is segmented into drugs and lasers. The drugs segment holds largest market share due to wide availability and adoption of oral antifungal drugs for onychomycosis treatment.
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 nail fungal infections worldwide.
Regional analysis - North America dominates the global market holding maximum market share of over 35.0% in 2023 owing to developed healthcare infrastructure and technological advancements in treatment options. Asia Pacific is expected to exhibit fastest growth during the forecast period due to increasing awareness about nail fungal infections and availability of effective treatment options.
Key players - 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, mergers, acquisitions and collaborations to strengthen their market presence.
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