Onychomycosis Treatment Market Growth and Trends: Forecast 2024-2028

The onychomycosis treatment market is projected to grow by USD 1.77 billion, with a Compound Annual Growth Rate (CAGR) of 7.03% from 2023 to 2028. This market expansion is driven by the increasing prevalence of onychomycosis, a fungal infection of the nails, alongside the rising demand for topical treatments. However, the emergence of multidrug-resistant fungal pathogens presents a challenge, urging the development of more effective and innovative treatment options. Researchers and pharmaceutical companies are working on improving treatments, contributing to the anticipated steady market growth in the coming years.

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Market Overview

Onychomycosis, or Tinea unguium, is a common fungal infection affecting the nails, caused by fungi such as dermatophytes, yeasts, and non-dermatophyte molds. The market for its treatment includes products and services addressing this condition, driven by discomfort, disfigurement, and the risk of chronic illness associated with the infection. The geriatric population and millennials are key consumer groups, with increased awareness of cosmetic appearance and health concerns. Diagnosis involves clinical examinations, dermoscopy, and mycological testing.

Market Segmentation

The onychomycosis treatment industry is segmented into several categories based on type, distribution channel, and geography.

By Type Insights:

• Pharmacological: Estimated for significant growth, this includes treatments like oral terbinafine, ciclopirox, and newer therapies such as Tavaborole Topical Solution and Oxaborole antifungal.
• Non-pharmacological: These include alternative therapies such as photodynamic treatments.

By Distribution Channel:

• Offline
• Online

By Geography:

• North America: United States
• Europe: Germany, United Kingdom
• Asia: China, Japan
• Rest of the World (ROW)

Regional Market Trends

North America

• Estimated to contribute 41% to global market growth during the forecast period.
• Onychomycosis impacts about 14% of the U.S. population annually (CDC), with 12 million Americans affected each year. The increasing geriatric population is a key factor driving market growth.

Europe

• Growth driven by rising awareness of fungal infections and the need for effective treatments.

Asia

• Countries like China and Japan experience significant prevalence, creating a growing market for onychomycosis treatment.

Rest of World (ROW)

• This region is witnessing growth in awareness and access to treatments.

Market Dynamics

Key Drivers:

• Increasing Prevalence: The rise in onychomycosis cases is a major driver. It affects about 10% of the global population, with up to 50% of adults over 70 experiencing it. The infection is prevalent in places like gyms, swimming pools, and other moist environments.
• Chronic Diseases: Conditions such as diabetes, HIV, and peripheral artery disease increase the likelihood of developing onychomycosis, which further drives demand for effective treatments.

Market Trends:

• Increasing Demand for Topical Treatments: Topical treatments, such as Kerydin and Jublia, are gaining popularity due to their ease of use, lower side effects, and improved efficacy compared to oral medications. These treatments are especially suitable for elderly patients and those with chronic illnesses.

Key Challenges:

• Multidrug-resistant Fungal Pathogens: The rise of resistance in fungal strains such as Candida limits the effectiveness of existing treatments, posing a significant challenge for the industry.

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Key Players

The market has significant competition, with several key players contributing to its expansion. These companies include:

• Alembic Pharmaceuticals Ltd.
• Almirall SA
• Astellas Pharma Inc.
• Bausch Health Companies Inc.
• Bayer AG
• Cipla Inc.
• Dr. Reddy's Laboratories Ltd.
• Fotona d.o.o
• Galderma SA
• GlaxoSmithKline Plc
• Kaken Pharmaceutical Co. Ltd.
• Lupin Ltd.
• Medimetriks Pharmaceuticals Inc.
• Moberg Pharma AB
• Novartis AG
• Perrigo Co. Plc
• Pfizer Inc.
• Sanofi SA
• Teva Pharmaceutical Industries Ltd.
• The OTClab B.V.

Future Market Insights

The onychomycosis treatment market is poised for continued growth. The demand for effective and convenient topical treatments will drive market expansion, and companies are expected to focus on R&D to address the challenges posed by multidrug-resistant fungal pathogens. As the prevalence of chronic conditions and the aging population continue to rise, the market will witness further advancements in treatment options. Companies like Lupin, Bausch Health, Anacor Pharmaceuticals, and others are well-positioned to cater to the increasing demand for innovative solutions, making the market dynamic and competitive in the coming years.