Onychomycosis Treatment Market size is estimated to reach $3.8 billion by 2026, growing at a CAGR of 5.5% during the forecast period 2021-2026. Onychomycosis is a fungal infection of the fingernails and toenails and is the most common nail infection in patients with athlete’s foot and genetic predisposition. The prevalence of onychomycosis is increasing with the growing incidences of diseases, such as peripheral vascular diseases, diabetes mellitus, and psoriasis. The rise in the adoption of laser technologies for the treatment of Distal Subungual Onychomycosis (DSO) in hospitals, growing awareness about onychomycosis therapeutics among dermatologists and podiatrists, increase in the adoption of drug therapies, and growing investment by the key players to develop high-quality therapies for the treatment of onychomycosis are the factors that are set to drive the growth of the Onychomycosis Treatment Market for the period 2021-2026.
Onychomycosis Treatment Market Segment Analysis-By Disease Type
The Onychomycosis Treatment Market based on the Disease Type can be further segmented into Distal Subungual Onychomycosis (DSO), Proximal Subungual Onychomycosis (PSO), White Superficial Onychomycosis (WSO), Candida Onychomycosis, and Others. The Distal Subungual Onychomycosis (DSO) segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 6.2% over the period 2021-2026. This growth is owing to the factors such as the increase in the adoption of laser technologies for the treatment of DSO in hospitals and growing awareness about the availability of various therapies for DSO among patients. The rise in the research and development activities to develop advanced products for the treatment of DSO nail infection is driving the growth of the Onychomycosis Treatment Market. The White Superficial Onychomycosis (WSO) segment held the second-largest share in 2020 owing to the factors such as the growing adoption of antifungal agents for the treatment of WSO and the rise in the prevalence of WSO in developed nations.
Onychomycosis Treatment Market Segment Analysis-By Therapy Type
The Onychomycosis Treatment Market based on the Therapy Type can be further segmented into Laser Therapy, Photodynamic Therapy, and Drug Therapy. The Drug Therapy segment held the largest share in 2020 owing to the factors such as the growing adoption of drugs as first-line therapy for the treatment of fungal infections in the nails and the rise in product launches. The rise in the investment by the key players to develop high-quality drugs for the treatment of fungal infections in the nails is driving the growth of the Onychomycosis Treatment Market. The Laser Therapy segment is estimated to be the fastest-growing segment with a CAGR of 6.4% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for laser therapy for the treatment of DSO in hospitals and the growing resistance to oral and topical antifungal agents.
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Onychomycosis Treatment Market Segment Analysis-By Geography
The Onychomycosis Treatment Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 27% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing awareness about onychomycosis therapeutics among dermatologists and podiatrists and an increase in product launches by key players. The rise in the adoption of drugs as first-line therapy for the treatment of onychomycosis is driving the growth of the Onychomycosis Treatment Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of antifungal agents for the treatment of WSO and the growing investment by the key players to develop high-quality therapies for the treatment of onychomycosis.
Onychomycosis Treatment Market Drivers
Rise in the Adoption of Drug Therapies
Drug therapies are increasingly being adopted as first-line therapy for the treatment of fungal infections in the nails owing to the growing availability of drugs, such as itraconazole, griseofulvin, terbinafine, and ketoconazole. The key players are also increasing their investment to develop high-quality drugs for the treatment of fungal infections in the nails, which is one of the major factors driving the growth of the Onychomycosis Treatment Market.
Increase in Awareness about Onychomycosis Therapeutics among Dermatologists and Podiatrists
The rise in awareness about onychomycosis therapeutics among dermatologists and podiatrists owing to the growing prevalence of onychomycosis across the world has propelled the demand for laser therapies and photodynamic therapies in hospitals. Governments of various nations are also focusing on creating awareness about the availability of various therapies for the treatment of onychomycosis, which is further propelling the growth of the Onychomycosis Treatment Market.
Onychomycosis Treatment Market Challenges
The Rise in the Side Effects Associated with the Treatment of Onychomycosis
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced drug therapies for the treatment of onychomycosis. However, the rise in the side effects associated with the treatment of onychomycosis is one of the major factors that is estimated to reduce the growth of the Onychomycosis Treatment Market.
Onychomycosis Treatment Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Onychomycosis Treatment Market. Key companies of this market are Novartis AG, Galderma, Mundipharma, Moberg Pharma, Cardinal Health, Inc, Teva Pharmaceutical Industries Ltd., Johnson & Johnson, TheOTCLab, Bayer AG, and GlaxoSmithKline plc among others.
Partnerships/Product Launches:
In October 2020, Mundipharma has launched the latest addition to its BETADINE ™ range of infectious disease therapies. This BETADINE™ EMTRIX™ fungal nail solutions effectively treats the onychomycosis and improves the nail appearance after regular application.
In April 2020, TheOTCLab has launched the FungeX range for innovative nail fungus treatments. The product was a unique and patented application and provides eight hours of treatment while patients suffering from onychomycosis were asleep.
In February 2019, Moberg Pharma has entered into a partnership with Bayer for marketing and selling MOB-015 in Europe. MOB-015 is a topical treatment of onychomycosis and is an internally developed topical formulation based on its experience.
Key Takeaways
Geographically, North America Onychomycosis Treatment Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing adoption of drugs as first-line therapy for the treatment of onychomycosis.
The increase in the adoption of laser technologies for the treatment of DSO in hospitals is driving the Distal Subungual Onychomycosis (DSO) segment. However, the rise in the side effects associated with the treatment of onychomycosis is one of the major factors that is said to reduce the growth of the Onychomycosis Treatment Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Onychomycosis Treatment Market report.
Relevant Links:
A. Nail Care Market
https://www.industryarc.com/Report/19178/nail-care-market
B. UV Nail Gel Market
https://www.industryarc.com/Research/Uv-Nail-Gel-Market-Research-500377
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