Global Onychomycosis Treatment Market Size is Estimated to Reach USD 4.51 Billion by 2030, Growing at a CAGR of 5.61%: Straits Research

According to Straits Research, “The global onychomycosis treatment market size was valued at USD 2.76 billion in 2021. It is projected to reach USD 4.51 billion by 2030, growing at a CAGR of 5.61% during the forecast period (2022-2030).”

New York, United States, Feb. 29, 2024 (GLOBE NEWSWIRE) — Onychomycosis is a fungal condition that affects the fingernails and toenails and can be painful, ugly, and persistent. Several types of onychomycosis include proximal subungual, white superficial, and distal subungual. Patients with athlete’s feet commonly get this nail infection caused by various microorganisms, such as dermatophytes, yeasts, and non-dermatophyte molds. Distorted nail forms, an offensive odor, pale to yellow-brown discoloration, and crumbly, ragged, and brittle nail textures are all indications of onychomycosis. It is often diagnosed using potassium, oxygen, and hydrogen (KOH) tests, nail clippings, and biopsies that have been cultivated.

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Growing Awareness about the Potential Threats of Onychomycosis Drives the Global Market

A medical condition called onychomycosis can negatively impact someone’s quality of life by causing pain, discomfort, and physical impairment. A person’s capacity to perform in both the professional and social arenas may also be compromised by psychological and social limitations brought on by onychomycosis. Increased awareness campaigns may influence the development of onychomycosis treatments. Using Google Trends, the relative popularity of several phrases associated with fungus infections and therapies was evaluated globally. This research indicates that searches for onychomycosis, a toenail fungus, and its associated therapies are more prevalent during the summer.

Improvements in the Healthcare Infrastructure Creates Tremendous Opportunities

The increasing prevalence of chronic diseases such as onychomycosis, HIV, diabetes, and peripheral artery disease (PAD) is one of the primary factors driving the market’s rise. The aging population, which is more prone to circulatory issues and immune system decline, is another factor driving market expansion. Onychomycosis is also quite prevalent in millennials and adults, likely due to a rise in exposure to public swimming pools and tight, filthy, or soiled clothing, shoes, and socks. The market is growing due to the development of administered, water-soluble antifungal treatments. They aid in halting the spread of secondary bacterial and fungi infections.

Regional Analysis

North America onychomycosis treatment market share is expected to grow at a CAGR of 5.11% during the forecast period. The United States is anticipated to dominate the global market for onychomycosis therapy throughout the forecast period due to the growing elderly population, the prevalence of onychomycosis, significant market participants, and the rising frequency of other conditions that can contribute to onychomycosis. According to a study “Toenail Onychomycosis-A Canadian Approach,” which included a substantial sample of Canadian onychomycosis patients who visited podiatrist and chiropodist clinics, onychomycosis is becoming more common, particularly among young, aged, and diabetic patients.

Europe is expected to grow at a CAGR of 5.24%, during the forecast period. In addition to rising onychomycosis prevalence, greater R&D activities, favorable pharmaceutical regulation, and other factors contribute to the growth of the German onychomycosis therapy market. A growing number of older adults in the nation, the high prevalence of diabetes, and a large number of clinics and hospitals that offer alternate forms of treatment are all factors that improve the market’s profitability. In the UK, many companies and clinics offer onychomycosis treatment options. In March 2020, the Hampshire, United Kingdom-based company Compleet Feet started offering laser technology to treat fungal nail problems such as onychomycosis. It provides a variety of treatment options for the sickness. Additionally, the UK-based A&A Podiatrists have started offering laser treatments for onychomycosis.

Due to the increase in immunocompromised hosts, the epidemiological characteristics of fungal infections have undergone significant changes globally, particularly in China. According to Min Chen’s investigation of the epidemiology of fungal diseases in China, onychomycosis was more prevalent in Eastern and Southern China. Onychomycosis was successfully treated with a two-stage Long-pulsed Nd: YAG 1064-nm laser, with both mycological clearance and clinical effectiveness greatly improved. Such efficacy studies increase the demand for treatments in China, increasing market growth.

Key Highlights

  • Based on treatment type, the global onychomycosis treatment market is bifurcated into drugs, laser therapy, and photodynamic therapy. The drugs segment is the highest contributor to the market and is expected to grow at a CAGR of 5.43% during the forecast period.
  • Based on type, the global onychomycosis treatment market is bifurcated into distal subungual onychomycosis, white superficial onychomycosis, proximal subungual onychomycosis, and other types. The distal subungual onychomycosis segment owns the highest market share and is expected to grow at a CAGR of 5.69% during the forecast period.
  • North America is the most significant revenue contributor in the global onychomycosis treatment market and is expected to grow at a CAGR of 5.11% during the forecast period.

Competitive Players

The global onychomycosis treatment market’s major key players are Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), Galderma SA, Novartis AG, Pfizer Inc., Moberg Pharma AB, Johnson & Johnson, Bayer AG, Dr. Reddys Laboratories Ltd, Cipla Ltd, Lumenis Ltd, and Medimetriks Pharmaceuticals Inc.

Market News

  • In September 2022, Galderma showcased its continued commitment to innovation in dermatology with new data to be presented at the 2022 EADV congress.
  • In October 2022, Salix Pharmaceuticals Applauded Implementation of K76.82 – a New ICD-10 Code for Hepatic Encephalopathy.

Global Onychomycosis Treatment Market: Segmentation

By Treatment Type

  • Drugs
  • Laser Therapy
  • Photodynamic Therapy

By Type

  • Distal Subungual Onychomycosis
  • White Superficial Onychomycosis
  • Proximal Subungual Onychomycosis
  • Other Types

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/onychomycosis-treatment-market/segmentation

About Straits Research Pvt. Ltd.

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