NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) -- Advancements in medicine, diagnosis of varieties of illnesses, and increasing elder population at an unprecedented rate have resulted in high demand for novel drugs and therapies for dermatophytic onychomycosis treatment. In 2021, the dermatophytic onychomycosis therapeutics market was valued at nearly US$ 5.5 Bn, and is set to experience a 6.5% CAGR over the forecast period (2022-2031).
Presence and availability of a large clinical pipeline with reference to therapeutic approaches based on dermatophytic onychomycosis treatment are set to drive market growth over the coming years. According to the European Commission, more than one fifth, i.e., 20.3% of the population in EU-27 countries was aged 65 and over in 2020. According to WHO, approximately, 80% to 85% of onychomycosis occurs in patients aged above 50 years. High prevalence of age-related disease incidence has led to an increase in the demand for biologics for therapeutic induction for dermatophytic onychomycosis treatment.
Furthermore, social conditions such as poverty, race, and social groups possess an extremely varied rate of occurrence of onychomycosis. These social disparities, together with the presence of a large populace under poverty, is a chief driver of the growth of onychomycosis.
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Key Takeaways from Market Study
- By treatment type, drugs are expected to hold 74.8% market value share by the end of 2032, primarily due to rising activities by key players in the drug development biosphere.
- Distal subungual onychomycosis, by indication, is leading with 78.3% market share in 2021, owing to it being a common factor of occurrence associated with age.
- The male segment, by gender, is leading with 61.7% market share in 2021, Males are reported to be more susceptible to onychomycosis with the most probable associated hypothesis being occupational factors as well as lower treatment compliance.
- Age group between 18-39 years is expected to hold more than half of the market value share by the end of 2032.
- Retail sales dominated the end user segments with a share of around 56.2% in 2021.
- By region, North America is the leading region with an expected value share of 48.4% by 2032.
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“Rising geriatric population and high prevalence of onychomycosis in the elderly age group are set drive dermatophytic onychomycosis therapeutics,” says an analyst of Persistence Market Research.
Market Competition
Key market players such as Bausch Health and Dr. Reddy’s Laboratories, amongst others, are involved in research activities in the life sciences sphere. These key players also imbibe the strategy of partnerships and strategic collaborations to expand their geographical product footprint and drive sales is emerging economical territories.
- For instance, in December 2021, Bausch Health Ortho Dermatologics the announced JUBLIA® (efinaconazole) Topical Solution, 10%, for onychomycosis treatment, which has received the American Podiatric Medical Association (APMA) seal of approval.
- In June 2020, Dr. Reddy’s Laboratories acquired the branded generics business of Wockhardt Limited in India, Nepal, Sri Lanka, Bhutan, and the Maldives.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the dermatophytic onychomycosis therapeutics market in its latest study, presenting historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on the treatment type (drugs ((oral (Rx and OTC), (topical (Rx and OTC)), Laser (C02 ablative lasers, Nd:YAG lasers and dual-wave length near-infrared lasers)) and photodynamic therapy), indication (distal subungual onychomycosis , white superficial onychomycosis, proximal subungual onychomycosis, candidal onychomycosis and total dystrophic onychomycosis), gender (male and female), age group (0-18 years, 18-39 years, 40-64 years and 65 years and above), and end user (institutional sales (hospitals and dermatology clinics)) and retail sales (retail pharmacies, drug stores and mail order pharmacies & online sales)), across seven key regions of the world.
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