New York, USA, July 11, 2023 (GLOBE NEWSWIRE) -- Dermatophytic Onychomycosis Treatment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Dermatophytic Onychomycosis Treatment Market Information By Product Type, Route of Administration, Type, Distribution Channel, And Region - Forecast till 2032", the market size was valued at USD 4.3 Billion in 2022 and is projected to grow from USD 4.6 Billion in 2023 to USD 8.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2023 - 2032).
Market Scope
Tinea unguium, sometimes called dermatophytic onychomycosis, is a fungal nail infection by dermatophytes. Fungi called dermatophytes need keratin to develop. The most typical nail infection, dermatophytic onychomycosis, affects both fingernails and toenails. About one-third of all fungal infections worldwide are caused by it. Furthermore, dermatophytes are responsible for 70–80% of all onychomycosis infections. Due to this expanding prevalence, drugs to treat dermatophytes onychomycosis are in greater demand. Infections of the nail fungus are also highly risky due to the rising frequency of diabetes. Furthermore, the market is anticipated to grow throughout the forecast period due to rising research and quick acceptance of nail lacquers. A significant element driving the growth of the worldwide dermatophytic onychomycosis market is the rising prevalence of the condition.
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The increased incidence of chronic diseases, such as diabetes, onychomycosis, and peripheral artery disease, is one of the major factors driving the market's rise during the forecast period. Additionally, it is anticipated that during the projection period, there will be a rise in demand for medications due to an aging population that will be more sensitive to certain diseases due to a weakened immune system. Additionally, the illness is very common among adults and millennials due to increased exposure to swimming pools in public places and the use of tight clothing, footwear, and socks. Topical nail polishes and ointments to preserve nail hygiene are other factors contributing to market expansion, as are substantial advancements in the healthcare infrastructure, which are expected to increase market size soon. Many topical treatments available today cannot penetrate the nail bed, making it difficult to heal the infection completely. Therefore, many companies are working very hard to create compounds that enter the nails deeper to get around this problem.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 8.5 Billion |
| CAGR | 7.90% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Route of Administration, Type and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising prevalence of dermatophytic onychomycosis and presence of potential pipeline candidates |
| Gradual shift towards topical solutions |
Dermatophytic Onychomycosis Treatment Market Competitive Landscape:
- GlaxoSmithKline plc
- Janssen Pharmaceuticals, Inc.
- Cipla Inc.
- Bausch Health Companies Inc.
- Pfizer Inc.
- Galderma
- Kaken Pharmaceuticals Co., Ltd.
- Among others.
Dermatophytic Onychomycosis Treatment Market:
Market Drivers:
The growing demand for topical treatment options is one of the main trends in the dermatophytic onychomycosis treatment industry. Onychomycosis-related toenail infections are becoming more common and will further spur market growth. Additionally, it is projected that during the projection period, the regulatory bodies' increasing approval of drugs would greatly increase the market size. Patients with liver and heart illnesses are not offered oral anti-fungal medications since they are linked to liver harm. Pharmaceutical companies have invested greatly in R&D to create novel therapies due to the disease's rising prevalence. Numerous topical treatment options are available, but they cannot reach the nail bed deeply, which prevents them from entirely curing the infection.
Several players invest heavily in developing novel medications to fulfill the rising demand for the condition's remedy. Additionally, dermatologists and podiatrists believe there is a critical need for topical treatments that are superior to the ones currently available. A progressive movement toward topical treatments has opened a sizable market for topical medications and stimulated active research and development to create efficient nail polishes. Onychomycosis's increased prevalence is another important reason for expanding the market. Onychomycosis infections of the toenails occur far more frequently than those of the fingernails. The market is predicted to be driven by increased prescriptions and the rising incidence of dermatophyte-caused nail fungal diseases. Another factor contributing to the rise in dermatophytic infection is the rising incidence of diabetes.
Restraints
The main barrier impeding market expansion is a lack of knowledge about how bad the infection is. The signs of dermatophytic onychomycosis, including decolorization, thickness, and detachment of the nails from the nail bed, are typically disregarded.
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COVID 19 Analysis
On the other hand, the abrupt COVID-19 pandemic epidemic caused significant disruption and economic crises. Additionally, this has caused the market growth rate to slow down.
Market Segmentation
By distribution channel, the market includes hospitals & clinics, retail pharmacies, and online channels. By product type, the market includes tablets and nail paints. By route of administration, the market includes oral and topical. By type, the market includes prescribed and over-the-counter (OTC).
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Regional Insights
The main drivers of the market expansion in North America include the rise in onychomycosis prescriptions, more research, and increasing consumer demand for Jublia and Kerydin. According to a news release from Moberg Pharma AB, the industry in North America will grow due to the approximately 5 million prescriptions given annually for the treatment of onychomycosis. Due to the rising incidence of onychomycosis, favorable health reimbursement policies, and enhanced distribution of over-the-counter medications through partnerships with retail pharmacies, the need for dermatophytic onychomycosis therapy in Europe is predicted to rise. The market is anticipated to develop fastest in APAC during the forecasting period. Due to numerous emerging nations that have made major contributions to the development of healthcare services, the regional market has developed quickly.
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