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The global Onychomycosis Treatment Market is estimated to be valued at US$ 3.22 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Onychomycosis, commonly known as nail fungus, is a common fungal infection of the nails caused by dermatophytes, yeast, and molds. It usually affects the toenails but can also involve fingernails. Symptoms include thickening, distortion, discoloration of the nail. Left untreated, it can cause pain, discomfort while walking, embarrassment due to changes in the appearance of the nails. The treatment market comprises oral medications, topical solutions and laser therapy. Oral antifungals like terbinafine and itraconazole are widely used however have side effects and drug interactions. Topical solutions though safer have low cure rates. Laser therapy is gaining popularity as it causes minimal damage and has fewer side effects.
Market key trends:
One of the key trends in the onychomycosis treatment market is rising prevalence of diabetes. Diabetes is a major risk factor for onychomycosis as high blood sugar levels lower the body’s resistance, making it more susceptible to fungal infections. With growing obesity rates and sedentary lifestyles, the prevalence of diabetes is increasing globally. This is expected to drive the demand for onychomycosis treatments. Another trend is the development of novel drug delivery systems. Researchers are developing topical antifungals using technologies like Thermosensitive Hydrogels and Microneedle arrays that can deliver drugs into the nail unit more efficiently for better outcomes. Novel oral antifungals are also in pipeline that are expected to have improved efficacy and safety profiles. These new treatment options will positively impact market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The onychomycosis treatment market requires high R&D investment and regulatory approvals which make it difficult for new players to enter the market.
Bargaining power of buyers: Individual buyers have low bargaining power due to the availability of limited treatment options. However, large institutions can negotiate on pricing.
Bargaining power of suppliers: Established players have significant control over the supply of drugs and technological solutions. Suppliers also require specialized expertise limiting the threat from substitute suppliers.
Threat of new substitutes: While alternative treatment options exist, their efficacy is still limited. Thus, the threat from substitutes is low in the near future.
Competitive rivalry: The market is moderately competitive with major players investing heavily in R&D and market expansion.
Key Takeaways
The global onychomycosis treatment market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of nail fungal infections.
The North America region is expected to dominate the onychomycosis treatment market owing to the growing geriatric population who are more prone to nail fungal diseases. The Asia Pacific region is anticipated to exhibit the fastest growth rate during the forecast period due to large patient pool and rising awareness about nail fungal infections.
Key players operating in the onychomycosis treatment market are Lumenis Ltd., Cipla Ltd., Bayer AG, Johnson & Johnson, Moberg Pharma AB, Pfizer Inc., Novartis, Galderma SA, Dr. Reddys Laboratories Ltd., Medimetriks Pharmaceuticals Inc., and Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), among others. These players are focusing on new product launches and geographical expansion to strengthen their market position.
