Onychomycosis Market Overview
The well-established global onychomycosis market is growing pervasively. Rising prevalence of onychomycosis and per capita healthcare expenditure worldwide are the major driving forces behind the growth of the market. Besides, factors such as the surge in the diabetic patient population and the increasing occurrences of peripheral artery disease (PAD) impact the market growth positively.
Market Research Future (MRFR), in its recently published onychomycosis market report, asserts that the market is estimated to rise to USD 7,912.5 MN by 2025. MRFR also mentions that this appreciation of the market value would be registered at 6.28% CAGR during the assessment period (2019-2025). The availability of therapeutic medicines is blowing up the market size, providing growth opportunities to the market players.
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Onychomycosis Market Drivers & Restraints:
Some of the other major factors substantiating the market growth include improving economic conditions worldwide that enable access to quality and improved healthcare. Also, the changing or unhealthy lifestyle and pollution that is led by the growing urbanization & industrialization propel the growth of the onychomycosis treatment market globally. Additionally, technological advancements, backed by the substantial investments made in the R&D activities, foster the market growth excellently.
On the other hand, the lack of awareness about onychomycosis, alongside the availability of treatments, is projected to inhibit the market growth over the anticipated period. Also, factors such as unmet clinical needs, side-effects associated with onychomycosis treatment medicines, drug resistance, and complications occurring during the treatment are expected to impede the market growth during the review period.
Global Onychomycosis Market – Segments
For enhanced understanding, the market is segmented into four key dynamics.
By Type: Distal Subungual Onychomycosis (DSO), White Superficial Onychomycosis (WSO), Proximal Subungual Onychomycosis (PSO), Candida Onychomycosis, and others.
By Treatment Type: Drug Treatment, Topical Therapy, and others.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and others.
By Regions: Europe, North America, APAC, and Rest-of-the-World.
Global Onychomycosis Market – Regional analysis
North America holds the largest share in the global onychomycosis market. The market growth attributes to the increasing number of patients suffering from immune diseases and the presence of a huge geriatric population. Also, the increasing prevalence of onychomycosis and peripheral artery disease acts as a major driving force for the market growth. Besides, factors such as the presence of key market participants, sophisticated healthcare infrastructure, and rising per capita healthcare expenditure contribute to the regional market growth significantly.
Europe stands second in the global onychomycosis market. The onychomycosis market size in the region is majorly growing due to the rising geriatric population and the increasing burden of diabetes and growing occurrence rates of onychomycosis. Also, flourishing pharmaceutical industries in European countries such as the UK, Germany, France, and Spain, significantly contribute to the onychomycosis treatment market in the region.
Furthermore, factors such as the rising per capita income and strong healthcare penetration, and the availability of advanced treatment facilities & skilled medical professionals drive the growth of the regional market at a large scale. Also, the government support for research & development plays a major role in the development of European onychomycosis markets.
Asia Pacific has emerged as a rapidly progressing market for onychomycosis due to the rising prevalence of various skin infections. Markets in China and India backed by the vast population and the availability of low-cost medications to treat Onychomycosis treatment foster the market growth in the region. Moreover, the rapidly growing healthcare sectors, coupled with the large unmet needs, provide impetus to the market growth.
Global Onychomycosis Market – Competitive Analysis
Highly competitive, the global onychomycosis market appears to be fragmented due to the presence of a large number of players. The increase of spurious and counterfeit medicines has opened doors for new drug development and opportunities for a new market leader. To gain a larger competitive advantage, these players incorporate strategies such as mergers & acquisitions, expansions, collaborations, and product/technology launch.
Onychomycosis Market Major Players:
Some of the eminent leaders in the global Onychomycosis market include Pfizer, Inc. (the US), Novartis AG (Switzerland), Galderma Laboratories (Switzerland), Moberg Pharma AB (Sweden), Bausch Health Sciences (Canada), Dr. Reddy’s Laboratories Ltd (India), Merz Pharma (Germany), Medimetriks Pharmaceuticals, Inc. (US), Kaken Pharmaceutical Co., Ltd. (Japan), GlaxoSmithKline plc (UK), Taro Pharmaceuticals Industries Ltd. (Israel), and Johnson & Johnson Services, Inc. (US), among others.
Onychomycosis Industry/Innovations/Related News:
April 20, 2020 —- Novan, Inc. (the US), a clinical-stage biotechnology company, announced its collaboration with a US-based full-service investment bank H.C. Wainwright & Co., LLC. Novan is focused on leveraging nitric oxide’s natural antiviral and immunomodulatory mechanisms of action to treat a number of contagious skin infection and oncovirus-mediated diseases. It is developing a topical antiviral gel SB206 for the treatment of viral skin infections caused by the molluscipoxvirus.
H. C. Wainwright & Co. provides end to end services like investment banking, equity research, sales & trading as well corporate access, and strategic advisory services. The partnership would aid in exploring and evaluating a range of strategic and financial alternatives intended to maximize the Company’s shareholder value.
Novan’s clinical and preclinical data, technology platform, and market potential also includes its medicine SB208, which is indented for the treatment of tinea pedis and onychomycosis. Currently, SB208 is positioned to initiate a Phase 2 trial in onychomycosis following positive results in a Phase 2 study.
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