USD 38.2 Billion
Report ID:
SQMIG35H2265 |
Region:
Global |
Published Date: October, 2024
Pages:
208
|Tables:
0
|Figures:
0
Global Onychomycosis Treatment Market size was valued at USD 38.2 Billion in 2022 and is poised to grow from USD 40 Billion in 2023 to USD 60.0 Billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
The onychomycosis treatment market emphasizes treatments for nail fungal infections. The market comprises topical treatments, laser therapies, and oral antifungal medications. The growing cases of onychomycosis, several improvements in the treatment alternatives, and the rising awareness of the condition are majorly propelling the growth of the onychomycosis treatment market. Another key factor driving the growth of the market comprises increasing healthcare spending that allows better access to improved treatments. Nonetheless, a few restraining factors impeding the market growth include significantly priced treatment and side effects of the treatment. Most treatments, mainly advanced laser treatments and oral antifungal therapies are costly, which could lower its preference. Also, medications like itraconazole and terbinafine may cause harm to the liver and gastrointestinal issues, leading to patient hesitancy. Yet, a few opportunities witnessed in the market are innovations in drug development and improvements in drug delivery systems like nanotechnology-based products, sustained-release formulations, and highly effective topical treatments.
Global Market Size
USD 38.2 Billion
Largest Segment
Distal Subungual Onychomycosis (DSO)
Fastest Growth
White Superficial Onychomycosis (WSO)
Growth Rate
5.2%
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The global Onychomycosis Treatment market is segmented based on Type, Treatment Type, Drug Class, Distribution Channel, and Region. Based on Type, the market is divided into Distal Subungual Onychomycosis (DSO), White Superficial Onychomycosis (WSO), Proximal Subungual Onychomycosis (PSO), Candida Onychomycosis, Others. Based on Treatment Type, the market is divided into Drug Treatment, Topical Therapy. Based on Drug Class, the market is divided into Allylamine, Azole, Griseofulvin, and Others. Based on Distribution Channel, the market is divided into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Type
Based on type, the Onychomycosis Treatment market is segmented as Distal Subungual Onychomycosis (DSO), White Superficial Onychomycosis (WSO), Proximal Subungual Onychomycosis (PSO), Candida Onychomycosis. Among these, the Distal Subungual Onychomycosis (DSO) segment held a majority market in the past years and is anticipated to lead over the forecast period owing to its wide preference. It is a commonly used form of onychomycosis and hence, holds a larger share than others. It notably affects the distal area of the mail and is triggered by Trichophyton rubrum. Owing to its high prevalence, the segment is widely demanded for the said treatments.
However, the candida onychomycosis segment will hold a considerable share of the market due to its better impact on patients than others. This type of condition is caused due to candida species and is commonly seen in patients having relatively poor immune system or people who often handle water. Though less common than DSO, candida onychomycosis may hold a leading share due to the growing need for dedicated antifungal treatments.
Analysis by Distribution Channel
Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment is expected to lead the market over the estimated period owing to the availability of medications and other associated facilities. These pharmacies are important for providing prescription medicines, comprising advanced therapies, and oral antifungals therapies that cannot be accessed from over-the-counter. Hospital pharmacies provide medications to patients who urgently need severe or complex treatments, mostly inpatients and dedicated outpatient settings.
On the other hand, the retail pharmacies segment will hold a leading share of the market in the coming years owing to their easy accessibility from OTC. These pharmacies supply a wide range of medications for onychomycosis treatments including lacquers, topical solutions, and other medicines and products. Quick access and convenience of such medications make retail pharmacies suitable for many patients, thus the segment growth.
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Geographically, North America is the dominating region among others and is expected to lead over the forecast period owing to the growing cases of onychomycosis due to many factors like growing prevalence of diabetes, ageing population, and lifestyle changes, especially in the leading nations like Canada and the United States. The growing awareness among the patients and the medical professionals regarding fungal infections of nail is notably contributing to the increased diagnosis and the number of treatment rates. The region is also benefitted by the high-tech healthcare infrastructure, comprising easy access to many treatment options and advanced diagnostic technologies. The key players operating in the region include Bausch Health Companies Inc., Pfizer Inc., Johnson & Johnson Services, Inc. and more.
The onychomycosis treatment market in Asia-Pacific is seen as the fastest-growing region among others due to the growing population diagnosed with onychomycosis and the rising number of patients. Asia-Pacific is witnessing diverse population, comprising nations with higher populations like India and China. This growing population is contributing to the major number of incidences of onychomycosis, thus impacting the treatment demand. Also, rising cases of onychomycosis are growing due to climate conditions, changing lifestyle, and the growing diabetic population. These factors along with enhancing healthcare infrastructure in the region are fueling the market growth.
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Drivers
Growing Awareness, Diagnosis and Incidences of Onychomycosis
Improvements in Treatment Options and Growing Healthcare Spending
Restraints
Limited Efficacy of the Existing Treatments
Slow Diagnosis and Low Awareness
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The global Onychomycosis Treatment market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, onychomycosis treatment market growth is progressing at a notable rate and gaining popularity due to increasing cases of onychomycosis, several treatment options available and more improvements. The market is also fueled by growing healthcare infrastructure in most developing nations across the globe along with increased spending by patients for their treatments. However, the market is negatively impacted by the presently available expensive treatments, and side-effects of the treatment. North America is expected to dominate the market owing to its well-developed advanced healthcare infrastructure and strong research and development capabilities. Nonetheless, a few opportunities seen in the onychomycosis treatment market comprise the development of novel treatment alternatives and improved drug delivery systems.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 38.2 Billion |
Market size value in 2031 | USD 60.0 Billion |
Growth Rate | 5.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Onychomycosis Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Onychomycosis Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35H2265