Onychomycosis treatment market

The global onychomycosis treatment market was valued at US$ 2,859.8 Mn in 2021 and is forecast to reach a value of US$ 4,185.4 Mn by 2028 at a CAGR of 5.7% between 2022 and 2028. The market is experiencing strong growth owing to the risk of onychomycosis in diabetic patient and growing geriatric population worldwide. Moreover, rise in demand for safe and effective treatment and increase in focus on the development of novel onychomycosis treatments is expected to boost the growth of the market. However, factors such as side effects of onychomycosis treatment and Availability of alternative treatment options are expected to hamper growth of the market.

Global Onychomycosis Treatment Market: Regional Insights

Based on geography, the onychomycosis treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rising prevalence of onychomycosis in adults/elderly population and increasing awareness among people about safe and effective treatment in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), fungal nail infections, onychomycosis, are very common. They may affect up to 14% of the general population. Fungal toenail infections are more common than fungal fingernail infections. This in turn is expected to increase the demand for onychomycosis treatment in the United States.

Asia Pacific is also expected to witness significant growth in the global onychomycosis treatment market due to the increasing prevalence of onychomycosis and growing geriatric population in the region. For instance, onychomycosis is found more frequently in elderly population, and in more males than females. India’s elderly population (aged 60 and above) is expected to reach 194 million in 2031 from 138 million in 2021, a 41 per cent increase over a decade, according to the National Statistical Office (NSO)’s Elderly in India 2021 report. This in turn is expected to increase demand for onychomycosis treatment in India.

Figure 1. Global Onychomycosis Treatment Market Share (%), by Region, 2022

Global Onychomycosis Treatment Market Drivers:

Risk of onychomycosis in diabetic patient or increase in prevalence of diabetes across the globe is expected to boost growth of the global onychomycosis treatment market over the forecast period. For instance, onychomycosis is more common in diabetics than non-diabetics, and diabetics are at greater risk of serious complications from onychomycosis. According to the International Diabetes Federation (2021 report), around 537 million adults (20-79 years) are living with diabetes, 1 in 10. This number is expected to rise to reach 643 million by 2030 and 783 million by 2045. This in turn is expected to aid in the growth onychomycosis treatment market.

Growing geriatric population worldwide is expected to drive growth of the global onychomycosis treatment market during the forecast period. For instance, onychomycosis is found more frequently in adults and elderly population, and in more males than females. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (around 2.1 billion) by 2050. Globally, the population aged 65 and over is growing faster than all other age groups. This in turn is also expected to propel the growth of the market.

Global Onychomycosis Treatment Market Opportunities:

Rise in demand for safe and effective onychomycosis treatment is expected to provide significant growth opportunities for players in the global onychomycosis treatment market. For instance, with the increase in incidence of onychomycosis and increase in awareness among people, the demand for safe and effective treatment is also increasing. In July 2021, Lupin received approval from the U.S. Food and Drug Administration (FDA) to manufacture and market a drug (Tavaborole Topical Solution) to treat Onychomycosis. It is an oxaborole antifungal indicated for the topical treatment of onychomycosis of the toenails due to Trichophyton rubrum or mentagrophytes.

Increase in focus on the development of novel/innovative onychomycosis treatments is expected to provide lucrative growth opportunities for players in the onychomycosis treatment market. For instance, players in the market are focusing on launching novel/innovative treatments in the market for safe and effective onychomycosis treatment. In April 2020, TheOTCLab launched the FungeX range for innovative nail fungus treatments. The product was unique and patented application and provides eight hours of treatment while patients suffering from onychomycosis were asleep. This in turn is expected to propel the growth of the market.

Global Onychomycosis Treatment Market Trends:

With the increase in demand for safe and effective treatment, the number of clinical trials around the world is also increasing with the rapid pace. Players in the market are focusing on conducting clinical trials to expand their product portfolio. Market players are launching safe, effective, novel onychomycosis treatments to treat onychomycosis. This trend is expected to continue during the forecast period, driving the growth of the market.

Moreover, one of the major trend driving the onychomycosis treatment market growth is the rise in prevalence of onychomycosis and rise in awareness among people. For instance, several studies have shown that the prevalence of onychomycosis increases with the age, possibly due to diabetes mellitus, poor peripheral circulation, prolonged exposure to pathogenic fungi, and repeated nail trauma, among others. This trend is also expected to continue during the forecast period, driving the growth of the global onychomycosis treatment market.

Global Onychomycosis Treatment Market Restraints:

Side effects of onychomycosis treatment (onychomycosis drugs) is expected to hamper the growth of the global onychomycosis treatment market. For instance, the most commonly used oral drugs for onychomycosis treatment are terbinafine, griseofulvin, ketoconazole, and itraconazole, among others. Some of the most common side effects are redness, rash, itching, mild burning sensations, feeling sick, diarrhea, indigestion, abdominal pain, and change in taste. However, these side effects are usually mild and only last for a short period of time.

Availability of alternative treatment options is expected to hinder growth of global onychomycosis treatment market. For instance, availability of alternative treatment options, such as tea tree oil and Vicks Vapour Listerine for the treatment of nail infections is also expected to restrain the growth of the global onychomycosis treatment market.

Figure 2. Global Onychomycosis Treatment Market Share (%), by Treatment Type, 2022

Global Onychomycosis Treatment Market Segmentation:

The global onychomycosis treatment market report is segmented into Treatment Type, Type, and Geography.

Based on Treatment Type, the onychomycosis treatment market is segmented into Drugs, Laser Therapy, and Photodynamic Therapy. Out of which, Drugs Segment is expected to dominate the onychomycosis treatment market over the forecast period and this is attributed to the increase in demand for onychomycosis drugs. Onychomycosis drugs are typically the first-line treatment for confirmed onychomycosis.

Laser Therapy Segment is also expected to witness significant growth in the near future and this is due to the increase in preference for laser therapy. Laser treatment offers more promising therapy to treat onychomycosis in diabetics, elderly patients with drug intolerance, and people with kidney and liver disease due to lesser side effects associated with it.

Based on Type, the market is segmented into Distal Subungual Onychomycosis, White Superficial Onychomycosis, Proximal Subungual Onychomycosis, and Other Types. Out of which, Distal Subungual Onychomycosis Segment is expected to dominate the market over the forecast period and this is attributed to the rise in prevalence of onychomycosis. Distal subungual onychomycosis (DSO) is the most common form of onychomycosis.

White Superficial Onychomycosis Segment is also expected to witness significant growth in the near future and this is owing to the increase in cases of white superficial onychomycosis. It is most frequently seen in toenails and is primarily caused by T. mentagrophytes, which possess enzymes that allow it to digest and invade the nail plate directly.

Global Onychomycosis Treatment Market: Key Developments

In April 2020, Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, announced that the U.S. Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for JUBLIA (efinaconazole) topical solution, 10%, to treat onychomycosis, a fungal infection of the toenails.

In June 2019, Galderma SA, and the European Society for Dermatological Research (ESDR) and healthcare companies LEO Pharma and Celgene, joined forces to find the Skin Science Foundation (SSF) in Geneva, Switzerland. This will accelerate next generation skincare by using cutting-edge science to better understand skin health and its transition to disease.

Global Onychomycosis Treatment Market: Key Companies Insights

The global onychomycosis treatment market is highly competitive. This is attributed to the rise in demand for safe and effective treatment, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Onychomycosis is a fungal infection of the toenails or fingernails that may involve any component of the nail unit. For onychomycosis treatment, drugs remain the first-line treatment choice and hold a major market share owing to a consistently high success rate.

Detailed Segmentation:

• Global Onychomycosis Treatment Market, By Treatment Type:
  • Drugs
  • Laser Therapy
  • Photodynamic Therapy
• Global Onychomycosis Treatment Market, By Type:
  • Distal Subungual Onychomycosis
  • White Superficial Onychomycosis
  • Proximal Subungual Onychomycosis
  • Other Types
• Global Onychomycosis Treatment Market, By Geography:
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America