Onychomycosis is a fungal infection of the toenails or fingernails that may involve any component of the nail unit. Therapeutic options for onychomycosis include oral antifungal medicines, topical antifungal drugs, laser therapy, and physical interventions. For treatment, drugs remain the first-line treatment choice and hold a major market share owing to the consistently high success rate. A 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. The newer generation of oral antifungal agents (itraconazole and terbinafine) has replaced older therapies in the treatment of onychomycosis.
Market Statistics:
The Global Onychomycosis Treatment Market is estimated to account for US$ 3,008.5 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for safe and effective treatment around the world is expected to propel growth of the global onychomycosis treatment market over the forecast period. For instance, with the rise in prevalence of onychomycosis and increase in awareness among people, the demand for safe and effective treatment is also increasing rapidly. In July 2022, Zydus Lifesciences received approval from the U.S. health regulator (Food and Drug Administration) to market antifungal Efinaconazole Topical solution. Efinaconazole is an antifungal used for the topical treatment of Onychomycosis of the toenails due to Trichophyton rubrum and Trichophyton mentagrophytes.
Opportunities:
Increase in prevalence of onychomycosis, especially in geriatric population, worldwide is expected to offer significant growth opportunities for players in the global onychomycosis treatment market. For instance, onychomycosis occurs in about 10 percent of the adult population, with older people more frequently affected. Males are affected more often than females. According to 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.
Restraints:
Availability of alternative treatment options and side effects of onychomycosis treatment/drugs is expected to hamper growth of the global onychomycosis treatment market. For instance, some of the most common side effects are redness, rash, itching, diarrhea, mild burning sensations, feeling sick, indigestion, abdominal pain, and change in taste. However, these side effects are usually mild and last only for a short time. Moreover, availability of alternative treatment options, such as Vicks Vapour Listerine and tea tree oil for the treatment of nail infections is also expected to restrain the growth of the global onychomycosis treatment market.
Global Onychomycosis Treatment Market - Impact of Coronavirus (Covid-19) Pandemic:
Onychomycosis was a significant independent risk factor for COVID-19 severity, hospitalization, and receiving supplemental oxygen therapy. Several elective procedures/treatments were cancelled worldwide during the first wave of the pandemic, as they were categorized as non-essential. Non-urgent in-patient visits were also cancelled/postponed due to the outbreak of COVID-19. However, telemedicine was used to handle some elements of onychomycosis diagnosis/treatment. In short, the pandemic has had a severe impact on the growth of the market.
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Key Takeaways:
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.
Among treatment type, drugs segment held dominant position in the global onychomycosis treatment market in 2021, accounting for 80.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the major trend driving the growth of the onychomycosis treatment market is the increase in the number of clinical trials across the globe due to increase in the prevalence of onychomycosis. Several studies have shown that the prevalence of onychomycosis increases with the age, owing to several factors, such as diabetes. Thus, market players are focusing on developing and launching safe and effective treatments to treat onychomycosis. This trend is also expected to continue during the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global onychomycosis treatment market include Lumenis Ltd., Cipla Ltd., Bayer AG, Johnson & Johnson, Moberg Pharma AB, Pfizer Inc., Novartis, Galderma, Dr. Reddys Laboratories Ltd., Medimetriks Pharmaceuticals Inc., and Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), among others.
Recent Developments:
In June 2020, Moberg Pharma presented top line results from the second of two clinical Phase 3 studies for MOB-015. Its superior mycological cure (percentage of patients who were fungus-free) has been demonstrated in two pivotal studies, providing further support for the company’s target to make MOB-015 the future market leader in onychomycosis.
In January 2020, Novartis AG (Sandoz) completed the acquisition of Aspen Global Incorporated (AGI), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited.
In December 2019, MOBERG PHARMA AB met a primary endpoint for MOB-015 in a phase III clinical study for the treatment of onychomycosis.
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