Onychomycosis Market

Growing Prevalence of dermatophytic onychomycosis to boost market growth

Onychomycosis' increasing incidence is one of the major factors propelling the market's expansion. Infection of the toenail onychomycosis is far more common than that of the fingernails. The market is anticipated to be driven by the rising prevalence of dermatophyte-caused nail fungal infections and a significant rise in prescriptions. Over 10% of the world's population has onychomycosis, with 35–40 million Americans suffering nail fungus, according to a press release from Moberg Pharma AB. Throughout the anticipated period, this is anticipated to boost demand for the market for treating dermatophytic onychomycosis.

A further factor contributing to the rise in dermatophytic infection is the rising incidence of diabetes. The World Diabetes Federation estimates that 463 million people worldwide will have diabetes in 2019, which will help the industry grow.

Because onychomycosis infections are so common worldwide, the necessity for treatments is widely acknowledged. Small research-based pharmaceutical and biotechnology companies are frequently in charge of R&D, while more prominent players are commonly concentrated on more lucrative goods. Also, larger businesses are expanding their antifungal drug portfolio through acquisition tactics. For instance, Pfizer said in November 2021 that it would be making significant expenditures in R&D for antibacterial and antifungal medications to bring new products to market. R&D initiatives are predicted to be accelerated by such spending.

Commercially accessible antifungal medicines include a sizable variety of tablets, creams, sprays, injections, and oral and topical medications. High demand for these goods and higher acceptance are expected throughout the projected period to promote market expansion for therapies. Therefore, such medical condition has enhanced the market CAGR of Onychomycosis across the globe in the recent years.

The aging demographic is a significant driver of the Global Onychomycosis Market Industry. As the global population ages, the incidence of onychomycosis is likely to rise due to factors such as decreased immunity and poor circulation among older adults. This demographic shift is expected to create a larger patient base requiring treatment, thereby stimulating market growth. The increasing number of elderly individuals, particularly in developed countries, suggests a sustained demand for antifungal therapies, contributing to the projected CAGR of 4.91% from 2025 to 2035.

Increased awareness and education regarding onychomycosis are vital factors influencing the Global Onychomycosis Market Industry. Public health campaigns and educational initiatives by healthcare organizations aim to inform individuals about the symptoms, risks, and treatment options available for fungal nail infections. As awareness grows, more patients are likely to seek medical advice and treatment, thereby expanding the market. This trend is particularly evident in regions where healthcare access is improving, leading to a projected market value of 7.07 USD Billion by 2035, indicating a robust demand for effective solutions.

Innovations in antifungal therapies and treatment modalities are propelling the Global Onychomycosis Market Industry forward. Recent developments include the introduction of novel oral and topical antifungal agents that demonstrate enhanced efficacy and reduced side effects. For instance, the emergence of laser therapy as a non-invasive treatment option has garnered attention for its potential to eradicate fungal infections effectively. These advancements not only improve patient outcomes but also drive market growth, as healthcare providers and patients increasingly adopt these new therapies in their treatment regimens.

Rising healthcare expenditure across various regions is positively impacting the Global Onychomycosis Market Industry. Governments and private sectors are investing more in healthcare infrastructure and services, leading to improved access to treatments for onychomycosis. This increase in funding allows for better diagnostic tools and treatment options, which may enhance patient outcomes. As healthcare systems evolve and expand, the market is likely to benefit from increased patient engagement and treatment adherence, further driving growth in the coming years.

The increasing incidence of onychomycosis globally is a primary driver for the Global Onychomycosis Market Industry. It is estimated that approximately 10% of the population suffers from this fungal nail infection, with rates rising in older adults due to age-related factors. This growing prevalence is expected to contribute significantly to the market's expansion, as more individuals seek treatment options. The Global Onychomycosis Market Industry is projected to reach 4.17 USD Billion in 2024, reflecting the urgent need for effective therapies and interventions to address this widespread condition.

The analysis provides market information for North America, Asia-Pacific, Europe, and the rest of the world, organised by region. The North America Onychomycosis market is expected to exhibit a significant CAGR growth during the study period. Due to the region's increased senior population, high cost of medications, and rising rates of onychomycosis and diabetes in the patient population. In 2020, the Census Bureau projected that more than 55 million Americans are 65 or older, with one-fourth of them residing in one of the three states of California, Florida, or Texas.

The remaining seven states—Georgia, Illinois, Michigan, and New York—represent another quarter of the population 65 and over.

Further, the significant countries studied in the market report are The U.S., Italy, Canada, Germany, France, the UK, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ONYCHOMYCOSIS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's Onychomycosis market accounts for the second-largest market share. Due to the rising incidence of onychomycosis, favorable health reimbursement policies, and enhanced distribution of OTC medications through partnerships with retail pharmacies like Walmart, Walgreens, and others, the need for dermatophytic onychomycosis therapy is projected to increase. Further, the Germany market of Onychomycosis held the largest market share, and the UK market of Onychomycosis was the fastest-growing market in the European region

From 2024 to 2032, the fastest CAGR is anticipated to be seen in the Asia-Pacific Onychomycosis Market. This is proliferating due to new product introductions, an increase in diabetes incidence, and a rise in the number of older adults. Jublia will be made available as a treatment for dermatophytic onychomycosis in Hong Kong starting in March 2020, according to Kaken Pharmaceuticals Co., Ltd. This is anticipated to stimulate the Asia Pacific market. The market in the rest of the globe is being driven by factors such as expanding distribution networks, growing patient awareness, and rising health spending.

Moreover, the China market of Onychomycosis held the largest market share, and the India market of Onychomycosis was the fastest-growing market in the Asia-Pacific region.

Top market companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the onychomycosis industry.  With significant market developments like new product releases, mutual arrangements, mergers and acquisitions, more significant investment, and partnerships with other companies, market participants are also undertaking various strategic activities to expand their global presence. To grow and compete in a more cutthroat and competitive market climate, Onychomycosis business competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the leading business tactics companies use in the global onychomycosis industry to benefit customers and expand the market sector. In recent years, Onychomycosis industry has provided medicine with some of the most significant benefits. Major players in the onychomycosis industry, including Almirall S.A., HUYABIO International, and others, are attempting to increase market demand by funding R&D initiatives.

Founded in 1943, the Spanish pharmaceutical company Almirall, S.A. has its main office in Barcelona. It had a total revenue of €859.3 million in 2016, making it Spain's top pharmaceutical business in terms of R&D investment. In September 2021, Alembic Pharmaceuticals Limited (Alembic) announced that its joint venture Aleor Dermaceuticals Limited (Aleor) had received tentative approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Efinaconazole Topical Solution for the treatment of onychomycosis in the toenail.

Also, HUYABIO has developed into a pioneer in bringing China's pharmaceutical innovation abroad. Using the skills of Chinese researchers and advancing their discoveries is necessary to meet the problem of unmet medical needs in the future.  In September 2021, For the treatment of onychomycosis, HUYABIO International and its joint venture, Tianjin Institute of Pharmaceutical Research, submitted an NDA for Jublia, which contains the drug efinaconazole.