Press release
Dermatophytic Onychomycosis Therapeutics Market Expanding due to Increasing Aging Population
Dermatophytic onychomycosis, also known as tinea unguium, refers to a fungal infection of the nail. It accounts for more than half of the cases of nail diseases. Due to this disease, nails look thickened, white, opaque, and brittle. Individuals between 60-65 years of age and particularly those with conditions such as diabetes and peripheral vascular disease have increased chances of developing dermatophytic onychomycosis. In the general population, almost 10% of the population is affected by dermatophytic onychomycosis; the condition is usually manifested by severe pain that can impede everyday functioning.The global dermatophytic onychomycosis therapeutics (DOT) market will expand at a CAGR of 7.50% from 2015 to 2021. Due to this, the market’s valuation of more than US$3 bn in 2015 will reach US$4.7 bn by 2021.
U.S., Canada Strong Contenders in Dermatophytic Onychomycosis Therapeutics Market
In the U.S. and Canada, the prevalence of fungal infections in toenails is on the rise, which is one of the major factors driving the DOT market. Thus, North America stands as the largest regional market for dermatophytic onychomycosis therapeutics and the region held a share of more than 43% in the global market in 2014. For the 2015-2021 period, North America will exhibit the highest CAGR of 9.20% in the global market for dermatophytic onychomycosis.
Across the globe, increased awareness, coupled with increased healthcare expenditure from both healthcare agencies and individuals, is also a significant factor driving this market. Rising per capita income, increasing inclination among consumers to maintain nail aesthetics, and consistent product innovations are significantly contributing to the market’s progression.
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However, anti-fungal drugs are associated with side effects, which is impeding the development of this market. In the under-developed regions of Asia Pacific, Latin America, and the Middle East and Africa, lack of education is another reason for the lack of awareness of the disease, which goes unnoticed many times. This is a reason restraining the development of the market as well.
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Nail Paint Dominates Product Segment of Global Market
The product segments of the dermatophytic onychomycosis therapeutics market are tablets and nail paints. Each segment is further sub-divided into over-the-counter and prescription products. Of the two product segments, it is the nail paint segment that will contribute a significant revenue to the global market; between 2015 and 2021 the nail paint product segment will expand at the faster CAGR of 8.30%.
On the basis of treatment, topical and oral therapy are the segments of this market. Between the two, the topical segment will be ahead and will account for almost 70% of the global market by 2021. By distribution channel, hospitals, independent pharmacies, drug stores, and mail order pharmacies are the segments of the global market for dermatophytic onychomycosis therapeutics. Of all, in 2014, drug stores contributed the highest revenue of US$1.3 bn, which represented a share of close to 47% in the global market. Independent pharmacies stood as the second largest distribution channel and accounted for almost 20% revenue of the market in 2014.
Key players that operate in the global market for dermatophytic onychomycosis therapeutics are Valeant Pharmaceuticals Inc., Novartis AG, Moberg Pharma AB, Anacor Pharmaceuticals Inc., Galderma S.A., Pfizer Inc., and Johnson & Johnson Services Inc.
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