Onychomycosis Treatment Global Market Set to Experience Significant Growth By 2033 | Hetero Drugs Ltd., Cipla Limited, Lupin Limited, Aarti Drugs Ltd., NATCO Pharma Ltd.

The onychomycosis treatment market size has grown strongly in recent years. It will grow from $3.39 billion in 2023 to $3.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing fungal infections, aging population, public awareness, rising prevalence of onychomycosis, rising disposable incomes.

The onychomycosis treatment market size is expected to see strong growth in the next few years. It will grow to $4.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to aging population, telemedicine expansion, combination therapies, increasing access to healthcare, changing lifestyles and environmental factors, increasing prevalence of diabetes. Major trends in the forecast period include dermatological advancements, drug delivery innovations, personalized treatment plans, topical treatment advances, digital health solutions, laser therapy.

Market Overview -
Onychomycosis treatment refers to the medical interventions and approaches used to manage and cure onychomycosis, a fungal infection that affects the nails, including both the fingernails and toenails. Treating onychomycosis typically involves a combination of topical and oral antifungal medications and preventive measures to reduce the risk of recurrence.

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Surge In Fungal Infections Fueling Growth In The Onychomycosis Treatment Market
The increasing number of fungal infections is expected to propel the growth of the onychomycosis treatment market going forward. Fungal infections are microbial diseases caused by various fungi, affecting different body parts or causing specific conditions. Onychomycosis (a fungal nail infection) is typically treated with oral antifungal medications or topical antifungal solutions to eliminate the underlying fungal growth and restore healthy nail growth. For instance, in March 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, in 2021, 3,270 clinical cases and 7413 screening cases of C. auris were recorded in the United States. Furthermore, in March 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, the total number of deaths from fungal infections increased from 5,922 in 2020 to 7,199 in 2021. Therefore, the increasing number of fungal infections is driving the growth of the onychomycosis treatment market.

Competitive Landscape -
Major players in the onychomycosis treatment market are Johnson & Johnson Services Inc., Bristol-Myers Squibb Company, Viatris Inc., Teva Pharmaceutical Industries Ltd., Hetero Drugs Ltd., Sun Pharmaceutical Industries Limited, Cadila Pharmaceuticals Ltd., Dr. Reddys Laboratories Ltd., Intas Pharmaceuticals Limited, Cipla Limited, Lupin Limited, Glenmark Pharmaceuticals Ltd., Aurobindo Pharma Limited, Alkem Laboratories Limited, Jubilant Life Sciences Ltd., Torrent Pharmaceuticals Ltd., Mankind Pharma Ltd., Biocon Limited, Emcure Pharmaceuticals Limited, Alembic Pharmaceuticals Ltd., Laurus Labs Limited, Strides Pharma Science Limited, Aarti Drugs Ltd., NATCO Pharma Ltd., Unichem Laboratories Ltd., Indoco Remedies Ltd., Apex Laboratories Pvt. Ltd., Wockhardt Ltd., Nuray Chemicals Private Limited.

Increasing Focus On Innovative Product Approval To Gain A Competitive Edge
Major companies operating in the onychomycosis treatment market are focused on developing new products, such as MOB-015 and getting them approved by federal agencies to gain a competitive edge in the market. For instance, in June 2023, Moberg Pharma AB, a Sweden-based pharmaceutical company, received approval for MOB-015 in the European Union for treating mild to moderate fungal infections of the nails in adults. The European Union's approval marks the innovative onychomycosis medication's first global marketing authorization. Two Phase 3 trials supporting MOB-015's approval demonstrated improved mycological cure (76% vs. up to 42% for comparators) and a much greater total cure rate than the vehicle, all without experiencing any serious adverse effects. The topical terbinafine formulation MOB-015 allows effective terbinafine concentrations to reach the nail and nail bed without the risk of systemic exposure associated with oral terbinafine treatment.

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Key Segments -
The onychomycosis treatment market covered in this report is segmented -
1) By Type: Distal Sublingual Onychomycosis; White Superficial Onychomycosis; Proximal Sublingual Onychomycosis; Candida Onychomycosis; Other Types
2) By Treatment Type: Drugs; Laser Therapy; Photodynamic Therapy
3) By Age Group: 0 To 18 Years; 18 To 39 Years; 40 To 64 Years; 65 Years And Above
4) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Other Distribution Channels

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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