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Onychomycosis Market Dynamics, Growth Drivers, Market Constraints and Challenges 2024

08-30-2024 08:41 AM CET | Health & Medicine

Press release from: Precision Business Insights

Onychomycosis Market Dynamics, Growth Drivers, Market

According to Precision Business Insights (PBI), the latest report, the onychomycosis market was valued at USD 4,206.8 million in 2023 and is expected to grow at a 3.8% CAGR from 2024 to 2029. Increasing diagnosis of fungal nail infections has raised awareness of fungal infections of the nails. In addition, increasing awareness of onychomycosis among podiatrists and dermatologists has led to an increase in demand for effective medications. The above factors are among the major growth drivers for the market. Healthcare professionals base their treatment decisions on evidence-based practices and clinical guidelines. As new and effective therapeutics are introduced and supported by clinical data, podiatrists and dermatologists are more likely to adopt these treatments. Podiatrists and dermatologists are trusted medical advisors for people suffering from onychomycosis. Their recommendations carry a lot of weight, and patients are more inclined to stick to the therapies they've been given, which increases demand for recommended medications. The majority of the global population is concerned about the effects of having a nail infection, particularly diabetic patients (onychomycosis raises the risk of other foot diseases in those with diabetes).

View Full Report: https://www.precisionbusinessinsights.com/market-reports/onychomycosis-market

The Onychomycosis Market Detailed Segmentation:
Based on the molecule type, the market is segmented into the following:
• Amorolfine
• Ciclopirox
• Efinaconazole
• Fluconazole
• Griseofulvin
• Itraconazole
• Tavaborole
• Terbinafine
• Luliconazole

Based on the molecule type, the global Onychomycosis market segmented into amorolfine, ciclopirox, efinaconazole, fluconazole, griseofulvin, itraconazole, tavaborole, terbinafine, luliconazole. Molecule type, including terbinafine and efinaconazole, hold the majority share of the market at 41.5% in 2023. Both terbinafine and efinaconazole have been proven to be effective in treating onychomycosis in clinical studies. They work by inhibiting the growth of the fungi responsible for the infection, leading to improvement or clearance of the infection in many patients. Both terbinafine and efinaconazole are available in various formulations, including topical solutions and oral tablets. This provides flexibility in treatment options, allowing healthcare providers to tailor therapy to the individual needs of each patient.

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Based on the route of administration, the market is segmented into the following:
• Oral
• Topical

Based on the route of administration, the global Onychomycosis market segmented into oral and topical. Topical in route of administration segment lead with 69.9% market share in 2023. Topical medications generally have fewer systemic side effects compared to oral medications. Since onychomycosis primarily affects the nails, topical treatments can deliver medication directly to the affected area without exposing the entire body to potentially unnecessary medication. Topical treatments can penetrate the nail bed and surrounding tissue more effectively than oral medications, allowing for more targeted delivery of the antifungal agent to the site of infection.

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

North America is a significant player in the global Onychomycosis market accounted for 32.2% revenue share in 2023. The United States and Canada have been prominent in the Onychomycosis market due to factors such as high healthcare spending, advanced medical infrastructure, and a relatively high prevalence of onychomycosis. Additionally, these regions often see significant pharmaceutical research and development, leading to the introduction of new treatment options. Presently, the prevalence of dermatophytic onychomycosis in North America is estimated to range between 12% and 15%. The increased prevalence of dermatophytic onychomycosis in North America is attributed to several risk factors associated with predisposition to onychomycosis, which include increasing age, exposure to damp communal areas (e.g., gyms, swimming pools), diabetes mellitus, poor peripheral circulation, and tinea pedis. Subsequently, the prevalence of dermatophytic onychomycosis is observed to be the highest among the U.S. population. The aging population in North America is more susceptible to fungal infections due to factors like decreased circulation, compromised immune systems, and slower nail growth, making them more prone to onychomycosis. Athletes and people engaging in physical activities that involve sweating and frequent exposure to moist environments are more susceptible to fungal infections, including onychomycosis.

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Strategic Expansion, Acquisitions, Launches and Approvals are the key Strategies Adopted by Market Players:
The market players in the Onychomycosis market adopt a combination of these strategies to stay competitive, drive growth, and capitalize on opportunities in the dynamic pharmaceutical landscape. This includes acquisitions and drug approvals among the key market players to expand their presence in the global Onychomycosis market. For instance,

In December 2023, Lupin Ltd, a leading pharmaceutical company based in India, has recently acquired a portfolio of established products in Europe and Canada from Sanofi. The acquisition, valued at EUR 10 million, was facilitated through Lupin Atlantis Holdings SA, Switzerland, a wholly-owned subsidiary of Lupin Ltd. The asset purchase agreement was signed with Sanofi, a renowned French multinational pharmaceutical and healthcare company, as stated in a regulatory filing by Lupin.

In May 2022, Almirall S.A., a worldwide biopharmaceutical corporation specializing in skin health, has disclosed the submission of regulatory documents for efinaconazole, a triazole antifungal compound recommended for addressing mild-to-moderate fungal nail infections in adults and children aged 6 years and above. This submission has been made in Germany and Italy under the European decentralised procedure, with the German regulatory authority serving as the Reference Member State.

Key players profiles in the Onychomycosis Market report are Novartis AG, Galderma S.A., Bausch Health Companies Inc., Pfizer Inc., Bayer AG, GlaxoSmithKline plc, Janssen Pharmaceuticals, Inc., Dr. Reddy's Laboratories, Lupin Ltd. , Kaken Pharmaceutical Co., Ltd., Almirall, S.A

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Mr. Satya
Precision Business Insights | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
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About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to delivering more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

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