The onychomycosis market estimated to be valued at USD USD 2730. 72 million in 2020 and is expected to reach approximately USD 3781. 42 million in 2026, registering a CAGR of nearly 5. 75% during the forecast period.
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Onychomycosis Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062858/?utm_source=GNW
Prior to the COVID-19 pandemic, clinical examination, dermoscopy, and mycological examination were recommended for all patients with suspected onychomycosis. However, with the spread of the COVID-19 pandemic, non-urgent in-person visits are being deferred, and telemedicine may be utilized to address some aspects of onychomycosis diagnosis and treatment. Telemedicine may be appropriately utilized to assess patients with suspected onychomycosis, but it is better optimized for patients with prior mycological confirmation.
Hence, the market is expected to witness a short-term disruption due to the COVID-19 pandemic. However, the revenue growth rate is expected to recover during the forecast period, and the global onychomycosis market is estimated to digit growth trajectory.
Onychomycosis, also known as tinea unguium, is a fungal infection of the fingernails or toenails that may involve any component of the nail unit, including the matrix, bed, or plate. This may cause pain, disfigurement, and discomfort and may produce serious issues, and results in reducing the quality of life. Onychomycosis is of different types such as superficial onychomycosis, distal and lateral subungual onychomycosis, proximal subungual onychomycosis, endonyx onychomycosis, and total dystrophic onychomycosis. Onychomycosis accounts for one-third of fungal skin infections because only about one-half of nail dystrophies are caused by fungus.
Increasing the geriatric population, rising prevalence of onychomycosis, and diabetic population worldwide and growing awareness about the potential threats of onychomycosis are the key driving factors in the onychomycosis treatment market.In addition, according to the United Nations Department of Economics and Social’s 2019 report, by 2050, 1 in 6 people around the world will be over the age of 65 (16%), up from 1 in 11 people in 2019 (9%). By 2050, 1 in 4 persons living in Europe and North America could be aged 65 years or above. The number of persons aged 80 years and above is projected to triple, from 143 million in 2019 to approximately 426 million in 2050.?
Key Market Trends
The Drugs Segment is Expected to Hold a Major Market Share in the Onychomycosis Treatment Market
Some of the drugs available for the treatment of onychomycosis are terbinafine, ciclopirox, Jublia, fluconazole, Penlac, Ciclodan, ketoconazole, Sporanox, itraconazole, Kerydin, efinaconazole, griseofulvin, and so on. For onychomycosis treatment, drugs remain the first-line choice of treatment with major market share owing to a consistently high success rate.
As per Elewski and Charif onychomycosis report, states that approximately 40% of the elderly population have onychomycosis. Moreover, a reduction in nail growth rate ranges from about 40% to 60% in persons more than 65 years of age. Furthermore, onychomycosis affects approximately 2% to 26% of different populations globally. Moreover, less than 30% of infected individuals with onychomycosis seek medical advice or treatment in developed countries.
The drugs segment holds a significant market share in the onychomycosis treatment market and is anticipated to show a similar trend over the forecast period due to the highly effective and easy availability of the products. In February 2019, Moberg Pharma entered into a license agreement granting the Consumer Health division of Bayer exclusive European rights to MOB-015, a new topical treatment of onychomycosis based on Moberg’s patented proprietary formulation of terbinafine. Bayer will be marketing, distributing, and selling MOB-015 in Europe upon completion of Phase III clinical development and registration.
Morover, with the COVID 19 pandemic, distribution of the drugs has been disrupeted all over the world due to the supply chain disruptions and expected to have impact in 2020, however, in late 2020 , 2021 and further years, market is for onychomycosis expected to recover and expected to show positive growth over the period.
North America is Expected to Hold a Significant Share in the Market in the Forecast Period
North America is expected to hold a major market share in the global onychomycosis treatment market due to high drug costs, rising geriatric population, increasing prevalence of onychomycosis, and diabetic patient population in this region. According to the United States Census Bureau 2019 Population Estimates, the 65-and-older population grew by 3.2% (1,688,924) from 2018 to 2019 to reach over 54 million. In people aged 65 years and older, the prevalence of diabetes was found to be 26.8% (total diabetes prevalence).
The reasons for the age-related increase in onychomycosis include a variety of factors, like repeated nail trauma, poor peripheral circulation, diabetes, suboptimal immune function, longer exposure to pathogenic fungi, inactivity, or the inability to cut the toenails or maintain good foot care. Various strategies, such as research and development, mergers and acquisitions, and product launches, are being adopted by domestic companies to strengthen their market position.
In October 2020, United States-headquartered Pfizer Inc. announced that it had begun clinical studies concerning onychomycosis. The first one involved a study in determining whether the AN2690 topical solution is an effective treatment for onychomycosis of the toenail. The second one was an open-label study to evaluate the safety and pharmacokinetics of tavaborole 5% topical solution to treat distal subungual onychomycosis of the toenail in both children and adolescents.
On the other hand COVID 19 pandemic has resulted decreased diagnosis and impacted the sales revenue of drugs and other treatment methods for onychomycosis as there is focus of hospitals and primary care centers for COVID 19 patients .
The onychomycosis treatment market is fragmented competitive and consists of several major players. Companies are focusing on developments, collaborations, new product launches and to strengthen their market position. For instance, In April 2020, the United States Food and Drug Administration expanded the approval of Jublia manufactured by Bausch Health. Jublia is a topical solution use in the treatment of onychomycosis of the toenail(s) in patients aged six years and above.
Some of the players which are currently dominating the market are Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), Galderma SA, Novartis AG, Pfizer Inc., Moberg Pharma AB, Johnson & Johnson, Bayer AG, Dr. Reddy’s Laboratories Ltd, Cipla Ltd, Medimetriks Pharmaceuticals Inc., and Lumenis Ltd.
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