Onychomycosis Treatment Market Surpassed US$ 4 Billion with its Growing Prevalence among Women, Reveals a FMI Study

Awareness programs by non-profit organizations about onychomycosis treatment have increased the awareness level among people about onychomycosis treatment in developed economies, which is consequently expected to increase the value of the onychomycosis treatment market. According to latest research by Future Market Insights (FMI), the global onychomycosis treatment market accounted for US$ 4.2 Bn, in terms of value, during 2017. The report on the onychomycosis treatment market further projects significant growth potential with an average year-on-year growth rate pegged at 6.7% over the period 2018-2028.

The prevalence of onychomycosis has been reported as 23% across Europe and 20% in East Asia. In North America, the incidences of onychomycosis is around 14%, and responsible for 50% of all nail infections. The risk of onychomycosis is 1.9 to 2.8 times higher in people with diabetes as compared to the general population. Thus, the increasing prevalence of onychomycosis is a major factor that is expected to push the growth of the onychomycosis treatment market over the forecast period. Changes in the structure of an economy, including industry composition, job tenure, and nature influence labor participation rates and affect the onychomycosis treatment market. Developing regions have a large proportion of contract labor with poor income levels, thus dampening the uptake of treatment for non-life threatening illnesses such as onychomycosis.

Dermatologists and podiatrists are increasingly prescribing combination therapy for onychomycosis treatment. It has been found that, a combination of topical and systemic options for onychomycosis treatment increase the cure rate when compared to a single therapy. Oral antifungal drugs that are used for onychomycosis treatment are prescribed for a period of three months, and later, patients are advised to apply nail lacquers for follow-up sessions. A combination of amorolfine nail lacquer and oral terbinafine is the most commonly used combination therapy being followed currently for onychomycosis treatment.

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The demand for nail lacquers within the onychomycosis treatment market has been on the rise, because of its ease of application. Lacquer stays longer on the nail and penetrates the nail bed better. Besides, people are increasingly reluctant to use oral antifungal drugs because of their associated side effects. However, it has been seen that, after the initial dose of antifungal drugs, nail lacquers are used as a long term follow-up treatment. There is growing competition from generics drugs within the onychomycosis treatment market, once the patent of a particular company expires. There are many generic versions available for branded drugs at much lower costs.

There are many options available for onychomycosis treatment, but the drug is prescribed by physicians is the first line of treatment. The success rate of drugs for onychomycosis treatment is 40-50% as single therapy, whereas, the combination of onychomycosis treatment with photodynamic therapy is the most successful option. Also, the cost of drugs is much cheaper as compared to laser and photodynamic therapy, which has increased its preference among patients seeking onychomycosis treatment.

The drugs segment by treatment type in the onychomycosis treatment market is the leading segment in terms of revenue, and it is estimated to gain more than 80% of revenue share over the forecast period. Distal subungal onychomycosis is the most prevalent type of onychomycosis. Hence, this segment is expected to be a prominent segment by indication in the global onychomycosis treatment market. The prevalence of onychomycosis is much higher in males than females. Therefore, by gender, the male segment is estimated to generate greater revenue than female segment. The availability of favorable reimbursements in the U.S. is fueling the growth of onychomycosis treatment market in North America. Therefore, the North America onychomycosis treatment market had a 45.5% market value share in 2017, and anticipated to reach a market value of US$ 4,142.3 Mn by 2028. FMI’s report tracks some of the prominent companies involved in the onychomycosis treatment market, such as Valeant Pharmaceuticals Inc., Galderma S.A., Novartis AG, Pfizer, Inc., Moberg Pharma AB, Johnson & Johnson Services, Inc., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Medimetriks Pharmaceuticals, Inc., Lumenis Ltd., Biofrontera AG, Bayer AG, and Leo Pharma A/S

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