Dermatophytic Onychomycosis Treatment Market To Touch US$ 7,851.4 Million By 2027 At A 9.5% CAGR | Generated Opportunities For Growth
Overview
Dermatophytic Onychomycosis is a dermatophyte-caused fungal nail infection. Dermatophytes are fungus that grow only on keratin. The most common nail infection is Dermatophytic Onychomycosis, which affects both fingernails and toenails.
By 2027, the global dermatophytic onychomycosis treatment market is expected to be worth US$ 7,851.4 million.
Drivers
The growing incidence of dermatophytic onychomycosis is expected to propel the global dermatophytic onychomycosis treatment market forward during the forecast period. A study was published in the journal Dermatology Research and Practice in October 2018 which found that dermatophytosis was prevalent in Ethiopia at 66.98 percent.
Furthermore, the rising incidence of psoriasis is projected to drive market expansion. Research published in the journal Advances in Dermatology and Allergology in April 2018 called “The incidence and etiological variables of onychomycosis in psoriatic patients” found a very high frequency of onychomycosis in psoriatic patients.
In terms of value, the North America region dominated the global dermatophytic onychomycosis treatment market in 2018, with a 45.8 percent share.
Restraints
Complications of antifungal medications used to treat dermatophytic onychomycosis include stomach discomfort, dizziness, headache, and nausea. Furthermore, topical agents produce a rash and itching in the skin around them. The global dermatophytic onychomycosis treatment market is poised to be hampered by these adverse effects.
Furthermore, the accessibility to other treatment alternatives for nail infections, such as Vicks Vapour Listerine and tea tree oil, is estimated to stymie growth of the global dermatophytic onychomycosis treatment market.
Opportunities
The detection of the pathogen in onychomycosis, at least at the genus level, is critical for dermatophytic onychomycosis therapy prescription. The development of dermatophyte strip tests for quick detection and diagnosis of the illness might be a priority for market leaders.
Participants in the global dermatophytic onychomycosis treatment market may expect attractive development prospects as the geriatric population grows. Onychomycosis of the toenails is prevalent in adults over the age of 60. The share of the world’s population over 60 years old was 12 percent in 2015, according to the World Health Organization, and is predicted to rise to 22 percent by 2050.
The Nail Paints section of the global dermatophytic onychomycosis treatment market was worth US$ 2,713.0 Mn in 2018 and is anticipated to grow at a CAGR of 9.5 percent to US$ 6,086.0 million by 2027.
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Market Trends
The global dermatophytic onychomycosis treatment market is seeing an increase in mergers and acquisitions. Viamet Pharmaceuticals, for example, entered into a purchase agreement with NovaQuest Capital Management, L.L.C. in January 2018.
Clinical studies are being conducted by key industry players in order to increase their product range. At the Winter Clinical Dermatology Conference in January 2018, Novan stated that it would present Phase II effectiveness and safety data for SB208, a cosmetic silicone-based gel under development for the treatment of yeast skin infections and fingernails.
Competitive Landscape
Key companies contributing in the global dermatophytic onychomycosis treatment market are Moberg Pharma AB, Novartis AG, Galderma S.A., Valeant Pharmaceuticals International Inc., Novan, Inc., NovaQuest Capital Management, LLC, Anacor Pharmaceuticals, Inc., Pfizer Inc., and Janssen Global Services, LLC.
Key Developments
Drug studies are being conducted by key industry players in order to increase their product offering. MOB-015 (topical terbinafine) fulfilled both primary and major secondary objectives of the clinical Phase 3 trial that examined the effectiveness and safety of MOB-015 in patients with mild to moderate distal subungual onychomycosis, according to Moberg Pharma AB.
Major players are also concentrating on gaining product distribution rights in order to increase their market share. In September 2018, Cipher Pharmaceuticals Inc. obtained exclusive rights in Canada to market, advertise, sell, and distribute MOB-015 for the treatment of onychomycosis from Moberg Pharma.
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