The Rising Prevalence Of Diabetes And Onychomycosis To Boost The Onychomycosis Treatment Market Growth

 

Onychomycosis Treatment Market

The Onychomycosis Treatment Market is segmented by Treatment Type (Drugs, Laser Therapy, and Photodynamic Therapy), Type (Distal Subungual Onychomycosis, White Superficial Onychomycosis, Proximal Subungual Onychomycosis, and Other Types), by Region (Europe, North America, Asia Pacific, Africa, Latin America and Middle East) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Onychomycosis Treatment Market was valued at US$ 2,859.8 Mn in 2021 and is forecast to reach a value of US$ 4,185.4 Mn by 2028 at a CAGR of 5.7% between 2022 and 2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fungal nail inflammation is called as Onychomycosis. They may impact around 14% of the common populace. Fungal toenail illness are very usual compared to onychomycosis. Onychomycosis can be tough for treatment, and therapy is very effective while initiated at early stage. Onychomycosis usually do not go away on their own, and the best therapy is generally curing using antifungal pills orally.

Competitive Landscape:

Major players involved in the growth of global Onychomycosis Treatment Market are Moberg Pharma AB, Bausch Health Companies Inc., Galderma SA, Novartis AG Medimetriks Pharmaceuticals Inc., Johnson & Johnson, Cipla Ltd, Pfizer Inc., Bayer AG, and Lumenis Ltd.

Market Key Drivers:

The rising prevalence of diabetes and onychomycosis is expected to augment the growth of global Onychomycosis Treatment Market. For instance, as per 300 million people are affected by onychomycosis across the globe.

The rising geriatric population is projected to propel the growth of the global Onychomycosis Treatment Market. For instance, as per WHO, by 2030, one out of every six individuals on the globe will be aged 60 years or above.

Covid-19 Impact Analysis:

The Covid-19 outbreak is expected to adversely affect the growth of the global Onychomycosis Treatment Market as there was a strict imposition of lockdown and social distance measures. The surge in pandemic cases led the physicians focus towards attending Covid-19 patients which resulted in the less hospital visits and appointments. The restriction in movement of people from one place to another impede the market growth.

Key Takeaways:

The global Onychomycosis Treatment Market is anticipated to exhibit a CAGR of 5.7% during the forecast period due to the rising approvals and product launches. For instance, in July 2021, Lupin approved the introduction of Tavaborole Topical Solution 5% in the US by USFDA. 

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Onychomycosis Treatment Market due to rising Onychomycosis cases, rise in diabetic population, rising innovations for the product expansion and increasing approvals and product launches. For instance, In October 2020, US-headquartered Pfizer Inc. declared that it had started medical studies regarding onychomycosis.