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