Rise in the Adoption of Drug Therapies Driving the Growth of Onychomycosis Treatment Market

Growing Incidences of Diseases, Such as Peripheral Vascular Diseases, Diabetes Mellitus And Psoriasis is Anticipated to Drive the Onychomycosis Treatment Market During The Forecast Period. Onychomycosis Treatment Market size is estimated to reach $3.8 billion by 2026, growing at a CAGR of 5.5% during the forecast period 2021-2026. 

The Onychomycosis Treatment Market is growing at a significant rate owing to rise in the adoption of laser technologies for the treatment of Distal Subungual Onychomycosis (DSO) followed by growing adoption of drugs as first-line therapy for the treatment of onychomycosis. Onychomycosis is a fungal infection of the fingernails and toenails and is the most common nail infection in patients with athlete’s foot and genetic predisposition. Moreover, growing investment by the key players to develop high-quality therapies for the treatment of onychomycosis are the factors that are set to drive the growth of the Onychomycosis Treatment Market for the period 2021-2026. However, the rise in the side effects associated with the treatment of onychomycosis is one of the major factors that is said to reduce the growth of the onychomycosis treatment market.

North America held the largest share with 27% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing awareness about onychomycosis therapeutics among dermatologists and podiatrists and an increase in product launches by key players. The rise in the adoption of drugs as first-line therapy for the treatment of onychomycosis is driving the growth of the Onychomycosis Treatment Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of antifungal agents for the treatment of WSO and the growing investment by the key players to develop high-quality therapies for the treatment of onychomycosis.

Also, in 2020 on the basis of Disease Type can be further segmented into Distal Subungual Onychomycosis (DSO), Proximal Subungual Onychomycosis (PSO), White Superficial Onychomycosis (WSO), Candida Onychomycosis, and Others. The Distal Subungual Onychomycosis (DSO) segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 6.2% over the period 2021-2026. This growth is owing to the factors such as the increase in the adoption of laser technologies for the treatment of DSO in hospitals and growing awareness about the availability of various therapies for DSO among patients. The rise in the research and development activities to develop advanced products for the treatment of DSO nail infection is driving the growth of the Onychomycosis Treatment Market. The White Superficial Onychomycosis (WSO) segment held the second-largest share in 2020 owing to the factors such as the growing adoption of antifungal agents for the treatment of WSO and the rise in the prevalence of WSO in developed nations.

Drug therapies are increasingly being adopted as first-line therapy for the treatment of fungal infections in the nails owing to the growing availability of drugs, such as itraconazole, griseofulvin, terbinafine, and ketoconazole. The key players are also increasing their investment to develop high-quality drugs for the treatment of fungal infections in the nails, which is one of the major factors driving the growth of the Onychomycosis Treatment Market.

The rise in awareness about onychomycosis therapeutics among dermatologists and podiatrists owing to the growing prevalence of onychomycosis across the world has propelled the demand for laser therapies and photodynamic therapies in hospitals. Governments of various nations are also focusing on creating awareness about the availability of various therapies for the treatment of onychomycosis, which is further propelling the growth of the Onychomycosis Treatment Market.

Moberg Pharma has entered into a partnership with Bayer for marketing and selling MOB-015 in Europe. MOB-015 is a topical treatment of onychomycosis and is an internally developed topical formulation based on its experience.

The major companies in the Onychomycosis Treatment Market include Novartis AG, Galderma, Mundipharma, Moberg Pharma, Cardinal Health, Inc, Teva Pharmaceutical Industries Ltd., Johnson & Johnson, TheOTCLab, Bayer AG, and GlaxoSmithKline plc among others. In April 2020, TheOTCLab has launched the FungeX range for innovative nail fungus treatments. The product was a unique and patented application and provides eight hours of treatment while patients suffering from onychomycosis were asleep.

Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the products. Manufacturers are rooting for the comeback of Keloid treatment produce with effective products. There are the major factors set to buoy the Keloid treatment produce treatment market during 2021-2026.