Selbyville, Delaware, Aug. 16, 2021 (GLOBE NEWSWIRE) --
According to latest report “Onychomycosis Treatment Market by Test (Distal Subungual Onychomycosis (DSO), White Superficial Onychomycosis (WSO), Proximal Subungual Onychomycosis (PSO), Candida Onychomycosis), Treatment Type (Drug Treatment, Topical Therapy), Drug Class (Allylamine, Azole, Griseofulvin), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online pharmacies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of onychomycosis treatment will cross $6.2 billion by 2027. Increasing awareness about the fungal infection among people and availability of a wide variety of onychomycosis treatment options to suit the patient’s need will accelerate the market growth.
Increasing awareness about the potential threats of onychomycosis and its treatment is one of the major factors that will spur the market expansion over the forecast period. Onychomycosis is often considered as merely a cosmetic problem of relatively minor importance. However, onychomycosis can have significant negative effects on a patient's social, emotional, and occupational functioning and can also result in heavy healthcare expenses. Although onychomycosis is not a life-threatening infection, its high incidence and associated morbidity make them an important public health problem. Also, in diabetic patients, there is an increased risk of onychomycosis. Antifungal drugs are often used as a first line of treatment to reduce the infection and decrease the chances of potential threats.
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The proximal subungual onychomycosis (PSO) segment in the onychomycosis treatment market accounted for USD 450 million in 2020. In PSO, invasion begins from the undersurface of the proximal nail fold and then progresses distally. The PSO form of fungal nail infection usually occurs in people whose immune system is compromised. Thus, increasing number of immune compromised individuals due to chronic conditions will surge the incidence of PSO leading to its treatment industry growth during the forecast timeline.
The onychomycosis treatment market for topical therapy segment was valued at USD 1.7 billion in 2020 led by the wide availability of topical solutions in the market depending upon the onychomycosis infection type. According to a survey, several experts prefer to prescribe topical treatments, such as efinaconazole 10%, tavaborole 5%, etc. in diabetic individuals, children, and mixed infections.
Griseofulvin drug class segment captured 11.5% of the onychomycosis treatment market share in 2020. Griseofulvin is orally administered and comes in the form of capsules and tablets. Griseofulvin has proved to be effective for the treatment of a wide variety of fungal infections including onychomycosis. However, they are less commonly used as compared to other drugs.
The retail pharmacies segment held for 33% of revenue share in 2020 owing to the large number of such pharmacies stationed near people. Neighborhood retail pharmacies are quick to access that makes it a patient’s first preference. Moreover, advantages of retail pharmacies such as easier medication pick-up and lesser waiting time further propels the segment growth.
Asia Pacific onychomycosis treatment market size was USD 919 million in 2020. The rising geriatric population and chronic health problems such as diabetes and changing lifestyles will contribute to the increase in onychomycosis cases and its treatment that will foster the regional growth. In a country like India, people mainly prefer home remedies as well as OTC drugs to treat non-life-threatening infections. Also, the presence of topical regions where chances of fungal infection are higher will contribute to the regional and overall market demand.
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Some of the eminent companies operating in the market include Pfizer Inc., Novartis AG, Bausch Health Sciences, Dr. Reddy’s Laboratories, Galderma Laboratories, Merz Pharma, Moberg Pharma AB, Medimetriks Pharmaceuticals, Johnson and Johnson Services Inc., Taro Pharmaceuticals and GSK Plc. among many others. These participants are focusing on product launches and strategic partnerships to gain a higher industry share.
Table of Contents (ToC) of the report:
Chapter 3 Onychomycosis Treatment Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By treatment type
3.4.3 By drug class
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
