Onychomycosis Treatment Manufacturers Find Opportunities in Novel Therapeutic Offerings: FMI Report
DUBAI, UAE / ACCESSWIRE / March 22, 2021 / Future Market Insights: The growing awareness about early detection of dermatological fungal diseases and a vast base of geriatrics are key factors driving onychomycosis treatment revenues and research. The onychomycosis treatment market is estimated to reflect a promising growth rate of around 7% CAGR from 2021 to 2031. Availability of varied onychomycosis treatments and research into drug delivery mediums will positively influence the market in the upcoming decade. Prevalence of unsustainable lifestyle choices and increased risk from diabetes and abnormal blood pressure will support use of onychomycosis treatments.
"Increasing awareness about onychomycosis therapeutics among professional dermatologists and podiatrists have led to increased demand for onychomycosis therapeutic treatment options. A growing percentage of the global population is increasingly aware about the potential consequences of nail infections, particularly diabetics, which will support long term industry developments," says the FMI study.
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Onychomycosis Treatment Market - Primary Takeaways
- Drug based treatments will continue to hold the lead owing to easy access to patients and high efficacy.
- Proximal subungual onychomycosis treatments will reflect faster adoption on the back of recent introduction of combined drug formulations.
- United States will emerge as a lucrative market supported by high numbers of geriatrics and diabetics.
- China is a high growth market backed by widespread unsanitary conditions and a vast population base.
Onychomycosis Treatment Market - Growth Factors
- Introduction of dermatophyte strip tests bolster early diagnosis creating key opportunities for growth in the industry.
- Widespread prevalence of dermatophytic onychomycosis is a key factor supporting growth in the industry.
- High global cases of psoriasis and higher risk of onychomycosis among patients drives demand.
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Onychomycosis Treatment Market - Major Constraints
- Lack of awareness about onychomycosis especially in developing countries hurts growth prospects.
- Side effects from drug treatments such as headaches, nausea, and stomach aches limit adoption.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has moderately impacted the global onychomycosis treatment market. Lockdown restrictions and social distancing guidelines in addition to restrictions to postpone elective medical procedures has limited the access patients have to potential patients. Also, redirected medical resources towards managing the pandemic has hurt short term growth in the sector.
The market is likely to display a gradual recovery through 2021 which can be accounted for by increased levels of awareness about health and the gradual relaxation of movement restrictions in many parts of the world. Frequent investments into dermatological research will also generate revenue growth opportunities, and improved patient outcomes.
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Prominent manufacturers operating in the onychomycosis treatments market include but are not Dr. Reddy's Laboratories Ltd., Teva Pharmaceutical Industries Ltd., Cipla Ltd., Sanofi S.A., GlaxoSmithKline plc, Medimetriks Pharmaceuticals Inc., Viatris Inc., Galderma, Bayer AG, Johnson & Johnson, Almirall S.A, Novarits AG, Pfizer Inc., Moberg Pharma AB, and Cardinal Health Inc.
Leading market players for onychomycosis treatments are increasingly investing in research and development efforts in addition to pushing for strategic collaborations and agreements to widen geographical reach and boost market position.
In March 2021, HUYABIO International announced a joint venture with the Tianjin Institute of Pharmaceutical Research for the submission of requests for approval for topical formulations for antifungal drug Jublia, for the treatment of onychomycosis. NovabBiotics Ltd. announced its intention to enter a licensing agreement with an undisclosed partner for the commercialization of its NP213 peptide for topical nail fungus treatments. FDA provided approval for efinaconazole topical solutions in April 2020 as a supplemental New Drug Application as an onychomycosis treatment.
More on the Report
FMI provides in-depth insights on the onychomycosis treatments market. The market is segmented in terms of treatment type (drugs, lasers, and photodynamic therapy), disease indication (distal subungual onychomycosis, white superficial onychomycosis, proximal subungal onychomychosis, candidal onchomychosis, and total dystrophic onchomychosis), age group (0-18 years, 18 to 39 years, 40 to 64 years, 65 years and above), gender (male and female), and distribution channel (institutional sales and retail sales), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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