DUBAI, UAE / ACCESSWIRE / September 1, 2020 / According to a new market study by Future Market Insights (FMI), the global onychomycosis treatment market will expand at a healthy rate between 2018 and 2028.
Over the years, consumer awareness pertaining to the risk of onychomycosis has witnessed a significant uptick. Furthermore, widening the availability of treatments coupled with increased spending on healthcare is bolstering the growth of the market.
The World Health Organization (WHO) reported that age is the primary cause of onychomycosis, with people above 50 years being at higher risk. Nearly 80% of people suffering from onychomycosis are aged above 50. On this premise, the growing geriatric population is forecasted to act as a major growth driver to the market.
On the other hand, an increasing number of awareness programs organized by non-profit organizations to raise awareness regarding onychomycosis treatment is also expected to give a boost to the market. The rising levels of awareness among people is expected to transmute into the sales of drugs.
"Market players are focusing on maintaining optimal production and operational cost to ensure that the drugs remain accessible to wide population pool", opines FMI analyst.
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Onychomycosis Treatment Market - Key Takeaways
- The onychomycosis treatment market was valued at US$ 4.5 Bn in 2019 and will expand at a CAGR of 6.7 through 2028.
- On the basis of treatment type, drugs are expected to remain the most sought-out mode of treatment, accounting for over 80% market value, on the back of availability of a wide variety of effective drugs.
- Based on the age-groups, the 40-64 years segment is expected to drive the majority of demand for treatment backed by high incidence among the age group.
- Among the type of indication, distal subungual onychomycosis is expected to account for nearly 80% of global market value owing to the high prevalence of the diseases.
Onychomycosis Treatment Market - Key Trends
- Increasing preference for combination therapy among podiatrists and dermatologists, on the back of high success rate, is forecasted to fuel the sales of drugs in the years to come.
- Growing penetration of topical products coupled with increased spending on healthcare will positively influence the growth of the market.
Onychomycosis Treatment Market - Regional Analysis
- North America is expected to remain the largest regional market for onychomycosis treatment, accounting for nearly 70% of market share, backed by favorable reimbursement policies.
- Western European markets will prevail as the second most lucrative region owing to rising awareness among consumers.
Onychomycosis Treatment Market - Competitive Landscape
Major players operating in the market include Valeant PharmaceuticalsInc., Galderma S.A., Novartis AG, Pfizer, Inc., Moberg Pharma AB, Johnson & Johnson Services, Inc., Bayer AG, Dr. Reddy's Laboratories Ltd., Cipla Ltd., Medimetriks Pharmaceuticals, Inc., Lumenis Ltd., Biofrontera AG, and Leo Pharma. Among these, the top tier players accounted for US$ 1.3 Bn in 2017, representing 37.3% of the market value. The landscape is expected to remain moderately consolidated through the forecast period.
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Onychomycosis Treatment Market - Taxonomy
Treatment type:
- Drugs
- Lasers
- Photodynamic therapy
Indication:
- Distal subungual onychomycosis
- White superficial onychomycosis
- Proximal subungual onychomycosis
- Candidal onychomycosis
- Total dystrophic onychomycosis
Gender:
- Male
- Female
Age group:
- 0-18 years
- 18-39 years
- 40-64 years
- 65 years and above.
End user:
- Institutional sales
- Retail sales
Regions:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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Get Valuable Insights into the Onychomycosis Treatment Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global onychomycosis treatment market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the onychomycosis treatment market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights