Onychomycosis Market Overview

The global Onychomycosis market is estimated to be worth over USD 5.35 Bn in 2033 and is expected to grow at CAGR of 4.1% during the forecast period (2024-2033).

Onychomycosis, a prevalent fungal infection affecting the nails, presents a substantial global health concern with significant economic implications. This condition, caused majorly by dermatophyte fungi but also by yeast and mold, affects both toenails and fingernails, resulting in a scale of symptoms comprisingthickening, discoloration, and deformation of the nails. Onychomycosis is oftentimes a chronic and recurrent condition, especially among older adults and those with underlying health conditions such as diabetes or compromised immune systems. The global market for onychomycosis treatment surrounds a range of topical agents, pharmaceuticals, oral medications, and medical devices designed to eliminate fungal infections and restore nail health.

Regardless of the availability of treatment alternatives, onychomycosis poses several challenges. Traditional treatment approaches, such as topical antifungal medications, may have limited efficacy due to poor nail penetration, while oral medications like terbinafine and itraconazole can be associated with adverse effects and require long treatment durations. In addition, recurrence rates are high, contributing to treatment dissatisfaction and ongoing disease burden.

Moreover, the market for onychomycosis treatment is evolving with advancements in antifungal therapy and diagnostic techniques. Novel topical formulations, such as efinaconazole and tavaborole, provideenhanced nail penetration and efficiencyin comparison to older treatments. Along with that, the development of combination therapies and innovative drug delivery systems holds hope for improving treatment outcomes and mitigating recurrence rates. Diagnostic innovations, comprising molecular testing and imaging techniques, allow accurate diagnosis and tailored treatment approaches, optimizing patient care and minimizing unnecessary treatment.

As the incidence of onychomycosis continues to surge, led by factors such as aging populations, lifestyle changes, and the increasing incidence of diabetes, the global market for onychomycosis treatment is expected to grow. Moreover, the growing focus on preventive measures, patient education, and awareness campaigns further contribute to market expansion. Despite challenges, ongoing research and innovation in onychomycosis management offer opportunities for enhanced patient outcomes and the development of more effective and patient-friendly treatment alternatives.

Figure 1. Onychomycosis: Market Size

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Key Market Insights &Current Market Landscape:

The global onychomycosis market is marked by numerous key market insights and recent developments focused at acknowledging the challenges associated with this fungal nail infection. The significant insights comprise a soaring prevalence of onychomycosis across the world, fueled by factors such as geriatric populations, prevalenceof diabetes, and growing awareness among patients and healthcare providers. The current market landscape surrounds a range of treatment alternatives, comprising topical and oral antifungal medications, laser therapy, and medical devices for nail debridement. Major developments in the market comprise advancements in antifungal therapy, with the advent of novel topical formulations like efinaconazole and tavaborole, providingenhancedefficiency and patient convenience. In addition to that, advanced technologies such as laser therapy and photodynamic therapy reflect promise for improving treatment results and mitigating treatment duration. In addition to that, advancements in diagnostic techniques, comprising molecular testing and imaging modalities, enable accurate diagnosis and targeted treatment approaches. Despite these advancements, challenges remain, involvinghigher recurrence rates and treatment dissatisfaction. However, continuing research and development efforts focused on optimizing existing treatments and exploring novel therapeutic strategies offer opportunities for sustained growth and innovation within the global onychomycosis market.

Market Dynamics

Market Drivers

Rising Prevalence of Onychomycosis

Since the incidence of this fungal nail infection continues to riseacross the world, fueled by factors such as increasing in incident rate of diabetes, geriatric populations, and lifestyle variations, there is a growing demand for effective treatment options. Millions of people across the world suffer from onychomycosis, resulting in physical discomfort, cosmetic concerns, and impaired quality of life. According to an article titled, 'High prevalence of mixed infections in global onychomycosis,' published in 2020, onychomycosis is estimated to occur at a prevalence of 10% worldwide, with the infecting organism most commonly being Trichophyton rubrum. In addition, according to World Health Organization's (WHO) data in 2021, by 2030, one out of every six persons on the globe will be aged 60 years or older. The number of people aged 60 years and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 years and above will have doubled (2.1 billion).

This soaring prevalence not only diversifies the potential patient pool but also underlines the urgency for advancements in treatment modalities to address the soaring burden of this condition on individuals and healthcare systems. Pharmaceutical firms, medical device manufacturers, and research institutions are responding to this demand by investing in research and development initiatives emphasized at developing diagnostic techniques, innovative therapies, and patient education programs. Along with that, the increasing awareness of onychomycosis among both healthcare professionals and the general population is leading to earlier diagnosis and intervention, further driving market growth. In essence, the surging prevalence of onychomycosis acts as a catalyst for innovation and expansion within the global market, prompting collaborations and investments aimed at improving patient outcomes and reducing the global burden of this common fungal infection.

Market Restraints

With regard to numerous advantages of Onychomycosis, the market faces several challenges due to the unique characteristics and requirements associated with them. Some of the key market challenges include:

• Limited Treatment Efficacy: The efficacy of existing onychomycosis treatments, particularly topical antifungal medications, may be limited, resultingin high recurrence rates and treatment dissatisfaction among patients.
• Long Treatment Duration: Many onychomycosis treatments need prolonged durations to achieve optimal results, paving its way to patient non-compliance and decreased treatment adherence, which can hamper overall market growth.

Market Opportunities

Rising R&DActivities

Increasing research and development activities by pharmaceutical and biotechnology organizations for the development of novel drugs and therapies represent a notable market opportunity for the global onychomycosis market. With the growing prevalence of onychomycosis and the limitations of existing treatment alternatives, there is a soaring demand for advanced therapies that provideenhancedefficiency, shorter treatment durations, and mitigatedadverse effects. Biotechnology and pharmaceutical firms are investing in research initiatives emphasized at discovering and developing novel antifungal agents with improved potency and specificity against the pathogens responsible for onychomycosis. In addition to that, advancements in drug delivery technologies, such as nanoparticle formulations and topical drug delivery systems, provide opportunities for enhancing nail penetration and treatment outcomes. In addition to that, collaborations between industry stakeholders and academic institutions support the translation of preclinical discoveries into clinical applications, accelerating the development and regulatory approval of novel therapies. As a result, the development of novel drugs and therapies for onychomycosis not only addresses unmet medical needs but also expands the market potential, fueling innovation and growth within the global onychomycosis market.

Market Trends

1. Increasing Preference for Combination Therapies: There is a soaring trend towards the use of combination therapies in the treatment of onychomycosis, combining oral and topical antifungal medications or incorporating adjunctive treatments such as laser therapy or nail debridement. This trend aims to enhance treatment efficacy and reduce recurrence rates by targeting fungal infections through multiple mechanisms of action simultaneously.
2. Adoption of Patient-Centric Approaches: Another major trend in the global onychomycosis market is the adoption of patient-centric approaches, emphasizing on enhancing treatment adherence and patient satisfaction. This trend comprises the development of novel drug formulations with enhanced convenienceand tolerability, as well as patient education initiatives focused at supporting treatment compliance and optimizing outcomes.

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Onychomycosis Market: Key Segments

By Types

• Proximal Subungual
• Distal Subungual
• Candidal
• White Superficial
• Total Dystrophic

By Drugs

• Griseofulvin
• Ketoconazole
• Ciclopirox
• Terbinafine
• Others

By Treatment

• Medication
• Topical Therapy
• Debridement

By Route of Administration

• Oral
• Topical
• Others

By Distribution Channel

• Direct
• Online Pharmacy
• Retailers
• Others

By End Users

• Hospitals
• Homecare
• Specialty Clinics
• Others

By Key Geographical Regions

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America 

Onychomycosis Market: Regional Analysis

North America dominates the onychomycosis drug market owing to the prevalence of advanced healthcare infrastructure and rising prevalence of onychomycosis. Asia-Pacific is projected to score highest growth rate and exhibit the highest CAGR for the forecast period. This is because of the rising expenditure to develop healthcare infrastructure coupled with rising awareness about onychomycosis. 

Figure 4. Onychomycosis Market: Distribution by Region

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Leading Onychomycosis Developers

Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape, market size and future opportunities associated with the Onychomycosis market, during the given forecast period. Further, the market report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the biopharmaceutical industry. Key takeaways of the Onychomycosis market are briefly discussed below. 

The report includes the list of players operating in the global Onychomycosis market. Some of the key players include: 

• AbbVie Inc.
• Amgen Inc.
• Allergan
• AstraZeneca
• Bristol-Myers Squibb Company
• Bausch Health Companies Inc.
• Bayer AG
• Eli Lilly and Company
• F. Hoffmann-La Roche Ltd
• GALDERMA
• GlaxoSmithKline plc
• Johnson & Johnson Services, Inc.
• Lupin Pharmaceuticals, Inc.
• Moberg Pharma AB 
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc.
• Sanofi
• Teva Pharmaceutical Industries Ltd.
• Takeda Pharmaceutical Company Limited

Recent Developments in the Onychomycosis Market

Several recent developments have taken place in the field of Onychomycosis, some of which have been outlined below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that we’ve outlined in our analysis chronologically.

• In January 2024, Vanda Pharmaceuticals Inc. (Vanda) announced that the U.S. Food and Drug Administration (FDA) has approved the Investigational New Drug (IND) application to evaluate VTR-297 for the treatment of onychomycosis.Onychomycosis, or tinea unguium, is a fungal infection of the nail. Onychomycosis can result in discoloration of the nail, onycholysis (nail separation from the nail bed), and nail plate thickening. 

Scope of the Report

The market report presents an in-depth analysis of the various firms / organizations that are engaged in this market, across different segments, as defined in the below table: