Onychomycosis Market Trends, Challenges, Major Vendors and Forecast to 2023
Onychomycosis or fungal infection is fast becoming a regular occurrence amongst the populace due to prevalent chronic disorders. It affects toenails or fingernails and, in the process, causes nail discoloration and increased thickness. The global onychomycosis market can expect an impressive CAGR of 7.9% during the forecast period (2017-2023), reveals Market Research Future (MRFR) in an extensively studied report.
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However, in developing regions,the low healthcare expenditure can become instrumental in choking the onychomycosis market during the forecast period. Also, a tendency can be witnessed among people of neglecting this disorder which can prove detrimental to the predicted growth.
This market boom can be attributed to rising geriatric population, environmental condition, and prevalence of chronic diseases. Elderlies are susceptible to onychomycosis owing to their lessened immunity. Moist weather can also become a major decisive factor. Chronic disorders such as diabetes can also trigger its rapid spread. With rising demand for a cure, these factors can systematically boost the sale of drugs and affect market growth.
A recent study, published in the Journal of Drugs in Dermatology, revealed that nanotechnology could be a possible answer for onychomycosis. Regular medications, if introduced as a blend with nanoparticles, become more effective in its curing process of the fungal infection. Nanoparticles also have a broad penetrative impact on nails which can prove beneficial for the treatment.
Iontophoresis is a device-based therapy that releases electrical currents to increase drug delivery. It creates microholes in the nails to improve the spreading of the medicines across the nail area. This technology is still awaiting clinical approval but is proving effective in its trials.
The global Onychomycosis Treatment Market Analysis can be segmented by type, treatment, and end-user.
Type-wise segmentation includes distal subungual onychomycosis, white superficial onychomycosis, proximal subungual onychomycosis, candida onychomycosis and others.
Treatment-based segmentation includes drug treatment, tropical therapy, debridement and other.
Based on end-users, the market is segmented into hospital pharmacies, private pharmacies and other.
Geographically, the onychomycosis market involves the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas dominate the market owing to the well-structured healthcare sector, awareness regarding the disease and tendency to spend much for a better life. A huge number of patients is also suffering from the disease which directly boosts the market.
Europe comes next. The region has a huge base for a geriatric population that triggers the market growth as they are more prone to diseases such as diabetes which can increase the chances of onychomycosis.
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Meanwhile, the APAC is expected to register the fastest growth rate as developing economies in this region are spending more in healthcare and people are growing aware of such diseases and ready to shell out money for better treatment.
The competitive market is eyeing for innovations and implementation of the latest technologies for a better outcome. To stay afloat,these companies are employing multiple strategies which can prove beneficial in the long run.
Key players profiled in the report as major market contributors are Polichem SA (Switzerland), Abbott Laboratories Ltd. (US), GlaxoSmithKline Plc. (UK), Seren Pharmaceuticals Pvt. Ltd (China), Pfizer Inc. (US), Valeant Pharmaceuticals (Canada), Janssen Biotech (US), Galderma (Switzerland), Sciton Inc (US), Sanofi Ltd. (France), Bristol Meyer Squibb company (US), Cutera Inc. (US), Novartis AG (Switzerland), Topica Pharmaceuticals Inc. (US), Taro Pharmaceutical Industries Ltd. (US), Nuvo Research Inc. (Canada), Merz Pharma gmbh& co. kgaa (Germany), Viamet Pharmaceuticals Inc. (US), NanoBio Corporation (US), NovaBiotics Ltd (UK), and others.