New York, USA, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The onychomycosis market was estimated at USD 3,798.92 million in 2023. The market valuation is expected to be USD 5,689.46 million by 2032, registering a staggering CAGR of 4.6% during 2024-2032.
What is Onychomycosis?
Onychomycosis is a fungal contamination of the fingernails or toenails that creates streaking, stiffening, and segregation from the nail bed. Onychomycosis takes place in 10% of the widespread population but is more common in elderly people, existing in 20% of those older than 60 years and 50% in those older than 70 years. The growing existence of elderly people is connected to fringe vascular illness, immunological illnesses, and diabetes mellitus. The probability of onychomycosis is 1.9 to 2.8 times elevated in people with diabetes in contrast to the general population. In patients with human immunodeficiency virus contamination, the existence spans from 15% to 40%.
Key Market Stats:
- Onychomycosis market size was valued at USD 3,798.92 million in 2023.
- The market is anticipated to grow from USD 3,968.74 million in 2024 to USD 5,689.46 million by 2032
- The market is expected to exhibit a CAGR of 4.6% during the forecast period.
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Major Findings from the Report:
- The market for onychomycosis is expected to increase significantly due to the firms holding to administrative calibre to protect patient welfare and encourage invention and patient conformity.
- The onychomycosis market segmentation is mainly based on type, treatment, and region.
- In 2023, North America registered as the largest market share.
Onychomycosis Market Drivers and Trends
- Growing Research and Development: Several stakeholders involving concerns and academic establishments are progressing with inventive and productive cures by executing a gamut of policies, such as carrying out research and advancement for onychomycosis remedies to improve productivity and security, thus pushing market growth.
- Growing Geriatric Population: The escalating geriatric population globally is expected to push the requirement for onychomycosis treatment. This is due to a person's immune system deteriorating moderately with age, rendering them more inclined to contaminations such as onychomycosis.
- Surge in Topical Treatments: Topical treatments are commended by doctors depending on several elements such as nail inclusion, contaminating organisms, patient attributes, comorbidities, prevalent medications, biomechanics, and price and approachability, supporting the onychomycosis market demand.
- Technological Progression: The market growth is driven by progressive technologies such as lasers, which are contemplated as productive treatment options for onychomycosis. The predominant lasers function on the notion of selective photothermolysis, in which laser energy is essentially soaked up by fungal mycelia. This creates a swift surge in temperature within the mycelia, causing the termination of fungal cells.
Industry’s Prominent Players:
- Abbott
- Bausch Health Companies Inc.
- Cipla Inc.
- Merck & Co., Inc.
- Moberg Pharma AB
- Novartis AG
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
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Geographical Landscape:
The North American region accounted for the most onychomycosis market share. This is a result of the growing instances of earmarked illness and the existence of reinforced government schemes. For instance, as per an announcement in October 2021 by the American Academy of Family Physicians, onychomycosis existence in North America among grown-ups was approximated to be 13.8% soaring than the precursory year.
Moreover, due to the elevated pervasiveness of onychomycosis in the region, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
Onychomycosis Market: Type-Based Outlook
- Distal Subungual Onychomycosis
- Proximal Subungual Onychomycosis
- White Superficial Onychomycosis
- Others
Onychomycosis Market: Treatment-Based Outlook
- Topical
- Oral
- Others
Onychomycosis Market: Regional Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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