Onychomycosis Therapeutics Market Size Worth US$ ~8,420.3 million , Globally, by 2030 at 6% CAGR

Onychomycosis Therapeutics Market by Drug Class (Antifungal Antibiotics, Allylamines, Azoles, and Others [Hrdroxypyridones and Oxaborale Antifungal]) and by Route of Administration (Oral and Topical) – Global Outlook & Forecast 2022-2030

Pune, Jan. 18, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Growth Plus Reports, the global onychomycosis therapeutics market is expected to clock US$ ~8,420.3 million by 2030 and to grow at a CAGR of 6% during the forecast period. Owing rising prevalence of onychomycosis globally and growing awareness on the potential threats of onychomycosis. This exclusive information is published by Growth Plus Reports in its report titled “Onychomycosis Therapeutics Market – Global Outlook & Forecast 2022-2030”

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Market Drivers

The main factors driving the onychomycosis therapeutics market are the growing elderly population, rising onychomycosis prevalence, the global diabetic population, and increased public awareness of the potential risks associated with onychomycosis. According to a 2020 article titled “High incidence of mixed infections in global onychomycosis,” onychomycosis is thought to affect 10% of people worldwide, with Trichophyton rubrum being the most prevalent causative agent. Additionally, one in six people worldwide will be 60 years of age or older by 2030, according to estimates from the World Health Organization (WHO) from 2021. By 2050, there will be 1.4 billion persons in the world who are 60 years of age or older, up from 1 billion in 2020. The number of persons in the world who are 60 years and older will have doubled by 2050 (2.1 billion).

However, the significant issues affecting the industry is a lack of understanding regarding the disease. People usually ignore the simple symptoms, which allows the infection to go unnoticed. Due to ignorance, therapy is frequently rejected by patients. Another issue hindering the market is the side effects that come with the drugs used to treat onychomycosis.

Excerpts from ‘By Drug Class Segmentation’

Based on classes of drugs, the global onychomycosis therapeutics market has been segmented into:

  • Antifungal Antibiotics
  • Allylamines
  • Azoles
  • Others

which include hrdroxypyridones, oxaborale antifungal etc. In 2021, the azole segment ruled the market. With the introduction of azole antifungal medications, the therapeutic options for systemic fungi infections have significantly expanded. The two groups of azoles that can be used systemically are imidazoles and triazoles, which include fluconazole, itraconazole, voriconazole, posaconazole, and isavuconazole. Even though several mechanisms have been reported for antifungal action, azole medicines all have a similar mode of action but known to be more effective. Antifungal azoles work by concentrating on the fungal cell membrane and influencing ergosterol production. Ergosterol, a derivative of mammalian cholesterol, is a crucial part of the membrane of the fungal cell. Due to its hormone-like function, ergosterol also stimulates the growth and proliferation of fungal cells. Thus, azole performs as the most effective treatment to combat fungal infections like onychomycosis.  For example, in October 2022, in review article published by the researchers of University of Porto it was stated that, in recent years, conjugates of 1,2,3-triazole natural products have appeared, for potential antifungal action and a broad spectrum against different fungi owing to treat onychomycosis.

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 Excerpts from ‘By Route of Administration Segmentation’

Depending on the route of administration, the global onychomycosis therapeutics market is divided into:

  • Oral
  • Topical Administration

According to reports, the global market for onychomycosis therapies has the greatest revenue-contributing sector for oral administration. When compared to topical administration, oral drugs have higher cure rates because of their higher absorption and effectiveness. This is the key driver propelling the growth of the oral segment throughout the projection period. On the other hand, doctors favour using topical remedies over oral drugs due to undesirable side effects, such as liver damage. This is expected to encourage the topical market’s growth as well as further research into the creation of different topical drugs. As a result, the category for topical administration is the one in the global market for onychomycosis therapies that is growing at the fastest rate.

Excerpts from ‘By Region Segmentation’

Based on region, the global onychomycosis therapeutics market has been segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

North America is anticipated to occupy a significant portion of the global market for onychomycosis therapeutics market due to high drug prices, an ageing population, an increase in onychomycosis incidence, and a rise in the number of diabetic patients. Furthermore, in 2020, the Census Bureau projects that there will be more than 55 million Americans who are 65 or older, with one-fourth of them residing in one of the three states of California, Florida, or Texas. Seven additional states—including Georgia, Illinois, Michigan, and New York—make up about another quarter of the population aged 65 and over. Additionally, Pfizer Inc., with its US headquarters, declared in October 2020 that it has started onychomycosis clinical investigations. In the first, it was investigated if onychomycosis of the toenail could be effectively treated with AN2690 topical solution. In the second, children and adolescents with distal subungual onychomycosis of the toenail underwent an open-label research to assess the safety and pharmacokinetics of a topical solution containing 5% tavaborole.

Excerpts from ‘Competitive Landscape’

Some of the prominent players in the global onychomycosis therapeutics market include

  • Novartis AG
  • Pfizer, Inc.
  • Galderma Laboratories
  • Moberg Pharma AB
  • Dr. Reddy’s Laboratories Ltd.
  • Medimetriks Pharmaceuticals, Inc.
  • Merz Pharma
  • Kaken Pharmaceutical Co., Ltd.
  • Johnson & Johnson Services, Inc.
  • GlaxoSmithKline plc
  • Taro Pharmaceuticals Industries Ltd.
  • Others

For the companies in the market for onychomycosis treatments, mergers, partnerships, and collaborations are always high priorities. These activities aid in enhancing the players’ influence, which ultimately raises the growth rate. Additionally, there are many competitors in the market for onychomycosis treatments. Manufacturers in the onychomycosis therapy market make significant investments in R&D. The market for treating onychomycosis is based on these activities. They result in the identification of fresh formulations and cutting-edge therapeutic solutions.

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