ONYCHOMYCOSIS TREATMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Onychomycosis Treatment Market Drivers:

Risk of onychomycosis in diabetic patient or increase in prevalence of diabetes across the globe is expected to boost growth of the global onychomycosis treatment market over the forecast period. For instance, onychomycosis is more common in diabetics than non-diabetics, and diabetics are at greater risk of serious complications from onychomycosis. According to the International Diabetes Federation (2021 report), around 537 million adults (20-79 years) are living with diabetes, 1 in 10. This number is expected to rise to reach 643 million by 2030 and 783 million by 2045. This in turn is expected to aid in the growth onychomycosis treatment market.

Growing geriatric population worldwide is expected to drive growth of the global onychomycosis treatment market during the forecast period. For instance, onychomycosis is found more frequently in adults and elderly population, and in more males than females. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (around 2.1 billion) by 2050. Globally, the population aged 65 and over is growing faster than all other age groups. This in turn is also expected to propel the growth of the market.

Global Onychomycosis Treatment Market Opportunities:

Rise in demand for safe and effective onychomycosis treatment is expected to provide significant growth opportunities for players in the global onychomycosis treatment market. For instance, with the increase in incidence of onychomycosis and increase in awareness among people, the demand for safe and effective treatment is also increasing. In July 2021, Lupin received approval from the U.S. Food and Drug Administration (FDA) to manufacture and market a drug (Tavaborole Topical Solution) to treat Onychomycosis. It is an oxaborole antifungal indicated for the topical treatment of onychomycosis of the toenails due to Trichophyton rubrum or mentagrophytes.

Increase in focus on the development of novel/innovative onychomycosis treatments is expected to provide lucrative growth opportunities for players in the onychomycosis treatment market. For instance, players in the market are focusing on launching novel/innovative treatments in the market for safe and effective onychomycosis treatment. In April 2020, TheOTCLab launched the FungeX range for innovative nail fungus treatments. The product was unique and patented application and provides eight hours of treatment while patients suffering from onychomycosis were asleep. This in turn is expected to propel the growth of the market.

Global Onychomycosis Treatment Market Restraints:

Side effects of onychomycosis treatment (onychomycosis drugs) is expected to hamper the growth of the global onychomycosis treatment market. For instance, the most commonly used oral drugs for onychomycosis treatment are terbinafine, griseofulvin, ketoconazole, and itraconazole, among others. Some of the most common side effects are redness, rash, itching, mild burning sensations, feeling sick, diarrhea, indigestion, abdominal pain, and change in taste. However, these side effects are usually mild and only last for a short period of time.

Availability of alternative treatment options is expected to hinder growth of global onychomycosis treatment market. For instance, availability of alternative treatment options, such as tea tree oil and Vicks Vapour Listerine for the treatment of nail infections is also expected to restrain the growth of the global onychomycosis treatment market.