Dermatophytic Onychomycosis Treatment Market to Make a Leap and Reach a Valuation of US$ 7,851.4 Million by 2027
SEATTLE, April 09, 2021, (PHARMIWEB) — Global Dermatophytic Onychomycosis Treatment Market
Dermatophytic Onychomycosis, also known as tinea unguium, is a fungal nail infection caused by dermatophytes. Dermatophytes are fungi that require keratin for growth. Dermatophytic Onychomycosis is the most common nail infection and it is known to affect both toenails and fingernails.
The global dermatophytic onychomycosis treatment market is estimated to account for around US$ 7,851.4 million, in terms of value, by the end of the year 2027.
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Global Dermatophytic Onychomycosis Treatment Market – Drivers
Increasing prevalence of dermatophytic onychomycosis is a major factor boosting the growth of the global dermatophytic onychomycosis treatment market over the forecast period. For instance, the study named, ‘Dermatophytosis: Prevalence of Dermatophytes and Non-Dermatophyte Fungi from Patients Attending Arsho Advanced Medical Laboratory, Addis Ababa, Ethiopia’ published in the journal Dermatology Research and Practice in October 2018, demonstrated that the rate of prevalence of dermatophytosis was 66.98% in Ethiopia.
Moreover, the increasing prevalence of psoriasis is also expected to boost the global market growth. For instance, the study, ‘The prevalence and etiological factors of onychomycosis in psoriatic patients’, published in the journal Advances in Dermatology and Allergology in April 2018, demonstrated a relatively high prevalence of onychomycosis in patients with psoriasis.
The North America region held a dominant position in the global dermatophytic onychomycosis treatment market in 2018, accounting for around 45.8% share, in terms of value, in the year 2027.
Global Dermatophytic Onychomycosis Treatment Market – Restraints
Antifungal drugs used in the treatment of dermatophytic onychomycosis have certain side effects, such as headache, dizziness, nausea, and stomach ache. Moreover, the topical agents also cause rash and itchiness in the surrounding skin. These side effects are expected to hamper the growth of the global dermatophytic onychomycosis treatment market.
Moreover, the availability of alternative treatment options, such as Vicks Vapor, Listerine, and tea tree oil, for the treatment of nail infections, is expected to further restrain the global market expansion.
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Global Dermatophytic Onychomycosis Treatment Market – Opportunities
The identification of the infectious agent in onychomycosis, at least at the genus level, plays a major role in the treatment prescription for dermatophytic onychomycosis. The key players in the global market are currently concentrating on the development of dermatophyte strip tests for rapid detection and diagnosis of the disease.
Rising geriatric population is also expected to offer lucrative growth prospects for these market players in the near future. Toenail onychomycosis is quite common in people aged 60 years and above. According to the World Health Organization (WHO), the proportion of the world’s population, above the age of 60 years, was calculated as 12% in 2015 and is expected to reach 22% by the year 2050.
The nail paints segment was valued at US$ 2,713.0 million in the global dermatophytic onychomycosis treatment market in 2018, and is expected to reach US$ 6,086.0 million over the forecast timeline, exhibiting a robust CAGR of 9.5%.
Global Dermatophytic Onychomycosis Treatment Market – Key Trends
The global dermatophytic onychomycosis treatment market is witnessing an increasing number of M&A activities at present. For instance, in January 2018, Viamet Pharmaceuticals entered into an agreement with NovaQuest Capital Management, L.L.C., for the acquisition of Viamet Pharmaceuticals.
The key players in the market are focused on conducting clinical trials in order to expand their product portfolio. For instance, in January 2018, Novan announced to present the Phase II efficacy and safety data for SB208, a topical, silicone-based gel under development for the treatment of fungal infections of the skin and nails at the Winter Clinical Dermatology Conference.
Global Dermatophytic Onychomycosis Treatment Market – Competitive Scenario
The renowned players operating in the global dermatophytic onychomycosis treatment market include Valeant Pharmaceuticals International Inc., Galderma S.A., Novartis AG, Pfizer Inc., Moberg Pharma AB, Janssen Global Services, LLC (Johnson & Johnson Services, Inc.), Anacor Pharmaceuticals, Inc., NovaQuest Capital Management, L.L.C., and Novan, Inc.
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These market contenders are deeply focused on conducting clinical trials in order to expand their product portfolio. For instance, in December 2019, Moberg Pharma AB announced that MOB-015 (topical terbinafine) met both primary and key secondary endpoints of the clinical Phase 3 study that assessed the efficacy and safety of MOB-015 in patients with mild-to-moderate distal subungual onychomycosis.
Some of these companies have also been looking to purchase the distribution rights of products to enhance their global market share. For instance, in September 2018, Cipher Pharmaceuticals Inc. acquired the exclusive rights to commercialize, promote, sell, and distribute MOB-015 from Moberg Pharma in Canada for the treatment of onychomycosis.About Us:
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