Onychomycosis Treatment Market 2021: Global Industry Analysis, Size, Share, Growth, Trends And Forecast To 2031
The prevalence of onychomycosis has been increasing over the past few years due to unhealthy lifestyle and negligence of nail care. Future Market Insights (FMI) presents a positive outlook for the onychomycosis treatment market, forecasting it to exhibit 6.1% Y-o-Y growth in 2021.
According to a recent study published by National Center for Biotechnology Information (NCBI) in May 2020, the overall prevalence of onychomycosis was approximately 5.5% in the general population.
Toenail onychomycosis are more common and requires longer duration of treatment, which can also extend to a year. Sometimes complete cure, defined as clinical cure, is unattainable, which may lead to indefinite treatment duration and consequently drive the onychomycosis treatment market. The risk of onychomycosis is 1.9 to 2.8 times higher in people with diabetes, compared with the general population. This is leading to rising revenue accumulation of drug manufacturers targeting the onychomycosis treatment market.
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The increasing risk factors such as nail injury or nail surgery, diabetes, weakened immune system, blood circulation disorders, athlete’s foot or ringworm, and others are driving the onychomycosis treatment market. The growing risk of occupational hazards such as agriculture, waste disposal, and others is also propelling the growth of the onychomycosis treatment market.
Diabetes and related conditions contributing to poor peripheral circulation are the major drivers of the market. Onychomycosis may represent an important forecast for the development of diabetic foot syndrome and foot ulcers. Patients who are immunosuppressed, such as those undergoing cancer therapy and those with HIV infection also are predisposed to fungal nail infection.
Coronavirus pandemic has changed the public medical care needs and spending however this is viewed as transient effect on the onychomycosis treatment market. The increasing COVID-19 patient pool attracted spotlight to the treatment of these patients on emergency basis, consequently reducing the patient visits to the medical clinics for onychomycosis treatment.
Decreasing visits demonstrate lesser treatment reception that resulted in temporary contraction of sales. Nonetheless, demand is likely to recover in the coming years with drugs emerging as more preferred type of treatment. The drugs segment is expected to account for nearly 75% of revenue generated in the market.
Key Takeaways from Onychomycosis Treatment Market Study
- High spending power supports growth in the U.S., sealing its dominance in North America. The U.S. is expected to account for over 84% of sales registered in the region
- The demand from the U.K. will continue rising, enabling year-on-year growth at above 7%
- Germany and France too will continue exhibiting high demand
- Within East Asia, Japan holds dominance, yet demand from China is likely to rise at a higher pace
Geriatric Population More Susceptible Onychomycosis
According to the World Health Organization (WHO), age is the key risk factor for the development of onychomycosis and the risk for onychomycosis increases with age, particularly for persons aged >50 years. Approximately, about 80-85% of onychomycosis occurs in patients aged greater than 50 years, globally. The rise in elderly population will therefore present lucrative growth opportunities to onychomycosis treatment market.
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