Onychomycosis Market Growth Projection by Polaris Research
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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 the period from 2024 to 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
Key statistics regarding the onychomycosis market are:
- The 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.
Market Drivers and Trends
Several significant factors contribute to the growth of the onychomycosis market:
- Growing Research and Development: Stakeholders, including companies and academic institutions, are advancing innovative and productive treatments by executing a variety of policies, including research and development for onychomycosis treatments to improve efficacy and safety.
- Growing Geriatric Population: The increasing geriatric population globally is expected to drive the demand for onychomycosis treatment due to the deterioration of the immune system with age.
- Surge in Topical Treatments: Topical treatments are preferred by doctors based on various factors such as nail involvement, the causative organisms, and patient characteristics.
- Technological Progression: Advancements in technology, such as lasers, which are considered effective treatment options through selective photothermolysis, are expected to fuel market growth.
Industry’s Prominent Players
Key players in the onychomycosis market include:
- Abbott
- Bausch Health Companies Inc.
- Cipla Inc.
- Merck & Co., Inc.
- Moberg Pharma AB
- Novartis AG
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
Geographical Landscape
The North American region accounted for the largest share of the onychomycosis market, driven by rising incidences of the disease and strong government initiatives. The Asia Pacific region is expected to grow at the fastest rate over the forecast period, supported by high prevalence of the condition.
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
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Polaris Market Research
Polaris Market Research is a global market research and consulting company, specializing in providing exceptional market intelligence and in-depth business research services for various industries, including healthcare, technology, semiconductors, and chemicals. The team comprises experts committed to delivering value-added solutions to clients.
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Likhil G
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New York City, NY 10005,
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Phone: +1-929 297-9727
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
Frequently Asked Questions
What is the projected growth rate of the onychomycosis market?
The onychomycosis market is projected to grow at a CAGR of 4.6% from 2024 to 2032.
What was the market size of onychomycosis in 2023?
The onychomycosis market was valued at USD 3,798.92 million in 2023.
Which region holds the largest market share?
North America currently holds the largest share of the onychomycosis market.
What factors are driving market growth?
Key drivers include growing research and development, an increasing geriatric population, and advancements in treatment options.
Who are the major players in the onychomycosis market?
Prominent players include Abbott, Bausch Health Companies Inc., Cipla Inc., and Merck & Co., Inc.
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