The Dermatophytic Onychomycosis Therapeutics Market To Reach US$ 6,741.6 Million
Posted by Tanvi Birajdar on March 24th, 2021
According to the latest report published by Persistence Market Research titled “Dermatophytic Onychomycosis Therapeutics Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026,” the dermatophytic onychomycosis therapeutics market in terms of value is expected to grow at a CAGR of 7.6% during the forecast period.
Dermatophytic onychomycosis also known as tinea guinea can have certain negative effects on patients, such as pain, and can potentially undermine their work and social lives. Moreover, the infection might spread to surrounding skin. The condition isn’t considered life-threatening, but may result in physical and occupational limitations, because of which more and more number of people are opting for the treatment of their infected, thick, and cracked nails. This, in turn, is driving growth of the market for dermatophytic onychomycosis therapeutics.
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The global dermatophytic onychomycosis therapeutics market based on product type has been segmented into tablets and nail paints, which is again sub-segmented into prescription (Rx) and over-the-counter. The nail paint segment is expected to contribute maximum share in the global dermatophytic onychomycosis therapeutics market and expand at a CAGR of 8.1% during the forecast period.
Based on treatment type, the global dermatophytic onychomycosis therapeutics market has been segmented into topical and oral. The topical is projected to be the dominant segment throughout the forecast period, accounting for around 70% share of the global dermatophytic onychomycosis therapeutics market by 2026.
Based on end users, the global dermatophytic onychomycosis therapeutics market has been segmented into hospitals, clinics, independent pharmacies, mail order pharmacies and drug stores. The drug stores & independent pharmacies segments are estimated to be the large segments, which collectively accounted approximately 54% share of the global dermatophytic onychomycosis therapeutics market in 2017. The independent pharmacies segment is expected to register a high CAGR growth during the forecast period. The drug stores was the second most attractive segment in the global dermatophytic onychomycosis therapeutics market in 2017.
The growth of the market is primarily driven by factors such as increase in the prevalence of fungal toe nail infections in the U.S. and Canada, and rising per capita healthcare expenditure across the globe. Dermatophytic onychomycosis is common in the elderly, with prevalence rates as high as 20% in those over 60 years of age and 30% in those over 70.
Thus increasing geriatric population is the most important factor that is expected to drive growth of the dermatophytic onychomycosis therapeutics market over the forecast period. Easy application of nail paints is also expected to drive the demand for dermatophytic onychomycosis therapeutics. Another factor fueling the growth of dermatophytic onychomycosis therapeutics market is the growing preference of dermatophytic onychomycosis therapeutics by podiatrists and dermatologists.
Rise in diagnosis of the nail infection has raised awareness regarding the fungal infection of nails and dermatophytic onychomycosis therapeutics. Besides, increasing awareness regarding dermatophytic onychomycosis therapeutics amongst podiatrists and dermatologists has led to a rise in demand for effective medications. However, adverse effects such as headache, dizziness, nausea, stomach ache, etc., associated with antifungal drugs have made people more skeptical about practicing a systemic therapy for nails.
Moreover, the topical agents also causes rash and itchiness in the surrounding skin. These side effects are hampering the acceptance of dermatophytic onychomycosis therapeutics for the treatment of moderate to severe dermatophytic onychomycosis associated with anti-fungal therapeutics. Another factor impeding the growth of dermatophytic onychomycosis therapeutics is lack of awareness regarding dermatophytic onychomycosis therapeutics and dermatophytic onychomycosis itself.
There is a general lack of awareness regarding the disease, its possible causes, symptoms etc. People in some African, European, Gulf, and Asian countries are still ignorant about their diseased nails. There is a general perception among patients that the thickened nail would get cured by itself after sometime. Thus, lack of awareness is also a major factor hindering growth of the onychomycosis therapeutics market currently.
Geographically, the global dermatophytic onychomycosis therapeutics market is segmented into five major regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). North America was the dominant regional market for dermatophytic onychomycosis therapeutics and is expected to follow the same trend over the forecast period.
The Europe market for dermatophytic onychomycosis therapeutics is expected to account for second large share followed by Asia Pacific. North America and Europe collectively are expected to account for over 60% share of the global dermatophytic onychomycosis therapeutics market over the forecast period. MEA and Latin America are expected to be the fast-growing regions in the global dermatophytic onychomycosis therapeutics market due to growing healthcare efforts.
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About the AuthorTanvi Birajdar
Joined: November 23rd, 2020
Articles Posted: 28
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