One of the leading fungal infections, onychomycosis continues to demand more effective, and safer treatment alternatives. Worldwide, the annual prevalence of the disease remains between 7% and 10%, which highlights the critical need for proper onychomycosis treatment following appropriate diagnosis. Fairfield Market Research in its new ongoing study would discuss the current and future growth outlook of global onychomycosis treatment market over the next few years. The report suggests that as the risk of acquiring the disease increases among individuals living with one or more chronic health conditions, the market growth will remain upbeat. Another high-risk patient segment that the report highlights as a key driver is that of those with athlete’s foot, genetic predisposition, and acquired immunodeficiency syndrome (AIDS). A strong product pipeline of topicals will remain crucial to market build-up, says the report.
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Topical Treatment Remains Preferred over its Oral Counterpart
With an increasing number of consumers showing greater inclination toward maintenance of nail aesthetics, demand for onychomycosis treatment is projected to see an upswing. The market currently has a number of oral, and topical treatment alternatives available for patients of onychomycosis. Topical alternatives continue to gain preference over their oral counterparts as the latter still suffers a lot of patient reluctance. While the latter comes with a potential risk of toxic side effects, the former involves a lengthy treatment course that typically has limited efficacy. The need for a safer, more efficient, faster, more convenient, and effective onychomycosis treatment option thus remains unmet.
Nail lacquers are recently garnering traction, especially for treating toenail onychomycosis, based on their convenient usage, and lasting action on nails. Moreover, the combination therapy that has been gaining ground rapidly also gives a significant push to market growth. This is clearly attributable to faster results, higher efficacy, and re-occurrence prevention that the therapy promises.
Western Markets Surge Ahead, South Korea Presents a Huge Opportunity
Nearly 34 million individuals in the US alone were living with (undiagnosed) diabetes in 2018, as indicated by the estimations of Diabates.org. While such a huge number at a greater risk of acquiring infections like onychomycosis points to a continuously growing opportunity in the US, research also suggests a visibly rising opportunity in Canada. North America thus remains the leader in global onychomycosis treatment market along with some of the European countries. Unprecedented growth of ageing population, and greater awareness about the overall physical appearance are expected to uphold market potential in these regions.
On the other hand, some of the economies in Asia Pacific are also likely to develop strong growth potential for the market in future. China alone has around 2% of its adult population suffering nail infection(s), including onychomycosis. South Korea stands as the biggest market for onychomycosis treatment providers in the Asian subcontinent. A massive 10% of the country’s population is affected by onychomycosis, which underpins expansion of the Korean market for topical drugs to treat onychomycosis.
Onychomycosis Treatment Market Competition
The competition analysis section of the global onychomycosis treatment market report throws light on the strategic, and financial details of some of the leading companies driving competition. Some of the profiled players include Sanofi S.A., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Novartis AG, GlaxoSmithKline plc, Hexima Limited, Valent Pharmaceutical, Cipla Ltd., Bayer AG, Johnson & Johnson, Galderma, Moberg Pharma AB, Pfizer Inc., Cardinal Health, Inc, Almirall, S.A., and Viatris Inc.
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