Onychomycosis Global Market Report 2024

The onychomycosis market size has grown strongly in recent years. It will grow from $3.4 billion in 2023 to $3.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historic period can be attributed to several factors, including limited treatment options, an aging population, a rise in the incidence of diabetes, the expansion of the pharmaceutical industry, and an increased awareness of fungal infections.

The onychomycosis market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of combination drug therapies, a rise in healthcare expenditure, increased awareness campaigns for onychomycosis, the expansion of telemedicine services, and advancements in topical drug formulations. Notable trends during this period encompass the integration of digital technologies in onychomycosis diagnosis and management, an increase in over-the-counter (OTC) antifungal products, the development of patient-friendly treatment regimens, a focus on personalized medicine in onychomycosis treatment, and collaborations between pharmaceutical companies for research and development.

The anticipated growth in the onychomycosis market is expected to be propelled by the increasing population of individuals with diabetes. Diabetes, characterized by inadequate insulin synthesis or ineffective insulin utilization, is a chronic disease that commonly leads to onychomycosis, posing a prevalent foot problem. Effectively managing onychomycosis is crucial for individuals with diabetes to prevent complications. Notably, the International Diabetes Federation reported in December 2021 that diabetes affected 537 million people globally (aged 20–79) in 2021, with projections estimating an increase to 643 million by 2030 and a total of 783 million by 2045. This surge in diabetes cases is a key driver for the growth of the onychomycosis market.

The globalization of pharmaceutical companies is poised to contribute to the expansion of the onychomycosis market. This trend involves pharmaceutical companies extending their operations beyond domestic or local markets to operate on a global scale. Global pharmaceutical companies play a vital role in conducting awareness campaigns and educational initiatives on various health conditions, including onychomycosis. Such initiatives contribute to increased awareness among healthcare professionals and the general public regarding the condition's prevalence and available treatment options. As an example, data from Germany Trade and Invest, a Germany-based office for foreign trade, reveals that Germany, being the fourth-largest pharmaceutical market globally and the largest in Europe, experienced a 5.4% increase in pharmaceutical sales to reach EUR 56.5 billion in 2022. The growth in biologics was particularly notable, reaching 10.5% between 2021 and 2022, generating EUR 17.8 billion in revenue in 2022 and constituting one-third of the country's entire pharmaceutical business. The globalization of pharmaceutical companies is thus playing a significant role in driving the growth of the onychomycosis market.

Product innovation stands out as a prominent trend gaining traction in the onychomycosis market, with major companies actively pursuing the development of innovative products to maintain their market positions. For instance, in December 2021, Bausch Health Companies Inc., a Canada-based pharmaceutical company, introduced Julia (aliconazole) topical solution for onychomycosis treatment. Notably, Julia received approval from the American Podiatric Medical Association (APMA), underscoring its recognition for supporting foot health when used consistently in a daily foot care regimen and professional treatment program.

Major companies in the onychomycosis market are focusing on the development of innovative formulations to address specific challenges associated with the condition and enhance treatment outcomes. Lupin Limited, an India-based pharmaceutical company, exemplifies this trend with the launch of Tavaborole Topical Solution in July 2021. This oxaborole antifungal solution is designed for the topical treatment of onychomycosis of the toenails caused by Trichophyton rubrum or Trichophyton mentagrophytes, serving as the generic equivalent of Anacor Pharmaceuticals Inc.'s Kerydin Topical Solution 5%, with an estimated annual sale of USD 53 million in the U.S.

In December 2021, Kaken Pharmaceutical Co. Ltd., a US-based pharmaceutical company, acquired Artha Therapeutics Inc. This undisclosed-sum acquisition allows Kaken to enhance its research and development capabilities by leveraging Artha's technologies and expertise in drug repositioning. Artha Therapeutics Inc., a Japan-based biopharmaceutical company, specializes in providing topical onychomycosis treatment in Japan. This acquisition reflects a strategic move to leverage synergies and further develop onychomycosis treatment options.

Major companies operating in the onychomycosis market report are Pfizer Inc., Johnson & Johnson Services Inc., Merck & Co. Inc., Bayer AG, Novartis AG, GlaxoSmithKline PLC, Eli Lilly and Company, Sandoz International GmbH, Bausch Health Companies Inc., Perrigo Company PLC, Galderma Laboratories LP, Aurobindo Pharma Limited, Cipla Inc., Dr. Reddy's Laboratories Ltd., Apotex Inc., Lupin Limited, Amneal Pharmaceuticals Inc., Alembic Pharmaceuticals Inc., Kaken Pharmaceutical Co. Ltd., Mayne Pharma Group Limited, Wockhardt Ltd., Sato Pharmaceutical Co. Ltd., Anacor Pharmaceuticals Inc., Jubilant Cadista Pharmaceuticals Inc., Moberg Pharma AB, Medimetriks Pharmaceuticals Inc., Blueberry Therapeutics Ltd., Hallux Inc., NovaBiotics Ltd., Zydus Cadila Healthcare Limited.

North America was the largest region in the onychomycosis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onychomycosis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the onychomycosis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of onychomycoses include distal subungual onychomycosis (DSO), white superficial onychomycosis (WSO), proximal subungual onychomycosis (PSO), candida onychomycosis, and others. Distal subungual onychomycosis (DSO) specifically targets the nails of the feet, and treatment options vary, encompassing oral antifungal drugs, topical antifungal treatments, or a combination of both. The therapeutic approaches involve drug treatment, topical therapy, and other interventions, with distribution channels including hospital pharmacies, retail pharmacies, and other relevant outlets.

The onychomycosis research report is one of a series of new reports that provides onychomycosis market statistics, including the onychomycosis industry's global market size, regional shares, competitors with onychomycosis market share, detailed onychomycosis market segments, market trends and opportunities, and any further data you may need to thrive in the onychomycosis industry. This onychomycosis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The onychomycosis market includes revenues earned by services such as combination therapy, oral antifungal medications, itraconazole, ketoconazole, griseofulvin, and terbinafine. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.