The Onychomycosis Treatment Market is estimated to be valued at US$ 3.22 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Onychomycosis is a fungal infection of the nails that makes the nail brittle, thickened and discoloured. It is one of the most common nail diseases caused by various fungi like dermatophytes, yeasts and molds. The existing onychomycosis treatment options in the market include topical and oral medications. Topical medicines like amorolfine and ciclopirox are used to treat mild to moderate nail fungal infections. Oral prescription antifungal medicines like terbinafine and itraconazole are effective for severe or chronic nail fungus cases.

Market key trends:
The rising prevalence of onychomycosis globally is driving the market growth. According to CDC, onychomycosis affects approximately 14% of the general population. Furthermore, there has been considerable rise in the number of cases of diabetes, a common risk factor for onychomycosis. Launch of novel therapies for onychomycosis is another important trend in the market. Recently, in December 2020, Kerydin (tavaborole 5% topical solution) was approved by the FDA as the first topical antifungal medication for treatment of onychomycosis of toenails. Kerydin offers an effective and well-tolerated non-prescription therapy for fungal nail infections. Development of nail lacquers and nail paints containing antifungal agents is also emerging as an innovative trend. These novel delivery formats aim to provide cosmetically appealing options for self-treatment of nail fungus. Rising awareness and growing market acceptance of therapeutics are expected to further drive significant revenue growth of the onychomycosis treatment market during the forecast period.

Porter’s Analysis
Threat of new entrants: The onychomycosis treatment market has moderate entry barriers due to requirement of approvals for new drugs and need for well established distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power owing to availability of generic drugs. However branded drugs offer better efficacy.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw material suppliers arefragmented.
Threat of new substitutes: Substitutes threat is low as no highly effective alternative treatment options are available.
Competitive rivalry: The onychomycosis treatment market witnesses high competition between key players.

SWOT Analysis
Strength: High treatment needs for fungal nails infections, availability of generic alternatives.
Weakness: Low diagnosis rates, risk of side effects associated with oral drugs.
Opportunity: Emergence of combination therapies, ultrasound assisted drug delivery systems, aging population.
Threats: Patent expiries of branded drugs, social stigma associated with fungal infections.

Key Takeaways
The global onychomycosis treatment market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of diabetes. North America dominates the onychomycosis treatment market currently due to high diagnosis and treatment rates. Regional analysis indicates Asia Pacific will be the fastest growing market owing to large patient pool and improving access to healthcare.

Key players operating in the onychomycosis treatment market are Lumenis Ltd., Cipla Ltd., Bayer AG, Johnson Johnson, Moberg Pharma AB, Pfizer Inc., Novartis, Galderma SA, Dr. Reddys Laboratories Ltd., Medimetriks Pharmaceuticals Inc., and Bausch Health Companies Inc. (Valeant Pharmaceuticals Inc.), among others.