A senior market research analyst at FMI explains, “Oral terbinafine has been a popular choice for including in the combination therapy over the years, which is followed by amorolfine nail lacquer in follow-up sessions.
The Onychomycosis Treatment Market commonly known as toenail fungus, is a widespread and persistent condition that affects millions of people worldwide. However, the good news is that there are several effective treatment options available to combat this pesky problem and restore the health and beauty of your nails.
Topical antifungal medications are often the first line of defense against onychomycosis. These over-the-counter or prescription creams, ointments, or nail lacquers contain active ingredients that directly target the fungus. It's important to follow the prescribed application regimen and maintain consistency to achieve desired results.
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The market for onychomycosis treatments is projected to reach US$ 4.44 billion in 2022. From 2022 to 2032, the market for onychomycosis therapies is projected to increase at a CAGR of 8.46% and reach a value of US$ 10 billion. The market is growing as a result of the increased risk of nail fungal infections brought on by the rising prevalence of diabetes.
Key Market Players considered in the Study:
Growing Inclination towards Combination Therapy to Boost Nail Lacquer Sales
With bolstering recommendations for combination therapy by both podiatrists and dermatologists is cited as another strong factor encouraging the demand for onychomycosis treatment worldwide. Research indicates an increased cure rate when the treatment combines systemic and topical therapies, which is presumably stimulating onychomycosis patients to opt for treatment that involves long-term antifungal drugs medication, followed by application of nail lacquers.
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A senior market research analyst at FMI explains, “Oral terbinafine has been a popular choice for including in the combination therapy over the years, which is followed by amorolfine nail lacquer in follow-up sessions. The emergence of more such combination therapies as a part of onychomycosis treatment is likely to support the growth of onychomycosis treatment market in coming years”.
Nearly 80% Revenue Belongs to Distal Subungal Onychomychosis Treatment
Distal subungal onychomycosis, though is the most prevalent disease indication pushing the demand for treatment with almost 80% share in the total market value, the report projects that the prevalence of proximal subungal onychomycosis would increase at a significant rate in coming years.
North America & Western Europe Bag in over 70% Market Value Share
Holding a collective revenue share of more than 70%, North American and Western European markets for onychomycosis treatment continue to provide the strongest push to market growth. In addition to the highest onychomycosis prevalence, North America’s landscape reaps a major advantage of favorable reimbursement scenario in the US.
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Analysis of the Moderately Consolidated Market Structure
Among the top performers in the global onychomycosis treatment landscape including Novartis AG, Galderma S.A., Valeant Pharmaceuticals, Inc., Johnson & Johnson Services, Pfizer, Inc., and others, the top five companies account for a global market share of over 43% – leaving the market as a moderately consolidated landscape. With an objective to achieve impactful product promotion campaigns, companies are signing sales and marketing agreements, according to the report.
Onychomycosis Treatment Market Segmentation Analysis:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 14, 2023
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