Introduction
The prevalence of the nail fungus, i.e., dermatophytic onychomycosis, is increasing with the increasing incidence of chronic diseases, such as diabetes mellitus, peripheral vascular diseases, and psoriasis, among others. The risk is high in patients with athlete’s foot, genetic predisposition, HIV-positive patients, etc. Besides, many such secondary factors are expected to fuel the demand for dermatophytic onychomycosis therapeutics. The risk of dermatophytic onychomycosis is 1.9–2.8 times higher in patients suffering from diabetes, compared to the general population. The prevalence of dermatophytic onychomycosis is estimated to be around 4–5% in the tropical Asian countries, between 10 and 12% in North America, and up to 17% in European countries.
Increasing awareness regarding dermatophytic onychomycosis therapeutics among podiatrists and dermatologists has led to increase in the demand for dermatophytic onychomycosis therapeutics. Majority of the global population is apprehensive about the consequences of a nail infection, particularly the diabetic patients (dermatophytic onychomycosis in people with diabetes increases the risk of other foot disorders).
An Increasing inclination of consumers towards maintaining the aesthetic appeal of their nails has been observed, and is one of the major factors driving dermatophytic onychomycosis therapeutics market. The condition of dermatophytic onychomycosis is not considered as life-threatening, but may result in physical and occupational limitations owing to which a large number of people opt for the treatment of infected, thick, and cracked nails, which fuels the growth of dermatophytic onychomycosis market.
Market Value and Forecast
The global dermatophytic onychomycosis therapeutics market is projected to expand at a CAGR of 7.6% during the forecast period 2018–2026, and reach a value of US$ 6,741.6 Mn by the end of 2026.
Market Dynamics
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. Based on treatment type, the global dermatophytic onychomycosis therapeutics market has been segmented into topical and oral. Based on end users, the global dermatophytic onychomycosis therapeutics market has been segmented into hospitals, clinics, independent pharmacies, mail order pharmacies and drug stores.
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- Increasing standardization of dermatophytic onychomycosis therapeutics products is expected to emerge as the key market trend in North America.
- People in North America have been observed to be more health conscious, thus, relying more on combination therapy for Dermatophytic Onychomycosis therapeutics treatment of finger nails and toe nails.
- In Europe, there is high prevalence of dermatophytic onychomycosis, which is mainly associated with diabetes. Diabetic patients are more prone to develop fungal infections in their toe nails, thus, increasing the demand for dermatophytic onychomycosis therapeutics.
- Nail Lacquers continue to dominate the European Dermatophytic Onychomycosis therapeutics market as there are no systemic side-effects associated with these topical products.
- Consumer preference for topical treatment in Asia Pacific is on the higher side due to ease of its applicability and also as nail lacquers are easy to apply and stay for a longer period on the nails
- Prevalence of Dermatophytic Onychomycosis is higher in Australia when compared to New Zealand because of the presence of more number of beaches and warm and moist weather in the country, which increases the chances of fungal toe-nail infections.
- Marketing campaigns by the established brands in Rest of Asia Pacific are expected to rise in the coming years, in turn, raising consumer awareness regarding the condition in the region
- Awareness about onychomycosis infection in Latin America is lower as compared to other regions
- Majority of people in Brazil are reluctant to use anti-fungal tablets because of their associated side-effects whereas people of Mexico tend to wear pointed boots and narrow shoes and thus are more susceptible to toenail infections as compared to finger nail infections
- MEA market is projected to expand at a slower CAGR because of lesser awareness about dermatophytic onychomycosis and dermatophytic onychomycosis therapeutics in some countries in the region
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Key Regions
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 largest 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 fast-growing regions in the global dermatophytic onychomycosis therapeutics market due to its growing healthcare efforts.