Onychomycosis Market Set to Hit USD 5,689.46 Million By 2032, With a 4.6% CAGR

Growing approvals and directives influencing commodity consent, market augmentation, and invention are pushing the onychomycosis market.

NEW YORK CITY, NY, UNITED STATES, September 25, 2024 /EINPresswire.com/ -- Our comprehensive research report assesses sales and revenue distribution by region to provide insights into regional market opportunities.

According to our latest market research study, the onychomycosis market is poised to witness steady growth. The market was valued at USD 3,798.92 million in 2023 and is anticipated to grow to USD 5,689.46 million by 2032. It is anticipated to register a CAGR of 4.6% from 2024 to 2032.

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What is Onychomycosis?

Onychomycosis is a nail infection that can leave one with breakable, discolored nails normally on the toes. It resembles an athlete's foot, but rather than impacting the skin on the foundation of the feet or amidst the toes, it captures the nails. Fungi are minuscule organisms one can perceive through a microscope. Several varied kinds can cause a nail contamination. Often, they reside on the skin and are harmless.
Distal onychomycosis is one of the most natural kinds. It derives from a fungus known as dermatophyte. One can get it in a fingernail or toenail. It commences in the nail bed beneath the nail. One will observe a yellowish-colored area that proliferates from the fringes of the nail to the center and areas where it breaks apart from the nail bed. White superficial onychomycosis is less normal and only impacts the nail surface predominantly in the toenail. It commences as white spots, which become powdery and cause the nail to collapse. The developing geriatric population globally is anticipated to propel the onychomycosis market.

What Are Key Report Highlights?

• The onychomycosis market size was valued at USD 3,798.92 million in 2023 and is projected to grow to USD 5,689.46 million by 2032.

• The rising demand for several stakeholders involving concerns and academic establishments is progressing inventive and productive cures by carrying out a gamut of policies is having a favorable influence on the expansion of the market.

• The market segmentation is primarily based on type, treatment, and region.

• The key regions covered in the report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Who Are Key Market Players?

Spearheading market players are funding massively in research and development so as to augment their product line which will assist the market to grow even more. Market contenders are also assuring diverse strategic ventures to augment their global footprint with crucial market advancements involving contemporary product instigations, legitimate consensus, mergers & acquisitions, elevated funding, and association with other firms.

The onychomycosis market key players are:
• Abbott
• Bausch Health Companies Inc.
• Cipla Inc.
• Merck & Co., Inc.
• Moberg Pharma AB
• Novartis AG
• Pfizer Inc.
• Sun Pharmaceutical Industries Ltd.

What’s Driving Market Growth?

• Rising Geriatric Population: With the rise in geriatric population, there is a worldwide need to cure onychomycosis. This is because a person's natural immunity is inclined to wear out moderately with age, rendering them more disposed to contaminations such as onychomycosis.

• Growing Demand for Topical Therapies: The growth is driven by the growing demand for topical cures approved by patients. Such cures are proposed by doctors depending on several elements such as nail inclusion, contaminating organisms, patient attributes, comorbidities, present medications, biomechanics, and price and reachability.

• Progressive Technologies: Progressive technologies such as lasers, which are contemplated secure treatment options, are anticipated to positively influence the onychomycosis market sales over the estimated period.

Which Region Leads Market Growth?
• North America: North America accounted for the largest market share. This is due to the growing phenomenon of earmarked illness and the existence of reassuring government policies. For instance, as per the publication in October 2021 by the American Academy of Family Physicians, onychomycosis existence in North America among grownups was expected to be 13.8% higher than in the past.

• Asia Pacific: Asia Pacific is anticipated to register a healthy CAGR in the onychomycosis market over the forecast period. The regional market growth is primarily fuelled by restricted passage to healthcare services, a developing geriatric population, substandard hygiene practices, and considerable urbanization.

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How Is Market Segmentation Done?
By Type Outlook:
• Distal Subungual Onychomycosis
• Proximal Subungual Onychomycosis
• White Superficial Onychomycosis
• Others

By Treatment Outlook:
• Topical
• Oral
• Others

By Regional Outlook:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR's Onychomycosis Market Report Coverage from Different Publications:
The global onychomycosis industry is expected to reach USD 5,689.46 million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.6% during the forecast period.

FAQs:
How much is the onychomycosis market worth?
The market was valued at USD 3,798.92 million in 2023 and is projected to be valued at USD 5,689.46 million in 2032.

What is the growth rate of the onychomycosis market?
The global market is projected to grow at a CAGR of 4.6% during the forecast period 2024-2032.

Which region held the largest market share?
North America held the largest share of the global market.

Which type led the market?
The distal subungual onychomycosis category dominated the market in 2023.

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