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Onychomycosis Treatment Market Size, Industry Share, Analysis 2024-2033
Onychomycosis Treatment Market Size
According to The Business Research Company's, the super hi-vision market size has grown exponentially in recent years. It will grow from $87.04 billion in 2023 to $107.12 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to increasing demand for high-quality video content, growing popularity of immersive viewing experiences, rising disposable income levels, demand for high-end tvs and other display devices, growing adoption of cloud computing.
The super hi-vision market size is expected to see exponential growth in the next few years. It will grow to $246.54 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The growth in the forecast period can be attributed to growing virtual reality (VR) and augmented reality (AR), growing adoption of super hi-vision in the enterprise sector, growing gaming and other interactive applications, demand for streaming services. Major trends in the forecast period include consumer electronics innovation, research and development investment, content upscaling, integration of artificial intelligence (AI) and machine learning (ML), seamless multi-device connectivity.
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Market Drivers and Trends:
The increasing number of fungal infections is expected to propel the growth of the onychomycosis treatment market going forward. Fungal infections are microbial diseases caused by various fungi, affecting different body parts or causing specific conditions. Onychomycosis (a fungal nail infection) is typically treated with oral antifungal medications or topical antifungal solutions to eliminate the underlying fungal growth and restore healthy nail growth. For instance, in March 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, in 2021, 3,270 clinical cases and 7413 screening cases of C. auris were recorded in the United States. Furthermore, in March 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, the total number of deaths from fungal infections increased from 5,922 in 2020 to 7,199 in 2021. Therefore, the increasing number of fungal infections is driving the growth of the onychomycosis treatment market.
Major companies operating in the onychomycosis treatment market are focused on developing new products, such as MOB-015 and getting them approved by federal agencies to gain a competitive edge in the market. For instance, in June 2023, Moberg Pharma AB, a Sweden-based pharmaceutical company, received approval for MOB-015 in the European Union for treating mild to moderate fungal infections of the nails in adults. The European Union's approval marks the innovative onychomycosis medication's first global marketing authorization. Two Phase 3 trials supporting MOB-015's approval demonstrated improved mycological cure (76% vs. up to 42% for comparators) and a much greater total cure rate than the vehicle, all without experiencing any serious adverse effects. The topical terbinafine formulation MOB-015 allows effective terbinafine concentrations to reach the nail and nail bed without the risk of systemic exposure associated with oral terbinafine treatment.
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Major Key Players of the Market: Johnson & Johnson Services Inc., Bristol-Myers Squibb Company, Viatris Inc., Teva Pharmaceutical Industries Ltd., Hetero Drugs Ltd., Sun Pharmaceutical Industries Limited, Cadila Pharmaceuticals Ltd., Dr. Reddys Laboratories Ltd., Intas Pharmaceuticals Limited, Cipla Limited, Lupin Limited, Glenmark Pharmaceuticals Ltd., Aurobindo Pharma Limited, Alkem Laboratories Limited, Jubilant Life Sciences Ltd., Torrent Pharmaceuticals Ltd., Mankind Pharma Ltd., Biocon Limited, Emcure Pharmaceuticals Limited, Alembic Pharmaceuticals Ltd., Laurus Labs Limited, Strides Pharma Science Limited, Aarti Drugs Ltd., NATCO Pharma Ltd., Unichem Laboratories Ltd., Indoco Remedies Ltd., Apex Laboratories Pvt. Ltd., Wockhardt Ltd., Nuray Chemicals Private Limited.
Onychomycosis Treatment Market 2024 Key Insights:
• The onychomycosis treatment is expected to grow to $4.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Surge In Fungal Infections Fueling Growth In The Onychomycosis Treatment Market
• Diabetes Prevalence Driving Growth In Onychomycosis Treatment Market
• North America was the largest region in the onychomycosis treatment market in 2023
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