Dermatophytic Onychomycosis Treatment Market Size, Share & COVID-19 Impact Analysis, By Product Type (Tablets and Nail Paints), By Route of Administration (Oral and Topical), By Type (Prescribed and Over-the-Counter (OTC)), By Distribution Channel (Hospitals & Clinics, Retail Pharmacies, and Online Channels), and Regional Forecast, 2020-2027

The global dermatophytic onychomycosis treatment market size was valued at USD 3.74 billion in 2019 and is projected to reach USD 6.63 billion by 2027, exhibiting a CAGR of 7.4% during the forecast period.

Onychomycosis (OM) is a fungal infection of the nail resulting in discoloration and thickening of the nail. It accounts for about one-third of the total fungal infections in the world. Furthermore, around 70%-80% of the total onychomycosis infections are caused by dermatophytes. This rising prevalence has resulted in an increasing demand for dermatophytes onychomycosis drugs. Moreover, the increasing prevalence of diabetes leads to high risks for developing nail fungus infection. According to an article published in Podiatry Management, the risk or odds for diabetes patients developing OM is 2.77 times that of a normal person. Furthermore, increasing research and rapid adoption of nail lacquers are expected to boost the market during the forecast period.

On the contrary, the sudden outbreak of the COVID-19 pandemic created a lot of disturbance leading to economic crises. This has also led to a decline in the market growth rate. Companies such as Kaken Pharmaceuticals Co., Ltd. reported decreased sales performance of its products. Furthermore, uncertainties about the duration of the pandemic and restricted visit to healthcare facilities are anticipated to pose a hindrance to the market growth. 

LATEST TRENDS

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Gradual Shift towards Topical Solutions to Contribute to Market Growth

One of the major dermatophytic onychomycosis treatment market trends is the increasing preference for topical treatment solutions. Oral anti-fungal drugs are associated with liver damage and hence are not prescribed for patients for liver and heart disease. According to a survey conducted on dermatologists and podiatrists in the U.S. by Moberg Pharma AB in 2017, 7 out of 10 doctors avoid prescribing oral terbinafine owing to the risk of liver damage. Furthermore, dermatologists and podiatrists across the world feel that there is a great need for better topical solutions than the existing ones. A gradual shift towards topical solutions has created significant market opportunities for topical drugs and has led to robust R&D for the development of effective nail lacquers.

DRIVING FACTORS

Rising Prevalence of Dermatophytic Onychomycosis to Drive the Market

One of the key factors driving the growth of the market is the rising prevalence of onychomycosis. The prevalence of toenail onychomycosis infection is much higher than that of fingernails. Increasing prevalence of nail fungal infection caused by dermatophytes and a significant increase in the number of prescriptions are expected to fuel the market. According to the press release of Moberg Pharma AB, around 10% of the world’s general population suffers from onychomycosis, with approximately 35-40 million Americans having nail fungus. This is expected to favor the demand for the market of dermatophytic onychomycosis treatment during the forecast period.

In addition, the rising prevalence of diabetes is another reason for increasing the prevalence of dermatophytic infection. According to the International Diabetes Federation, the prevalence of diabetes is estimated to be around 463 million in 2019 will boost the market in the coming years.

Presence of Potential Pipeline Candidates to Foster Market Growth

The rising prevalence, as well as lack of effective treatment, has encouraged significant R&D investment by pharmaceutical companies for the development of novel therapeutics. Many of the currently available topical treatment solutions are unable to penetrate deep inside the nail bed and hence are cannot completely cure the infection. Thus, many companies are actively working to overcome this challenge by research on compounds with deeper penetration into the nails. For example, Hexima, a biotechnological company, is conducting phase I/IIa clinical study on HXP124, a plant defensin anti-fungal molecule for dermatophytic onychomycosis treatment. HXP124 has shown greater penetration rates when compared to Kerydin and Jublia. Increased research spending and the launch of potential drug candidates are projected to provide significant momentum to the dermatophytic onychomycosis drugs market.

RESTRAINING FACTORS

Lack of Awareness to Hinder the Market Growth

The major factor hindering the market growth is the lack of awareness regarding the seriousness of the infection. People usually ignore the symptoms of dermatophytic onychomycosis, such as decolorization and thickening of the nails and separation of the nails from the nail bed. Due to this, the nail fungal infection remains undiagnosed. In addition, many people refrain from treatment or seeking doctor's help as they are unaware of the infection. According to a study published in Our Dermatol Online Journal, 31.6% of the total participants never undergone treatment for dermatophytic onychomycosis. Furthermore, 61.9% of the participants avoided treatment follow up, indicating the lack of knowledge of the adverse effects of the diseases. Ignorance from the patients has resulted in many people left untreated, which in turn is restricting the growth prospects of the market.

SEGMENTATION

By Product Type Analysis

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Nail Paints to Generate the Maximum Revenue Owing to Increasing Prescription for Jublia.

Based on the product type, the market is segmented into tablets and nail paints. The nail paints segment is estimated to dominate the market throughout the forecast period. Increasing prevalence of topical nail lacquers when compared to oral anti-fungal drugs, as well as increasing uptake of Jublia, is expected to augment the segment during 2020-2027. However, decreased sales of Clenafin, especially in Japan, owing to the COVID-19 pandemic has negatively impacted the revenue of the nail paints segment. The tablets segment is anticipated to grow due to the rising government efforts to switch to generic drugs. Furthermore, terbinafine and griseofulvin are considered to be gold standards among oral drugs for the dermatophytic onychomycosis treatment. This is likely to favor the tablets segment during the forecast period.

By Route of Administration Analysis

Significant R&D Investment to Render Considerable Growth to the Topical Segment

On the basis of the route of administration, the market is segmented into oral and topical. The topical segment accounted for the maximum portion of the market in 2019. Oral drugs are associated with adverse side effects such as liver damage, and hence many dermatologists and podiatrists prefer prescribing topical solutions. This coupled with increasing research for the development of topical drugs, is expected to accelerate the growth of the tablets segment. On the other hand, oral medications have more cure rates owing to higher penetration and higher effectivity when compared to topical solutions, which is the primary reason responsible for the growth of the segment during the forecast period. However, as most of the oral antifungals can be taken only through prescription and people are avoiding hospital visits amid COVID-19 pandemic, the revenue of the oral segment is likely to decline during 2020-2021.

By Type Analysis

Over-the-Counter Segment to Dominate the Market

Based on type, the market is bifurcated into prescribed and over-the-counter. Favorable health reimbursement, an increasing number of podiatrists, and rising prevalence of dermatophytic onychomycosis are the major factors contributing to the expansion of the prescribed segment. Decreased hospital visits and government decision to shut down non-emergency OPDs in hospitals have negatively impacted the prescribed segment, and the impact is expected to continue in 2020 and 2021. The OTC segment dominated the market, mainly due to the gradual shift towards nail paints and increasing sales of ciclopirox for dermatophytic onychomycosis treatment.

By Distribution Channel Analysis

Online Channels Segment to Witness the Maximum Growth

In terms of the distribution channel, the market is bifurcated into hospitals & clinics, retail pharmacies, and online channels. Retail pharmacies segment generated the maximum revenue owing to the increasing sales of OTC drugs and the rising prevalence of diabetes and fungal nail infection. The hospitals & clinics segment is expected to expand due to the increasing number of privately owned clinics and the rising number of dermatologists and podiatrists. Due to the outbreak of the COVID-19 pandemic, people prefer online pharmacies for their medicines. This is expected to provide remarkable growth to the online channels segment during the forecast period. 

REGIONAL INSIGHTS

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The dermatophytic onychomycosis drugs market size in North America stood at USD 1.65 billion in 2019. The increasing number of prescriptions for onychomycosis increased research, and rising demand for Jublia and Kerydin are the key factors for the growth of the market in North America. According to a press release of Moberg Pharma AB, the total number of annual prescriptions written for onychomycosis treatment in North America is around 5 million, which in turn will augment the market in North America. In Europe, the demand for dermatophytic onychomycosis treatment is likely to propel owing to the increasing prevalence of onychomycosis, favoring health reimbursement, and improved distribution of OTC drugs through collaborations with retail pharmacies such as Walmart, Walgreens, and others. According to an article published in the Journal of the European Academy of Dermatology and Venereology, the prevalence of onychomycosis in Europe is 4.3%. This is anticipated to fuel the market in Europe. However, since few countries in Europe such as Italy, Spain, Britain, etc., are among the worst-hit nations due to coronavirus pandemic, the market is expected to decline considerably in 2020. In Asia Pacific, the market is poised to surge owing to the new product launches, rising prevalence of diabetes, and increasing geriatric population. In March 2020, Kaken Pharmaceuticals Co., Ltd. announced the launch of Jublia in Hong Kong dermatophytic onychomycosis treatment. This is expected to foster the market in Asia Pacific. Improving distribution channels, rising patient awareness, and increasing health expenditure are factors propelling the market in the rest of the world.

KEY INDUSTRY PLAYERS

Bausch Health and Pfizer to Account for the Leading Position

In terms of dermatophytic onychomycosis drugs market revenue, Bausch Health accounted for maximum market share owing to the higher sales of Jublia. Jublia generated a revenue of US$ 110.0 Mn in 2019. It has a complete cure rate of 15-18% which is highest when compared to other nail lacquers. This coupled with favorable health reimbursement for Jublia is the main reason for the dominant share of the company. On the other hand, Pfizer is ranked second in the market, which can be attributed to the increasing demand for Kerydin. However, the market share of both companies are estimated to decline due to the patent loss of Jublia and the economic crises created by the COVID-19 pandemic.

LIST OF KEY COMPANIES PROFILED:

• Bausch Health Companies Inc.


• Pfizer Inc.


• Galderma


• GlaxoSmithKline plc


• Janssen Pharmaceuticals, Inc.


• Cipla Inc.


• Kaken pharmaceuticals Co., Ltd.


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• March 2020 – In March 2020, Kaken Pharmaceuticals Co., Ltd. announced the launch of Jublia in Hong Kong.


• February 2019 – Moberg Pharma AB signed a license agreement with Bayer AG under which Bayer AG will be responsible for the marketing, selling, and distribution of MOB-015 in Europe.


• July 2018 - Eisai Co., Ltd., and Sato Pharmaceutical Co., Ltd. announced the launch of NAILIN in Japan.

REPORT COVERAGE

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The global dermatophytic onychomycosis treatment market research report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several research methodology or methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers in-depth analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market.  The report provides various key insights such as pipeline analysis, regulatory & reimbursement overview, new product launches, and recent mergers, acquisitions, and partnerships.

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