The global Onychomycosis Disease Market is poised to experience a consistent growth in revenue over the forecast period. This growth can be attributed to several key factors, including the increasing elderly population, a rising prevalence of onychomycosis and diabetes, and enhancements in healthcare infrastructure.
Onychomycosis, also commonly referred to as tinea unguium, is characterized as a fungal nail infection. Symptoms typically include nail discoloration in shades of white or yellow, increased nail thickness, and detachment of the nail from its bed. While both toenails and fingernails can be affected, toenails are more commonly impacted. Moreover, complications such as cellulitis in the lower leg can arise from onychomycosis. Various fungi, including dermatophytes and Fusarium, can be responsible for causing this condition. Risk factors encompass athlete's foot, other nail conditions, exposure to individuals with the ailment, peripheral vascular disease, and compromised immune function.
Onychomycosis is prevalent in approximately 10% of the general population, with a higher occurrence rate of 20% among individuals aged over 60 and a staggering 50% among those aged over 70. Typically, diagnosis is based on visual assessment and confirmed through laboratory testing.
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Key Market Trends and Innovation:
- In May 2022, Blueberry Therapeutics is happy to report that BB2603 has made significant progress in their Phase 2b European trial for onychomycosis. Using nano delivery platform technology, Blueberry is creating a new topical antifungal spray formulation of terbinafine (BB2603-om) to treat onychomycosis. In order to match the cure rates of the more potent oral formulations in a topical medicine without the associated safety concerns, the spray will be applied directly to the nail. This will improve the active ingredient's delivery through the nail
- Moberg Pharma’s drug candidate, MOB-015 is a next-generation onychomycosis treatment (nail fungus). The high antifungal effect (70-84% mycological cure) demonstrated in two clinical Phase 3 studies involving over 800 patients suggests that the product has the potential to be the future market leader in nail fungus. MOB-015 has license agreements in place with partners in Europe, Japan, Canada, and the Republic of Korea.
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Certainly, let's discuss the driving factors and constraints in the Onychomycosis Disease Market:
- Increasing Prevalence: The rising incidence of onychomycosis worldwide is a significant driver for this market. As the population ages, the risk of developing this fungal nail infection increases, leading to a larger patient pool.
- Growing Geriatric Population: The elderly are more susceptible to onychomycosis, and with a global increase in the aging population, the market benefits from a larger target demographic.
- Rising Diabetes Cases: Onychomycosis is more prevalent in individuals with diabetes. As diabetes rates continue to rise, especially in emerging economies, it contributes to the market's expansion.
- Improvements in Healthcare Infrastructure: Advances in healthcare facilities and access to medical services, particularly in developing regions, enhance the diagnosis and treatment rates for onychomycosis, driving market growth.
- Limited Diagnosis and Screening: In some regions, there is a lack of proper diagnostic facilities and screening programs for onychomycosis, leading to underdiagnosis and undertreatment.
- High Treatment Costs: Effective treatments for onychomycosis can be expensive, particularly if prolonged courses of medication or multiple therapies are required. Cost considerations can deter patients from seeking treatment.
- Resistance to Treatment: Some cases of onychomycosis may be resistant to standard treatments, making it challenging to manage the condition effectively.
- Side Effects of Medications: Antifungal medications used to treat onychomycosis may have side effects, which can lead to patient non-compliance or discontinuation of treatment.
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