The Europe Onychomycosis Market would witness market growth of 4.6% CAGR during the forecast period (2022-2028).
Onychomycosis can significantly impair a patient's ability to function emotionally, socially, and at work, as well as cost a large amount in terms of medical expenses. Patients with the condition may feel embarrassed in social and professional settings, feeling blighted or filthy and hesitant to allow their feet or hands to be seen. Patients may worry that they may spread their virus to family, friends, or coworkers; these worries can lower self-esteem and cause patients to shun close connections.
If employers avoid hiring people with unusual nails, especially for positions requiring public engagement, like food handling or modeling, employment decreases. The distress some patients endure that prohibits them from performing work-related duties like writing, prolonged standing, or typing is a more obvious obstacle to career success.
The market is growing as a consequence of myriad of factors such as the rising incidence of chronic diseases, increased R&D for the development of novel treatments, and a rise in the proportion of elderly people. The growing number of diabetics in the world also propagate the chances of acquiring onychomycosis. The need for treatments is generally recognised due to the prevalence of onychomycosis infections worldwide. Additionally, larger companies are diversifying their portfolio of antifungal medications through acquisition strategies.
Due to the rising incidence of onychomycosis, favorable health reimbursement policies, and enhanced distribution of OTC medications through partnerships with retail pharmacies like Walmart, Walgreens, and others, the need for dermatophytic onychomycosis therapy is projected to increase in Europe. Onychomycosis is widely common throughout Europe, according to a study published in the Journal of the European Academy of Dermatology and Venereology. Since many European countries were among the worst hit by the coronavirus pandemic, like Spain, Italy, Britain, etc., the occurrence of onychomycosis increased slightly. During the forecast period, these factors are anticipated to be favorable for the onychomycosis market in the European region.
The Germany market dominated the Europe Onychomycosis Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $300.7 Million by 2028. The UK market is anticipated to grow at a CAGR of 3.7% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.3% during (2022 - 2028).
Based on Type, the market is segmented into Distal Subungual, Proximal Subungual, White Superficial and Others. Based on Treatment, the market is segmented into Topical, Oral and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Onychomycosis Market will Hit $4.5 Billion by 2028, at a CAGR of 4.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Pfizer, Inc., Teva Pharmaceuticals Industries Ltd., Abbott Laboratories, Bausch Health Companies, Inc., Bayer AG, Cipla Limited, Merck & Co., Inc., Novartis AG, Sun Pharmaceutical Industries Ltd., and GlaxoSmithKline PLC.
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