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Antifungal Drugs Market Expected to Reach $25.0 Billion by 2030—Allied Market Research

 

Report Code : A02039

quote Rise in prevalence of chronic diseases such as diabetes, which causes fungal infection are expected to notably contribute toward the growth of the global anti-fungal drugs market during the forecast period. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Antifungal Drugs Market," The antifungal drugs market size was valued at $16.6 billion in 2020, and is estimated to reach $25.0 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.

Antifungal drugs are medications that selectively eliminate fungal infections from the host. These fungal agents multiply by spreading spores that subsequently lead to infection on skin, hairs, vagina, and other body parts. The fungal infection causes candidiasis, fungal pneumonia, mucormycosis, and other diseases. The antifungal drugs market is continuously growing and evolving owing to robust developmental efforts made by researchers and market players in the field.

Factors that drive the growth of the global anti-fungal drugs market are growth in prevalence of fungal infection, rise in awareness levels pertaining to myriad of fungal infections, and increase in demand for generic drugs. Moreover, the production of antifungal drugs by key players such as GlaxosmithKline Plc manufactures, performs R&D activities, and develops innovative products applicable in the six end core areas, respiratory, HIV &infectious diseases, vaccines, immuno-inflammation, oncology, and rare diseases. It offers more products to improve the treatment for patients, consumers, and healthcare providers. It has a significant global presence in more than 150 countries. It manufactures antifungal creams, Clioquinol, Miconazole, Nystatin, Oxiconazole, and Terbinafine. With these antifungal drugs, GSK sustains its market presence in the global antifungal drugs market.

For instance, in June 2021, Mankind Pharma announced the launch of drug named Posaconazole Gastro. They are the resistant tablets, which are used to treat black fungus. In addition, in June 2021, Cadila Pharmaceuticals launched a new triazoel antifungal drug Posaconazole that is effective against a wide range of invasive fungal diseases. In addition the drug has been recommended as a second-line treatment for mucormycosis. Thus, rise in production of new antifungal drugs by large number of key players has increased the growth of the market.

Moreover, development of pharmaceutical industries and improvement in healthcare spending are anticipated to drive the growth of the anti-fungal drugs market. In addition, Fungal Genetic Resource of India (FUNGEN) was engaged in training graduate student mycologists in colleges and universities in isolation techniques, and operating on a crowdsourcing model with “mini-collections” developed at participating centers to provide awareness about fungus, the diseases caused by them, and the treatments. Hence, such robust initiatives taken by nongovernmental organizations are expected to fuel the market growth.

The global antifungal drugs industry is segmented into drugs class, infection type, therapeutic indication type, and dosage forms. On the basis of drug class, the azoles segment is anticipated to maintain its dominance during the forecast period.  This is due to the high usage of drugs such as azole for all the fungal indications and these also offer broad spectrum activity and improved safety levels. In addition, rise in prevalence of most commonly occurring systematic fungal infection such as candidiasis supplements the antifungal drugs market growth. However, the echinocandins are expected to grow rapidly throughout the forecast period. This is owing to the growth in incidence of hospital-acquired infections and increase in life expectancy among people.

The candidiasis indication is expected to register the highest CAGR of 3.7 throughout the forecast period. This is due to high incidences of skin infections in both children and adults. Aspergillosis segment generated the highest revenue in 2020, accounting for about 4.1% of the total share in 2020.

Region wise, the antifungal drugs industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Region wise, North America accounted for a majority share of the global antifungal market in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to surge in prevalence of infectious diseases such as aspergillosis, dermatophytosis, and candidiasis; increase in number of approvals for anti-fungal drugs; and presence of key players. Asia-Pacific is anticipated to witness highest CAGR during antifungal drugs market forecast owing to growth in healthcare expenditures.

KEY FINDINGS OF THE STUDY

  • Depending upon antifungal drugs market analysis, azoles segment among Drug class was the highest contributor in 2020.
  • On the basis of infection type, systematic antifungal infection dominated the market in 2020, and is expected to continue this trend during the forecast period.
  • On the basis of Therapeutic indication type, candidiasis dominated the market in 2020, and is expected to continue this trend during the forecast period.
  • By dosage forms, oral segment dominated the market in 2020, and is expected to continue this trend during the forecast period
  • By Region, North America accounted for a majority of the antifungal drugs market share in 2020, and is anticipated to remain dominant during the forecast period.

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quote Antifungal Drugs Market by Drug Class (Echinocandins, Azoles, Polyenes, Allylamines, Others), by Infection Type (Superficial Antifungal Infections, Systemic Antifungal Infections), by Therapeutic Indications (Aspergillosis, Dermatophytosis, Candidiasis, Others), by Dosage Forms (Oral, Topical, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030 quote

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