Global Antifungal Drugs Market Size & Growth (2019 - 2024)
As per our report, the market size of the Antifungal Drugs was worth USD 13.06 billion in 2018 and estimated to be growing at a CAGR of 3.68%, to reach USD 15.65 billion by 2024. The market is expected to grow enormously in the next few years, with the growing global population.
Antifungal drugs are mainly used to treat various infections like athlete’s foot, ringworm, candidiasis and others. These drugs can be easily obtained through doctor’s prescription where as some are available over the counter. The drugs are manufactured with different formulas for various infections accordingly. Fungal infections are occurred due to occurrence of organism feed by breaking down the living tissue which are also known as dermatophytes. They have an ability to utilize the keratin and causes infection over skin, hair and nails. The only aim of these drugs is to prevent the kill the fungal cell from growing by making the contents of the cell to break out. Unhygienic environments may lead to severe condition in causing infection on the skin.
Market Drivers
Increasing awareness over the availability of the products through digital advertisements and campaigns is thriving the demand of the market majorly. Changes in the environmental conditions and rise in the spread of various infectious diseases from person to person is escalating the growth of the market. In addition, growing number of fungal infections like aspergillosis and candidiasis is also propelling the demand of the market. Rise in the concern towards health is accelerating the growth of the antifungal drugs market. Increasing support from the government and non-government organizations over the antifungal diseases is driving the growth of the market eventually.
Key Challenges
However, availability of alternate substitutes is silently hindering the growth of the market. Rise in side effects with long term use of these drugs is been challenging factor for the market growth. Also, fluctuations in the production rate of the drugs is slowly inhibiting the demand of the antifungal drugs market. Lack of skilled persons in manufacturing the drugs is also impeding the growth rate of the market. Stringent rules and regulations by government in approving new drugs is also limiting the demand of the market.
Opportunities
Adoption of latest technologies in producing various drugs and also offering effective treatment procedure for different infectious diseases across the world is to set up growth opportunities for the market. Rise in the demand to improve safety levels is lavishing the demand of this market. Furthermore, increasing investments on research and developments institutes is ascribed to bolster the growth of the market.
This market research report on Global Antifungal Drugs Market segmented and sub-segmented into the following categories and calculated market size and forecast to each segment until 2024.
Antifungal Drugs Market - By Drug Type
On the basis of drug type, Echinocandins drug type is ruling with highest shares of the market. Increasing scale of pharmaceutical industries is boosting up the demand of the market. Also, growing awareness camps through government organizations especially in rural areas is spurring the demand of this market.
Antifungal Drugs Market - By Therapeutic Indications
Antifungal Drugs Market - By Application
Based on the application, Growing knowledge over the dosage levels among physicians or doctors in hospitals is greatly influencing the demand of the market. Rise in the demand to increase the productivity with growing incidences is likely to outshine the growth of the market.
Antifungal Drugs Market - By Region
North America is accounted in holding largest shares of the market by owing to acceptance of latest technologies. Introduction of different types of drugs with high quality and low cost is prompting the growth rate of the market in this region. Europe is following North America in leading significant shares of the market. Rise in the capital income in most of the countries is straightly escalating the demand of the market. Also, increasing funds from private and public organizations to evaluate quality treatment procedures is surging the growth of the antifungal drugs market. Asia Pacific is witnessed in having tremendous growth rate from recent years and is also deemed to have highest CAGR in foreseen years. Increasing number of infectious disease cases due to unhygienic environments in rural areas is major factor magnifying the growth of the market. Middle East and Africa is anticipated in having huge growth opportunities in near future.
Noteworthy players in the antifungal drugs market are
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