As per our report, the global antifungal drugs market size was worth USD 13.54 billion in 2022. It is further estimated to be growing at a CAGR of 3.68% and a value of USD 16.22 billion by 2027. The market is expected to grow enormously in the next few years with the growing population across the world.
Antifungal drugs are mainly used to treat various infections like athlete’s foot, ringworm, candidiasis, etc. These drugs can be easily obtained through a doctor’s prescription, whereas some are available as over-the-counter drugs. The drugs are manufactured with different formulas for various infections accordingly. Fungal infections occur because organisms feed by breaking down the living tissue, also known as dermatophytes. They can utilize keratin and cause infection over skin, hair, and nails. The only aim of these drugs is to prevent the fungal cell from growing by making the cell's contents break out. Unhygienic environments may lead to severe conditions in causing an infection on the skin.
Impact of COVID-19 on the global antifungal drugs market:
The introduction of COVID-19 has accelerated the growth rate of the global antifungal drugs market. Patients with critical COVID-19 were found to have small amounts of Interferon (IFNs) in the blood or lungs. As per the research published in the British Journal of Pharmacology, two medicines are available for preventing COVID-19: an antifungal drug and an antidepressant. Patients with COVID-19 are exposed to developing pulmonary aspergillosis and found that the antifungal itraconazole and antidepressant fluoxetine stopped producing the infectious disease COVID-19 virus amid the cell culture lab test. The drug is used in combination with the antiviral drug remdesiver, and the combination exhibited a collective effect and restricted the virus production. Influential and safeguarding drug combination treatment of Isotretinoin and antifungal drugs works as a potential aerosol therapy for COVID-19 patients. Thus, with the COVID-19 favor, the global antifungal drugs market is expected to register new growth heights during the forecast period.
MARKET DRIVERS:
Y-O-Y growth in the prevalence of fungal and nosocomial diseases drives the worldwide antifungal drugs market.
Antifungal drugs have grown in popularity in recent years as the prevalence of various fungal infections has increased worldwide, as has the incidence of hospital-acquired illnesses and public awareness about personal cleanliness. In addition, increasing disposable income, improved healthcare infrastructure, various antifungal medications, and a growing focus on employing nanotechnology to formulate innovative drugs are all driving global market expansion. Furthermore, changes in the environmental conditions and a rise in the spread of various infectious diseases from person to person, and the growing number of fungal infections such as aspergillosis and candidiasis further propel the growth of the global antifungal drugs market. In addition, the rise in the concern for health and growing support from the government and non-government organizations over antifungal diseases is predicted to add fuel to the market's growth rate during the forecast period.
Adopting the latest technologies in producing various drugs and offering effective treatment procedures for different infectious diseases worldwide sets up growth opportunities for the market. In addition, a rise in the demand to improve safety levels is lavishing the demand of this market. Furthermore, increasing investments in research and development institutes are ascribed to bolster the market's growth. Increasing awareness over the availability of products through digital advertisements and campaigns thrives the demand of the global antifungal drugs market majorly.
Furthermore, the antifungal medications market is predicted to grow due to an increase in governmental and private sector initiatives to raise awareness about a variety of fungal illnesses. Clinical trials for the development of antifungal drugs are being conducted by market players, which is projected to boost the global antifungal pharmaceuticals market's growth throughout the forecast period. The market's growth pace will be accelerated by increasing medication approvals and launches and focusing on releasing generic medications to treat fungal infections.
MARKET RESTRAINTS:
The availability of alternate substitutes is silently hindering the growth of the global antifungal drugs market.
The rise in side effects of long-term use of these drugs has been a challenging market growth factor. Also, fluctuations in the drug's production rate are slowly inhibiting the demand in the antifungal drugs market. Furthermore, the lack of skilled persons in manufacturing the drugs also impedes the market's growth rate. In addition, stringent rules and regulations by the government in approving new drugs also limit the demand of the market.
In addition, the high cost of antifungal drugs is expected to slow the market's growth rate. The market for antifungal pharmaceuticals is also predicted to be challenged by the growing number of resistant people to antifungal drugs and a lack of healthcare infrastructure in underdeveloped countries.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Drug Type, Therapeutic Indications, Application, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global antifungal drugs market has been segmented and sub-segmented based on drug type, therapeutic indications, application, and region.
Antifungal Drugs Market - By Drug Type:
Based on the drug type, The azoles segment holds a significant proportion of the antifungal drugs market and is expected to rise significantly during the forecast period. Azoles are used to treat various ailments, such as yeast infection, tinea versicolor, and athlete's foot, and come in a variety of forms, including capsules, lotions, and sterile IV solutions. These medications have better absorption and distribution qualities and fewer adverse effects and drug interactions.
On the other hand, the echinocandins segment is predicted to grow at a healthy rate from 2022 to 2027.
Antifungal Drugs Market - By Therapeutic Indications:
Based on the therapeutic indication, the most prevalent systemic fungal infection, candidiasis, is anticipated to grow at the quickest rate during the forecast period in the global antifungal drugs market. Candida infection is a type of yeast infection caused by the genus Candida. The way it's been treated has changed over time. The judicious use of echinocandins and broad-spectrum azoles for the treatment of candidemia, mucosal candidiasis, and invasive candidiasis are among the changes. A primary driver for the segment is the rising number of patients who are more sensitive to fungal infections. Furthermore, rising patient and healthcare professional awareness is expected to propel the antifungal drugs market forward.
Antifungal Drugs Market - By Application:
Based on the application, the ointment segment emerged as the market leader in the worldwide antifungal drugs market. Over the forecast period, the market is expected to rise due to the increasing usage of topical antifungals in treating skin-related fungal diseases.
Antifungal Drugs Market - By Region:
Geographically, the North American antifungal drugs market is predicted to occupy most of the market share in the global market during the forecast period due to the rapid adoption of the latest technologies. The introduction of various types of drugs with high quality and low cost is prompting the market's growth rate in this region. Due to the priority review status for antifungal medications to treat antifungal infection, North America is likely to see considerable growth in the global antifungal drugs market during the forecast period. Due to improved healthcare infrastructure, an increase in echinocandin resistance, and an increase in the number of fungal infections in the region, North America also holds a significant share in the global antifungal drugs market. The United States is one of the world's most economically developed nations. Therefore, it currently controls a substantial portion of the market. In addition, infections caused by fungi have posed a problem for health officials in the United States. This ongoing fungal proliferation will allow nation pharmacists to produce compelling novel and anti-fungal novels, resulting in market growth.
During the forecast period, the European antifungal drugs market is expected to be the second-largest regional market in the global market. Increasing funds from private and public organizations to evaluate quality treatment procedures is surging the growth of the European antifungal drugs market.
However, the Asia Pacific antifungal drugs market is forecasted to be the fastest-growing region globally between 2022 to 2027. It is estimated to register a tremendous growth rate in the foreseen years. An increasing number of infectious disease cases due to unhygienic environments in rural areas is a significant factor magnifying the growth of the market. The Middle East and Africa are anticipated to have substantial growth opportunities soon.
KEY MARKET PARTICIPANTS:
Noteworthy players leading the global antifungal drugs market in this report are Gilead Sciences, Inc., Pfizer Inc., Sanofi S.A., Merck & Co., Inc., Novartis International AG, Abbott Laboratories, Bayer AG, Scynexis Inc., Enzon Pharmaceuticals, Inc., and GlaxoSmithKline Plc.
RECENT MARKET DEVELOPMENTS:
FAQ's
As per our research report, the global antifungal drugs market size is estimated to be worth USD 16.22 billion by 2027.
Yes, we have studied and included the COVID-19 impact on the global antifungal drugs market in this report.
Based on drug type, the azoles segment dominated the antifungal drugs market in 2021.
Gilead Sciences, Inc., Pfizer Inc., Sanofi S.A., Merck & Co., Inc., Novartis International AG, Abbott Laboratories, Bayer AG, Scynexis Inc., Enzon Pharmaceuticals, Inc., and GlaxoSmithKline Plc. are playing a major role in the global antifungal drugs market.
Related Reports
Talk to our analyst and get customised report done according to your research needs
Check if you can avail any discount. Submit your details and our team will get back to you.
Request to avail a free sample report that reflects this market and its growth.
