Antifungal Drugs Market

Global Antifungal Drugs Market Size (2022 to 2027)

As per our report, the global antifungal drugs market size was worth USD 13.54 billion in 2022. It is estimated to grow at a CAGR of 3.68% and reach USD 16.22 billion by 2027. The market is expected to grow enormously with the growing population worldwide in the next few years.

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 the 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 causing an infection on the skin.

Some of the key findings of the report:

• Based on the drug type, the azoles drug segment dominated the global antifungal drugs market and held a market share of 51.8% in 2021.
• Based on the therapeutic indication, the candidiasis segment is anticipated to have the fastest CAGR among all segments in the antifungal drugs market.
• Geographically, the North American region held 40% of the global market in 2021.
• The European region was worth USD 3.97 billion in 2021.
• The Asia-Pacific region is anticipated to grow at a CAGR of 5.56% from 2022 to 2027.

Impact of COVID-19 on the global antifungal drugs market:

The COVID-19 pandemic has accelerated the global antifungal drugs market growth.

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. It was 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 remdesivir, 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 COVID-19 in favor, the global antifungal drugs market is expected to register new growth heights during the forecast period.

MARKET DRIVERS:

YOY rise in the prevalence of fungal and nosocomial diseases propelling 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 infections 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 driving global market expansion. Furthermore, changes in environmental conditions, 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 fuel the market's growth rate during the forecast period.

Growing adoption of the latest technologies in producing various drugs and offering effective treatment procedures for different infectious diseases worldwide are anticipated to offer lucrative opportunities to the antifungal drugs market.

In addition, a rise in the demand to improve safety levels is lavishing the antifungal drugs market growth. Furthermore, increasing investments in research and development institutes and increasing awareness of the availability of products through digital advertisements and campaigns thrive the global antifungal drugs market's growth. Furthermore, the antifungal drugs market is predicted to grow due to increased governmental and private sector initiatives to raise awareness about various fungal illnesses. Clinical trials for the development of antifungal drugs are being conducted by market players, which is projected to boost the global antifungal drugs 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 drugs to treat fungal infections.

MARKET RESTRAINTS:

The availability of alternate substitutes silently hinders 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 and the lack of skilled persons in manufacturing the drugs impede the market's growth rate. In addition, stringent rules and regulations by the government in approving new drugs also limit the market growth. In addition, the high cost of antifungal drugs is expected to slow the market's growth rate. Furthermore, the market for antifungal drugs 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:

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:

• Echinocandins
• Azoles
• Polyenes
• Allylamines
• Others

Based on the drug type, the azoles segment held a significant share of the antifungal drugs market in 2021 and is expected to rise significantly during the forecast period. Azoles treat various ailments, such as yeast infection, tinea versicolor, and athlete's foot, and come in various 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:

• Aspergillosis
• Dermatophytosis
• Candidiasis
• Others

Based on the therapeutic indication, the most prevalent systemic fungal infection, candidiasis, is anticipated to grow rapidly 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 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:

• Powders
• Ointments
• Drugs
• Pastes

Based on the application, the ointment segment emerged as the worldwide antifungal drugs market leader. 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:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the North American antifungal drugs market had the most significant share of the global antifungal drugs market in 2021, owing to the rapid adoption of the latest technologies. In addition, introducing various 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 infections, 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 of 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 national pharmacists to produce compelling novel and antifungal novels, resulting in market growth.

During the forecast period, the European antifungal drugs market is expected to be the second-largest regional market globally. 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 that magnifies the market's growth. 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:

• In January 2020, the FDA approved its supplement New Drug Application (sNDA) for MYCAMINE to support the treatment of Candidemia.  
• In December 2019, Astellas Pharma Inc. and Xyphos Biosciences, Inc. announced that Astellas had acquired Xiphos. With the acquisition, Astellas will gain Xyphos novel and proprietary ACCEL technology platform and industry-leading immune-oncology talent. 
• In October 2019, Astellas committed nearly $13Million to fund Boston – Area Start-Up Innovation in Cell and Gene Therapy. 
• In October 2019, Pandion Therapeutics and Astellas Pharma Inc. announced a License and Collaboration Agreement directed toward the research, development, and commercialization of locally acting immune modulators for autoimmune diseases in the pancreas. 
• In December 2019, Astellas Pharma Inc., a Tokyo-based company, ALPMY, announced that it had acquired privately held development-stage biotechnology company Xyphos Biosciences, Inc. to boost its immune-oncology pipeline. 
• n November 2019, Astellas Pharma Inc. announced that the China National Medical Products Administration (NMPA) approved a new drug application for XTANDI to treat adult men with metastatic castration-resistant prostate cancer that is asymptomatic or mildly symptomatic.