Antifungal Drugs Market

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 a doctor’s prescription whereas some are available over the counter. The drugs are manufactured with different formulas for various infections accordingly. Fungal infections are occurred due to the occurrence of organism feed by breaking down the living tissue which is also known as dermatophytes. They have the ability to utilize keratin and cause 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 a severe condition in causing an infection on the skin.

Key Market Growth 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 are escalating the growth of the market. In addition, a growing number of fungal infections like aspergillosis and candidiasis is also propelling the demand of the market. The 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.

Major Challenges

However, the availability of alternate substitutes is silently hindering the growth of the market. The 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 are 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 the government in approving new drugs are also limiting the demand of the market.

Potential Opportunities

The adoption of the latest technologies in producing various drugs and also offering effective treatment procedures for different infectious diseases across the world is to set up growth opportunities for the market. 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 growth of the market.

Key happenings in this market in the recent past:

• On January 13, 2020, the FDA approved its supplement New Drug Application (sNDA) for MYCAMINE in support of the treatment of Candidemia.   
• On December 26, 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 as well as industry-leading immune-oncology talent. 
• On October 01, 2019, Astellas committed nearly $13Million to fund Boston – Area Start-Up Innovation in Cell and Gene Therapy. 
• On October 30, 2019, Pandion Therapeutics, and Astellas Pharma Inc. announced the signing of a License and Collaboration Agreement directed toward the research, development, and commercialization of locally acting immune modulators for autoimmune diseases for the pancreas. 
• On December 30, 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. 
• On November 25, 2019, Astellas Pharma Inc., announced that the China National Medical Products Administration (NMPA) approved a new drug application for XTANDI for the treatment of adult men with metastatic castration-resistant prostate cancer that is asymptomatic or mildly symptomatic. 

REPORT COVERAGE

This market research report on Global Antifungal Drugs Market segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2024.

Antifungal Drugs Market Analysis - By Drug Type

• Echinocandins
• Azoles
• Polyenes
• Allylamines
• Others

On the basis of drug type, Echinocandins drug type is ruling with the highest shares of the market. The increasing scale of pharmaceutical industries is boosting up the demand of the market. Also, growing awareness camps through government organizations especially in rural areas are spurring the demand of this market.

Antifungal Drugs Market Analysis - By Therapeutic Indications

• Aspergillosis
• Dermatophytosis
• Candidiasis
• Others

Antifungal Drugs Market Analysis - By Application

• Powders
• Ointments
• Drugs
• Pastes

Based on the application, Growing knowledge over the dosage levels among physicians or doctors in hospitals is greatly influencing the demand of the market. The rise in the demand to increase productivity with growing incidences is likely to outshine the growth of the market.

Regional Analysis:

North America is accounted for holding the largest shares of the market by owing to the acceptance of the latest technologies. The 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 a tremendous growth rate from recent years and is also deemed to have the highest CAGR in foreseen years. An increasing number of infectious disease cases due to unhygienic environments in rural areas is a major factor magnifying the growth of the market. The Middle East and Africa are anticipated in having huge growth opportunities in the near future.

Noteworthy players leading the Global Antifungal Drugs Market are profiled in this report are:

1. Gilead Sciences, Inc.
2. Pfizer Inc.
3. Sanofi S.A.
4. Merck & Co., Inc.
5. Novartis International AG
6. Abbott Laboratories
7. Bayer AG
8. Scynexis Inc.
9. Enzon Pharmaceuticals, Inc.
10. GlaxoSmithKline Plc.