As per our report, the Antifungal Drugs market size was worth USD 13.06 billion in 2020 and is estimated to be growing at a CAGR of 3.68% to reach USD 15.65 billion by 2025. 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 occur due to the occurrence of organism 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 a severe condition in causing an infection on the skin.
MARKET DRIVERS:
Increasing awareness over the products' availability through digital advertisements and campaigns is thriving the demand of the market majorly. Changes in the environmental conditions and a rise in the spread of various infectious diseases from person to person are escalating the growth of the market. Besides, 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 drives the market's development eventually.
Adopting the latest technologies in producing various drugs and offering effective treatment procedures for different infectious diseases worldwide 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.
MARKET RESTRAINTS:
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 has been a challenging market growth factor. Also, fluctuations in the drugs' production rate 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.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Drug Type, Therapeutic Indications, Application and Region |
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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 |
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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 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 need for 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 significantly influencing the demand of the market. The rise in the need to increase productivity with growing incidences is likely to outshine the growth of the market.
Antifungal Drugs Market - By Region:
North America is accounted for holding the largest shares of the market, owing to accepting 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. The rise in capital income in most 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 has witnessed a tremendous growth rate in recent years and has the highest CAGR in 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 in the near future.
KEY MARKET PARTICIPANTS
Noteworthy players leading the global antifungal drugs market are profiled 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 HAPPENINGS IN THIS MARKET
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