As per our report, the global antifungal drugs market size was worth USD 13.54 billion in 2021. It is further estimated to be growing at a CAGR of 3.68% and value USD 16.22 billion by 2026. 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 thrives the demand of the global antifungal drugs market majorly.
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. The rise in the concern towards 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 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:
The availability of alternate substitutes is silently hindering the growth of the global antifungal drugs 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 also limit the demand of the market.
Impact of COVID-19 on the global antifungal drugs market:
The introduction of COVID-19 has created an acceleration in the growth rate of the global antifungal drugs market. Patients with critical COVID-19 found to have small amounts of Interferon’s (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, which are an antifungal drug and an antidepressant. Patients with COVID-19 are exposed to develop 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.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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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 significantly influences the demand of the market. The rise in the need to increase productivity with growing incidences is likely to outshine the market's growth.
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 growth rate of the market in this region. 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 2021 to 2026. 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 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 MARKET DEVELOPMENTS:
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