The size of the Antifungal Drugs Market in the Asia Pacific has been estimated at USD 2.18 billion in 2022. This value is further forecasted to be growing at a CAGR of 4.1% and worth USD 2.66 billion by 2027. The market is projected to grow enormously with the growing global population in the following few years.
Antifungal drugs are used to cure fungal infections, usually caused by unclean, unhygienic, and damp environments. Fungal infections are the invasion of epithelial tissue by microscopic organisms. Systemic fungal infections are caused by indigestion or inhalation of fungus spores and cause fungal pneumonia, and opportunistic fungus causes diseases like candidiasis, meningitis, mucormycosis, etc. Most fungal infections and fungal diseases are generally non-lethal, but they are very uncomfortable to live with. Commonly occurring fungal infections are responsible for the rise of the antifungal drugs market. Antifungal drugs work through mechanisms such as inhibiting cell wall formation, cell membrane disruption, and cell division.
Fungal infections are a significant public health issue all over the Asia Pacific. The Change in environmental conditions and an increase in the spread of various infectious diseases from person to person are driving the APAC Antifungal drugs market. Also, the growing number of contagious fungal infections such as pythiosis and mucormycosis are propelling the growth of the Asia-Pacific antifungal drugs market.
During the forecast period, the rising concern about health and growing support from the government and non-government organizations for antifungal diseases is expected to fuel the market growth. In addition, the Adoption of advanced technologies in the production of various pharmaceuticals and providing effective treatment processes for various infectious diseases around the region is expected to boost the market growth.
Furthermore, increased investment in research and development institutes is expected to support the growth of the APAC antifungal drugs market. The key market players are investing in R&D activities due to the high prevalence of fungal diseases and the problems associated with their treatment. As a result, new antifungal medications are being developed to achieve better results, helping the market grow. Moreover, the Asia-Pacific Action Fund for Fungal Infections, which was established in 2015 and focused on public health advocacy for patients with fungal infections, is expected to propel the market forward during the projected period.
However, Long-term usage of these treatments has increased adverse effects, which has posed a challenge to market expansion. In addition, variations in the rate of medicine production are also slowing the market demand for antifungal drugs. The market's growth rate is further hampered by a scarcity of competent workers in the medication manufacturing industry. The government's stringent regulations and procedures for approving new pharmaceuticals further limit market demand.
This research report on the APAC antifungal drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Therapeutic Indications:
Geographically, the Asia-Pacific antifungal drugs market is expected to account for a significant share in the global market during the forecast period. The market growth is expected to be fuelled by the quick adoption of new technologies, improving healthcare infrastructure, and favorable reimbursement policies in the region. The antifungal drugs market in Asia-Pacific is predicted to be the second-largest regional market during the forecast period. Increased investment in research and development institutes is also expected to help the industry flourish. Countries like China, India, and Japan are rising rapidly in medical healthcare with advanced technologies and equipment due to market growth.
According to the Consumer Healthcare Products Association, a growing proportion of adults turn to over-the-counter (OTC) medications as their first line of defense against minor diseases. Antifungal drug sales have risen in recent years due to increased use of over-the-counter medicines. Other market growth factors include growing public knowledge about fungal infections and an aging population with impaired immune systems. The significant market players in the region consist of China, India, and Japan which are expanding the Asia Pacific regional market growth.
However, the China antifungal drugs market held the largest share of the APAC market in 2020, and it is expected to register a predominant share during the forecast period. The market growth is attributed to the rising knowledge of fungal diseases, increased prevalence of antifungal illnesses, and increased government and corporate financing in the field.
On the other hand, the Indian antifungal drugs market is projected to be growing at a promising CAGR during the forecast period. Improving the healthcare sector, Supportive government policies, and investments in research and development activities contribute to the country's market growth.
KEY MARKET PLAYERS:
Companies playing a significant role in the Asia Pacific Antifungal drugs market are Alternaria, Pfizer, Novartis, Sanofi-Aventis, Merck & Co., Aspergillus, Kramer Laboratories, Bayer Healthcare, Enzon Pharmaceuticals, Glaxosmithkline Gilead, and Abbott Laboratories.
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