The antifungal drugs market size in North America is estimated at USD 5.34 billion in 2023. It is further projected to be growing at a CAGR of 3.7% and worth USD 6.40 billion by 2028. The market is poised to grow significantly with the rising global population in the following years.
Antifungal drugs commonly cure fungal infections due to unclean, unhygienic, and damp environments. Invasion of epithelial tissue by microscopic organisms leads to fungal infections. Systemic fungal infections are caused due to indigestion or inhalation of spores, leading to fungal pneumonia, and diseases like candidiasis, meningitis, mucormycosis, etc., are caused by opportunistic fungus. Although most fungal infections and diseases are commonly non-lethal, they are very uncomfortable to the host, and their common occurrence is responsible for the rising antifungal drugs market. Antifungal drugs work via mechanisms such as inhibiting cell wall formation, cell membrane disruption, and cell division.
In many North America, fungal infections are a significant public health concern. Therefore, the North American Antifungal drugs market is expected to be driven by the proliferation of contagious diseases, the rising number of fungal infectious diseases such as miconazole and terbinafine. Also, the increased health concerns and expanding government and non-government support for antifungal disorders are expected to drive the market growth rate throughout the forecast period. On the other hand, the market is also likely to be aided by increased investment in research & development institutes.
Furthermore, the adoption of technological advancement in the production of various pharmaceuticals and delivering effective treatment techniques for various infectious diseases around the region is expected to fuel the growth of the North America antifungal drugs market. In addition, increased cancer rates, a surge in hematopoietic stem cell transplantation, and other immune system-related factors are driving the North American antifungal drugs market.
In addition, during the forecast period, the North American Action Fund for Fungal Diseases, which was founded in 2013 and focused on public health advocacy for patients with fungal diseases, is predicted to fuel the market. Due to the significant frequency of fungal illnesses and the issues connected with their treatment, players are investing in R&D efforts with good results. As a result, new antifungal drugs are being created to improve results, which assists the growth of the North America antifungal drugs market.
However, the concerned associated long-term side effects with the usage of these drugs hamper the market growth. In addition, antifungal drug demand is also being slowed by variations in the rate of pharmaceutical manufacture. In addition, the scarcity of qualified personnel in the pharmaceutical manufacturing industries is the key restraint in the North America antifungal drugs market. In addition, the economy slows down, with the pandemic being the primary cause of improper government funds to cure these fungal, viral infections. Furthermore, the government's stringent rules and regulations for approving new drugs are the major challenging factor.
This research report on the North American antifungal drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Therapeutic Indications:
The North American antifungal drugs market is estimated to account for the majority of the share in the global market throughout the forecast period, owing to the rapid adoption of new technologies. According to the Consumer Healthcare Products Association, over 81 percent of Americans use over-the-counter medications as their first line of defense against minor illnesses. Antifungal drug sales have risen in tandem with the increased usage of over-the-counter treatments. The United States and Canada are the two most important countries in dealing with the antifungal drug companies and providing improved infrastructure for the North American region.
The U.S. antifungal drugs market is forecasted to dominate the North American market during the forecast period. The market growth is attributed to the greater awareness of fungal infections, antifungal ailments, and increased government and corporate organizations. In addition, the development of a variety of high-quality, low-cost medications is accelerating the market growth rate.
On the other hand, the Canadian Antifungal drugs market is expected to grow promisingly during the forecast period. Increased investment in research and development institutes, an increase in the number of immune-compromised older people, and increasing health concerns are propelling the growth of the North America antifungal drugs market.
KEY MARKET PLAYERS:
Alternaria, Pfizer, Novartis, Sanofi-Aventis, Merck & Co., Aspergillus, Kramer Laboratories, Bayer Healthcare, Enzon Pharmaceuticals, Glaxosmithkline Gilead, and Abbott Laboratories are a few of the notable companies operating in the North American antifungal drugs market.
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