Antifungal Drugs Market Size, Industry Trends Report | 2031

Report Description

The global antifungal drugs market size was valued at USD 12.5 billion in 2020. The growth of the market is attributed to the increasing incidences of fungal infections including candidiasis & aspergillosis which can be both superficial & systematic in nature.
 

Get Free Sample Report

Antifungal drugs are specific medications which can be used for the treatment of fungal infections. Most of these fungal infections affects the outer body such as the nails and skin but once the infection is left untreated or ignored, these infections can affect the internal organs leading to diseases such as pneumonia or meningitis. Antifungal drugs works in two mechanisms, they either straight up kill the infectious cells present in the host or they prevent the fungal cells from further growth on the host, thereby the fungus dying itself. Either way, antifungal drugs have been very effective to protect the human body from unwanted growth of bacteria.

According to the World Health Organization or the WHO, along with the Centers for Disease Control and Prevention or the CDC, in 2019, every 250,000 new people are being affected by the brain infection known as cryptococcal meningitis which when uncured leads to tumor growths and even death. The death toll caused by this disease has now reached over 200,000 per year according to the census report taken. The COVID-19 pandemic has hindered the growth of global antifungal drugs market initially. However, scientists & researchers, upon further research, reported & identified that the coronavirus has numerous viral genes that can accelerate the present illness of the hosts. This guided the clinics, healthcare laboratories, and hospitals to aim on the development of antifungal drugs for the treatment and prevention of these kinds of allergies and this led to its market growth in the later stages of this pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• Increase in spending and investing by the companies towards antifungal drugs is the primary reason for the projection of boosting the market growth during the forecast period, 2021-2028.
• Rapid growth of the biopharmaceutical companies and thereby that industry can become a major factor in the boosting of the global antifungal drugs market during the forecast period.
• High prices for the development of antifungal drugs and high cost of services from the company’s perspective is anticipated to hinder the global market growth.
• Antifungal drugs needs to be applied with medical supervision and care. Unnecessary application of these drugs for preventive measures, especially with no medical advice, can lead to damaging of skin cells and other applied body parts. This can hamper the global antifungal drugs market growth.
• R&D investment and technological advancement are expected to offer significant opportunities for the market players. Scientists have found new methods on the treatment of skin involving echinocandins and pneumocandins which is said to be the most effective form of treatment, which was found in November 2020.

Scope of the Report

The report on the global antifungal drugs market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Antifungal Drugs Market Segment Insights

 Azoles segment is projected to represent a large market share
Based on classes, the global antifungal drugs market is divided into azoles, echinocandins, polyenes, allylamines, and others. The azoles are further divided into Voriconazole (Vfend), Posaconazole (Noxafil), Clotrimazole (Canesten), Isavuconazole (CRESEMBA), and others. The echinocandins are further segmented into Caspofungin (Cancidas), Micafungin (Mycamine/Funguard), and others. The polyenes are further bifurcated into Amphotericin (AmBisome) and others. The allylamines are further bifurcated into Terbinafine (Lamisil) and others. The azoles segment is expected to constitute the major share in 2019. The major reason attributing to this market growth is the presence of leading therapeutic agents including Noxafil, Diflucan, CRESEMBA, Canesten, and Vfend. Each of these drugs have been very effective with the respective formulae which can diagnose and cure specific skin disorders to their host.

Meanwhile the allylamines segment is anticipated to grow with a significant CAGR of 11% during the forecast period, 2021-2028. This is mainly attributed to the new and novel products available which has been recently developed during the COVID pandemic and the increase in occurrences regarding jock itch, nail infections, ringworms, and athlete foot. Dermatologists now recommend a new drug called the Lamisil for such incidences and this drug falls under the allylamines segment.

Dermatophytosis segment is estimated to register a huge market share
On the basis of indications, the global antifungal drugs market is segmented into dermatophytosis, aspergillosis, candidiasis, and others. The candidiasis are further segmented into invasive candidiasis, vulvovaginal candidiasis, mouth/throat/esophageal candidiasis, and other candida infections. The dermatophytosis segment is expected to constitute the major share of the market in 2019. This is attributed to the increasing occurrences of skin diseases in children. Skin diseases in children have to be handled with minimum reactions as the skin could burn out and form permanent discoloration on the host. Dermatophytosis is the safest approach towards both children and old people, thereby justifying its usage.

Meanwhile the candidiasis segment is anticipated to grow with a significant CAGR during the forecast period, 2021-2028. This is mainly attributed to the new research and development activities involved in candidiasis which can cure almost all skin disorders and diseases to all age groups with a common element. The increase in fungal infections was the reason for the development of candidiasis as researchers studied & verified that this method was the most effective for diagnosis.
 

Get Free Sample Report

  
North America is anticipated to dominate the market
On the basis of regions, the global antifungal drugs market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a major share in 2020. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology. The demand of antifungal drugs is increasing rapidly in this region due to the presence of the major market players in the Antifungal Drugs market, an advantage other regions do not have. The cost of expenditure is significantly lower in North America than that of other economies. However, the market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, 2021-2028, as they have prioritized the cost-efficiency perspective of antifungal drugs combined with their growing population.
 

Get Free Sample Report