The surge in prevalence of fungal infections worldwide, increase in knowledge of myriad fungal infections among populace, and rise in government funds to tackle antifungal diseases drive the growth of the global antifungal drugs market. Additionally, expiration of existing patents and rise in funding from public & private organizations would provide lucrative opportunities to emerging market players in the near future. However, growth in population that possess antifungal drug resistance and side-effects associated with antifungal drugs hamper market growth.
The global antifungal drugs market size was valued at $16.6 billion in 2020, and is projected to reach $25.0 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
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Antifungal drugs to primarily cater the systemic antifungal infections
By infection type, the systemic antifungal segment is expected to maintain its dominant position through 2023 and occupy almost 70% of the global market. This is attributed to their increased demand owing to their bioavailability, efficacy, and enhanced ability to provide better treatment against a broad spectrum of fungi that affects the internal organs severely.
The antifungal drugs market is anticipated to flourish in the Asia-Pacific region, especially in India. It is due to the fact that India has a tropical environment that is best for breeding a wide array of fungi. Because of this factor, pharmaceuticals vendors of India are having lucrative opportunities to keep the drug market flooded with various anti-fungal drugs. This in turn, is boosting the growth of the global antifungal drugs market to a great extent.
Other than that, the key market players across the world are focusing towards the development of new generic antifungal drugs as well as formulation technologies for innovative anti-infective drugs. For example, a company named Basilea Pharmaceutica developed a new azole antifungal drug i.e. CRESEMBA in UK which is prescribed for treatment of mucormycosis. Here, it is worth mentioning that the global antifungal drugs market is going to reach heights with such developments in the near future.
Azoles projected to be the primary drug type in the near future
Based on drug type, azoles is projected to be the largest and fastest growing segment throughout the forecast period, growing at a CAGR of 3.9% to occupy more than one-third of the global market by 2030. Azoles play an active role in the treatment of many fungal infections and the newer versions have evolved to be the first line of defense against myriad fungal infections such as aspergillosis.
Drugs to dominate the global market based on dosage
By dosage form, drugs are not only anticipated to remain the dominant segment in the near future but are also projected to grow at the fastest CAGR of 4.2%. They are expected to generate more than 30% of the global market revenue by 2030, owing to their stability with respect to physical, chemical, and microbiological attributes that help in providing accurate dosage to the patients.
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Key market players
The key players analyzed in the report include Pfizer Inc., Sanofi S.A., Gilead Sciences, Inc., Merck & Co., Inc., Novartis International AG, Abbott Laboratories, Bayer AG, Scynexis Inc., Enzon Pharmaceuticals, Inc., and GlaxoSmithKline Plc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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