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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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.
Surge in the prevalence of fungal infections along with rise in the awareness levels pertaining to myriad fungal infections facilitate the growth of the global antifungal drugs market. Furthermore, patent expirations and increasing funding effects of antifungal diseases offer lucrative opportunities. The North America region contributed to more than one-third of the total antifungal drugs market share in 2021. This segment is expected to maintain its dominance throughout the forecast period.
There are various types of fungi available in the environment, out of which, few types of fungi can cause severe infection and illness to humans. For instance, the fungal infection can lead to fungal pneumonia, candidiasis, mucormycosis, and more diseases that can even result to death in rare cases. Antifungal drugs are medications for the treatment of such fungal infections. It can fight a fungal infection without damaging human body cells because it targets structures that are necessary in fungal cells i.e. the fungal cell membrane and the fungal cell wall. Azoles, polyenes, allylamines, and echinocandins are some common types of antifungal drugs.
Moreover, 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.
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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 2023. 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.
The leading market players analyzed in the research include the GlaxoSmithKline Plc. Pfizer Inc., Enzon Pharmaceuticals, Inc., Sanofi S.A., Scynexis Inc., Gilead Sciences, Inc., Bayer AG, Merck & Co., Inc., Abbott Laboratories, and Novartis International AG. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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