antifungal drugs detect and eliminate fungal pathogens providing minimal side effect to the body.
Portland, OR -- (SBWIRE) -- 05/16/2019 -- According to a new report published by Allied Market Research, titled, Antifungal Drugs Market by Drug type, Infection type, Indication, and Dosage Forms: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global antifungal drugs market was valued at $13,719 million in 2016, and is projected to reach $17,718 million by 2023, growing at a CAGR of 3.7% from 2017 to 2023. The azoles drug segment accounted for nearly three-eighths share of the total market in 2016.
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Antifungal drugs are medications that selectively eliminate fungal infections from the host. These fungal agents multiply by spreading spores that subsequently lead to infection on skin, hairs, vagina, and other body parts. The fungal infection causes candidiasis, fungal pneumonia, mucormycosis, and other diseases. The antifungal drugs market is continuously growing and evolving owing to robust developmental efforts made by researchers and market players in the field.
The growth in prevalence of fungal infection, rise in awareness levels pertaining to myriad fungal infections, and increase in demands of generic drugs are the major factors that drive the market growth. However, patent expiration of branded therapeutics and presence of counterfeit drugs restrain the growth of the antifungal drugs market. In addition, increase in R&D expenditure coupled with funding from the public & private sector is expected to provide lucrative growth opportunities to the antifungal drugs market.
The systemic antifungals segment is anticipated to maintain its dominance during the forecast period, accounting for about fifth-sevenths share of the global antifungal drugs market in 2016. This is due to the high usage of drugs such as azole for all the fungal indications and these also offer broad spectrum activity and improved safety levels. In addition, rise in prevalence of most commonly occurring systematic fungal infection such as candidiasis supplements the market growth. However, the superficial antifungals are expected to grow rapidly throughout the forecast period. This is because of the growth in incidence of hospital-acquired infections and increase in life expectancy among people.
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The dermatophytosis indication is expected to register the highest CAGR of 4.1% throughout the forecast period. This is because of high incidences of skin infections in both children and adults. Candidiasis indication generated the highest revenue in 2016, accounting for about one-third of the total share in 2016, and is anticipated to maintain this trend from 2017 to 2023.
Key Findings of the Antifungal Drugs Market:
The superficial antifungals are anticipated to grow at a highest rate during the analysis period.
The U.S. was the major shareholder in the North America antifungal drugs market, and accounted for the highest share in 2016.
The antifungal drugs occupied about two-sevenths share of the total antifungal drugs market by dosage form in 2016 and is expected to retain its dominant share throughout the forecast period.
China occupied one-fifth share of the total Asia-Pacific antifungal drugs market in 2016, registering a CAGR of 4.8% from 2017 to 2023.
The azole drug type dominated the market in 2016, growing at a CAGR of 3.9% from 2017 to 2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for about three-eighths share of the market and is expected to continue this trend throughout the forecast period. Increase in awareness regarding antifungal drugs, availability of these drugs specifically in China, India, and the other developing economies, and growth in awareness regarding the fungal diseases drive the market. Moreover, the massive target population and growth in economy catering to the establishment of healthcare facilities boost the market.
The report provides a comprehensive analysis of the key players operating in the global antifungal drugs market such as 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.
The other players of the global antifungals drugs market include Astellas Pharma, Inc., Sigma-Aldrich Corporation, Agilent Technologies, Inc., Beckman Coulter, Inc. (a subsidiary of Danaher Corporation), Kramer Laboratories, Basilea Pharmaceutical Ltd., Valeant Pharmaceuticals International, Inc., and Tecan Group.