Global Antifungal Drugs Market is Set to Achieve $17,718 Million By 2023
According to the report, the global antifungal drugs market accounted for $14.23 billion in 2017 and is anticipated to reach $17.72 billion by 2023, growing at a CAGR of 3.7% during the forecast period.
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.
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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.
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.
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 2023, owing to their stability with respect to physical, chemical, and microbiological attributes that help in providing accurate dosage to the patients.
Asia-Pacific to grow at the fastest rate through 2023
Asia-Pacific is expected to register the highest growth rate of 4.5% CAGR throughout the forecast period, owing to the presence of countries with a high populace base, such as India and China, where the antifungal drug usage rate is on a rise due to the growing awareness about fungal infections among the common people and high prevalence of diseases.
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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.