Antifungal Drugs Market Overview 2020, In-depth analysis with Impact of COVID-19, Types, Opportunities, Revenue and Forecast 2026

Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Allied Analytics –: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.

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.

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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.

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