Antifungal Drugs Market Worth $17,718 Million By 2027
Pune, Maharashtra, India, February 12 2021 (Wiredrelease) Allied Analytics –:Allied Market Research published a report, titled, “Antifungal Drugs Market antifungal drugs market was valued at $13,719 million in 2020, and is projected to reach $17,718 million by 2027, growing at a CAGR of 3.7% from 2020 to 2027. The azoles drug segment accounted for nearly three-eighths share of the total market in 2020.
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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 2017. This segment is expected to maintain its dominance throughout the forecast period.
Rise in prevalence of fungal infections worldwide along with an increase in public funding to develop subsequent medication propels the growth of the global antifungal drugs market.
Favorable government funds to combat the antifungal diseases along with the increasing prevalence of fungal infection drive the growth of the market. Furthermore, rising awareness levels pertaining to myriad fungal infections supplement the market growth. However, the growing population with antifungal drug resistance and the presence of counterfeit drugs and side effects of antifungal drugs restrict the growth. On the other hand, patent expirations and increasing funding from public & private organizations offer lucrative opportunities for the market.
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.
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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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.
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.
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