Antifungal Drugs Market Size to be Worth USD 22,880 Million by 2032

Ottawa, July 24, 2023 (GLOBE NEWSWIRE) -- The global antifungal drugs market size was valued at USD 16,240 million in 2022. A few of the main variables influencing the market's revenue growth include the rising frequency of different fungal skin infections and the increased awareness of fungal diseases. Additionally, expanding Research & Development (R&D) initiatives for novel therapeutics and the quick uptake of nanotechnology for better medication formulations are crucial drivers of market expansion.

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Ringworm, athlete's foot, toenail fungus, and rhinosinusitis are a few fungal infections that can affect the skin, hair, eyes, and lungs and are brought on by exposure to dirty environments and weakened immune systems. Around the world, fungal pathogens are responsible for at least 1.5 million fatalities and 13 million illnesses annually, mainly in those with compromised immune systems.

The Centers for Disease Control and Prevention (CDC) estimates that 7,199 people died in 2021 due to fungi. The availability of over-the-counter medications and the simplicity of administration via oral pills, ointments, topical creams, and IV drips substantially impact the need for antifungal therapies. Major corporations are working together more frequently, helping the market expand. On May 16, 2022, Shionogi and F2G, a portfolio business of Novo Holdings, entered into a strategic cooperation to market Olorofim, a new antifungal medication, throughout Europe and Asia.

F2G has created a brand-new oral antifungal drug, Olorofim, to treat invasive aspergillosis (IA) and other unusual mould-related illnesses. Olorofim differs from all other classes of antifungals due to its distinctive mode of action, which inhibits the pyrimidine production pathway.

Invasive fungal infections are still appearing in record numbers as the world's immunocompromised population grows, primarily due to an increase in HIV infections and, in part, as a result of the successful treatment of underlying severe illnesses. The people most at risk for invasive fungal infections include those with cancer, organ transplants, HIV/AIDS, chronic respiratory conditions, and post-primary TB infection. These elements will likely accelerate market expansion.

Report Highlights

• With a market share of 48% for antifungal drugs, azoles held the top spot. These compounds support fungistatic activity by obstructing the action of fungal enzymes. Azoles are prescribed to treat blastomycosis, systemic candidiasis, candidemia, and ocular fungal infections. Throughout the anticipated period, allylamines, synthetic fungicidal substances, are expected to develop at a CAGR of around 2.2%.
• Candidasis, the most common systemic fungal disease, is predicted to have the fastest CAGR during the prediction period. The way the yeast infection known as candidiasis, caused by the Candida genus, is treated has evolved over time. Throughout the projection period, the dermatophytosis category will likely account for a sizeable share of the market.
• The rise in incidences of invasive aspergillosis is fueling the market's expansion, as is the development of intravenous and oral drugs like voriconazole, which may treat the systemic antifungal infections segment. However, the superficial antifungal infection market will likely exhibit considerable growth throughout the forecast period due to a rise in the yeast-caused fungal illness, candidiasis.
• With a 42% share of sales in 2022, North America was the market leader for antifungal medications. The region's growth is related to the increase in infectious illness prevalence. The local market is growing due to greater drug availability, rising disposable income, and significant unmet clinical needs.

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Scope of the Report

Regional Snapshot

The global market for antifungal medications is divided into North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa based on region.

Due to having priority review status for antifungal medications to treat antifungal infections, North America will likely experience considerable growth in the worldwide market for antifungal drugs. For instance, the U.S. Food and Drug Administration approved the application for the vaginal yeast infection medication ibrexafungerp submitted by Scynexis Inc. on December 7, 2020, and gave the application priority review status. The U.S. FDA also granted the medication fast-track and qualified infectious disease (QIDP) product status.

Over the forecast period, the market for antifungal pharmaceuticals will likely grow due to rising antifungal drug research and development. For instance, researchers at the American Society for Microbiology discovered a substance called alexidine dihydrochloride in October 2018, which can potentially be regarded as a pan-antifungal drug due to its high level of anti-biofilm and antifungal activity against a variety of fungal pathogens.

Due to the vast number of generic manufacturers and expanding government efforts in this region, Asia-Pacific will likely rise throughout the forecast period. The expansion of the healthcare infrastructure will also speed up the market's development in this area.

Market Dynamics

Market Drivers

Rising incidence of fungus infections

One of the main factors driving the expansion of the market for antifungal medications is the increase in nosocomial and fungal infections. Antifungal drugs are effective against superficial and systemic infections resulting from contact with contaminated surfaces in healthcare facilities or moist environments.

Increasing spending for healthcare infrastructure

The increase in healthcare spending, which aids in developing its infrastructure, is another crucial element affecting the growth rate of the antifungal medicine market.

The market for antifungal medications will also grow as more public and private groups launch programmes to raise awareness of various fungal illnesses. Additionally, the antifungal pharmaceutical market will grow due to increased disposable income and an increase in the availability of these medications over-the-counter (OTC). Along with this, ageing populations and an increase in antifungal medicine use for various medical ailments in developing countries will also accelerate market expansion.

Market Opportunities

An increase in the volume of R&D activity

A rise in the quantity of R&D activities is another factor driving the market's expansion, and this would present good chances for the growth of the market for antifungal medications. Additionally, increasing drug releases and approvals will speed up the market's expansion. The increased attention of market participants on the introduction of generic drugs for fungi treatment will further accelerate the market's growth rate.

During the forecast period, increased investments in the creation of cutting-edge technologies and a rise in the number of new markets will also present favourable chances for the expansion of the antifungal drug market.

Market Restraints

The high price of antifungal medications will hinder the market's expansion. The market for antifungal medications will face challenges from an ageing population with a lack of healthcare infrastructure and antifungal drug resistance in emerging nations. During the anticipated 2022–2029, the availability of fake medications and adverse reactions to antifungal medications would further constrain and impede market expansion.

Related Reports

• Hospital Infection Therapeutics Market - The global hospital infection therapeutics market was valued at USD 11.77 billion in 2022 and it is expanding around USD 15.66 billion by 2032 with a CAGR of 2.9% from 2023 to 2032.
• Infectious Disease Therapeutics Market - The global infectious disease therapeutics market was valued at USD 115 billion in 2021 and it is expanding to around USD 167 billion by 2030 with a CAGR of 4.23% from 2022 to 2030.

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Market Segmentation

By Drug Class

• Echinocandins
• Azoles
• Allylamines
• Polyenes
• Others
  
  

By Indication

• Aspergillosis
• Dermatophytosis
• Candidiasis
• Others

By Infection Type

• Systemic Antifungal Infections
• Superficial Antifungal Infections

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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