Rise in prevalence of chronic diseases such as diabetes, which causes fungal infection are expected to notably contribute toward the growth of the global anti-fungal drugs market during the forecast period.
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.
The antifungal drugs market size was valued at $16.6 billion in 2020, and is estimated to reach $25.0 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
The rise in awareness toward personal care drives the antifungal drugs market growth in India. In addition, India provides a tropical environment for breeding of diverse types of fungi, and therefore provides a lot of opportunities to the pharmaceutical vendors to keep the drug market flooded with various anti-fungal drugs. Hence, the antifungal drugs market is expected to flourish in the near future in India.
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.
Asia-Pacific to grow at the fastest rate through 2030
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.
There are various types of fungi available in the environment, out of which, few types of fungi can cause severe infection and illness to humans. For instance, the fungal infection can lead to fungal pneumonia, candidiasis, mucormycosis, and more diseases that can even result to death in rare cases. Antifungal drugs are medications for the treatment of such fungal infections. It can fight a fungal infection without damaging human body cells because it targets structures that are necessary in fungal cells i.e. the fungal cell membrane and the fungal cell wall. Azoles, polyenes, allylamines, and echinocandins are some common types of antifungal drugs.
Key Market Players
- Hologic, Inc
- Koninklijke Philips N.V.
- Quest Diagnostics Incorporated
- Siemens Medical Solutions USA, Inc.
- bioMérieux SA
- Abbott
- BD
- Cardinal Health, Inc.
- F. Hoffmann-La Roche Ltd
- General Electric Company
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