What is Canada Antifungal Drugs Market? – Explore Recent Innovations

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.

According to a report published by Allied Market Research, the global antifungal drugs market size is projected to reach $17.7 billion with a considerable CAGR from 2017 to 2023. Certain factors such as growth in prevalence of fungal infection, surge in demand for antifungal drugs, rise in awareness levels toward personal care, increase in R&D expenditure, huge funding from the public & private sector, and others are driving the growth of the market in more than one way.

Moreover, the antifungal drugs market is anticipated to flourish in the Asia-Pacific region, especially in India. It is due to the fact that India has a tropical environment that is best for breeding a wide array of fungi. Because of this factor, pharmaceuticals vendors of India are having lucrative opportunities to keep the drug market flooded with various anti-fungal drugs. This in turn, is boosting the growth of the global antifungal drugs market to a great extent.

Other than that, the key market players across the world are focusing towards the development of new generic antifungal drugs as well as formulation technologies for innovative anti-infective drugs. For example, a company named Basilea Pharmaceutica developed a new azole antifungal drug i.e. CRESEMBA in UK which is prescribed for treatment of mucormycosis. Here, it is worth mentioning that the global antifungal drugs market is going to reach heights with such developments in the near future. 

The growth in prevalence of fungal infection, rise in awareness levels pertaining to myriad fungal infections, and increase in demands of generic drugs are the major factors that drive the market growth. However, patent expiration of branded therapeutics and presence of counterfeit drugs restrain the growth of the antifungal drugs market. In addition, increase in R&D expenditure coupled with funding from the public & private sector is expected to provide lucrative growth opportunities to the antifungal drugs market.

Improved diagnostics and the availability of new antifungals has revolutionized the field of medical mycology in the past decades. Moreover, development in therapeutics area and progression of therapeutic agents with fungus-specific mechanisms of action is of key importance for the market growth. 

India Antifungal Drugs Market

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.