Antifungal Drugs Market
Number of pages: 100 | Report Format: PDF | Published date: June 27, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 15.83 billion |
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Revenue Forecast in 2031 |
US$ 21.99 billion |
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CAGR |
3.72% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Drug Class, Indications, Route of Administration, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global antifungal market was valued at US$ 15.83 billion in 2022 and is expected to register a revenue CAGR of 3.72% to reach US$ 21.99 billion by 2031.
Antifungal Drugs Market Fundamentals
Antifungal drugs are a class of medications used to treat fungal infections caused by various types of fungi. These infections can affect different parts of the body, including the skin, nails, mouth, throat, lungs, and bloodstream. Fungal infections can range from mild, superficial infections to severe, life-threatening systemic infections, particularly in individuals with weakened immune systems. Antifungal drugs kill the fungi (fungicidal) or inhibit their growth (fungistatic). They achieve this by targeting specific components or processes unique to fungal cells, such as cell wall synthesis, membrane integrity, or fungal enzymes.
In recent years, several trends have emerged in developing and using the antifungal drugs market. The discovery of new drug classes has expanded the options for antifungal treatment. In addition to traditional classes like azoles, polyenes, and echinocandins, newer classes such as the "azole-like" drugs and the oxazole class have shown promise in treating fungal infections. Moreover, combining antifungal drugs with different mechanisms of action has become more common, particularly in treating invasive and difficult-to-treat fungal infections. Combination therapy can enhance efficacy, reduce the risk of resistance, and broaden the spectrum of activity.
Furthermore, the antifungal drugs market holds several opportunities, such as advances in understanding fungal infections' genetic and molecular mechanisms have opened avenues for targeted therapies. Targeting specific fungal virulence factors or essential metabolic pathways can lead to the developing of highly selective and effective antifungal drugs.
Antifungal Drugs Market Dynamics
The rising prevalence of fungal diseases such as fungal nail infections, ringworm, vaginal candidiasis, and fungal eye infections is the major factor driving the demand for antifungal drugs. According to the Centers for Disease Control and Prevention (CDC) in July 2022, Vaginal candidiasis is a prevalent condition. It is the second most common type of vaginal infection in the United States, following bacterial vaginal infections. Annually, an estimated 1.4 million outpatient visits are made for vaginal candidiasis. Similarly, ringworms are among the most common fungal infections affecting immunocompromised patients. Moreover, some ringworm infections are contagious such as scalp ringworm, which happens mainly in children between the ages of 2 to 10. These rates are expected to increase in the forecast years due to the growing number of individuals with weakened immune systems and the rise in global travel and migration patterns.
In addition, there has been a growing trend among market players to launch novel antifungal medications that effectively treat complicated diseases. In June 2023, F2G Ltd. announced that the U.S. Food and Drug Administration (FDA) had issued a Complete Response Letter (CRL) regarding the New Drug Application (NDA) for olorofim. This investigational antifungal drug is intended to treat invasive fungal infections in patients with limited or no treatment options.
Moreover, many market players are collaborating and partnering to launch new and innovative drugs. In 2019, Pfizer and Basilea Pharmaceutica entered into a licensing agreement to develop and commercialize a novel antifungal drug called isavuconazole. Pfizer and Basilea collaborated to increase access to isavuconazole for patients and maximize its commercial potential by leveraging their respective strengths. These partnerships are crucial in developing innovative antifungal drugs and addressing the challenges associated with fungal infections.
Although there are many promising developments in antifungal drugs, some challenges can limit revenue growth. Regulatory requirements for the approval of antifungal drugs can be strict, especially for systemic or invasive fungal infections. Conducting clinical trials in vulnerable patient populations and demonstrating safety and efficacy can be complex and time-consuming, leading to drug development and market entry delays.
Market Ecosystem
the global antifungal drugs market is analyzed from the following perspectives: drug class, indications, route of administration, and region
Antifungal Drugs Market by Drug Class
Based on drug class, the global antifungal drugs market is segmented into azoles, allylamines, echinocandins, polyenes, and others.
The azoles segment dominated the global antifungal drugs market with 46% market share in 2022. This dominance can be attributed to the high efficacy of azoles in treating various fungal infections, including candidiasis, aspergillosis, and dermatophytosis. Additionally, azoles have a broad spectrum of activity, making them suitable for both systemic and topical use. Furthermore, the easy availability of several azole-based drugs, such as fluconazole, itraconazole, and voriconazole, has contributed to the growth of this segment in the antifungal drugs market. Moreover, launching new azoles for treating rare fungal infections has further supported the demand for these drugs. For instance, SCYNEXIS, Inc., a biotechnology company committed to developing groundbreaking medicines to combat challenging and drug-resistant fungal infections, has recently announced that the U.S. Food and Drug Administration (FDA) has approved BREXAFEMME. This medication is intended for oral use and is designed to treat patients afflicted with vulvovaginal candidiasis (VVC), commonly known as a vaginal yeast infection.
Antifungal Drugs Market by Indications
Based on indications, the global antifungal drugs market is segmented into aspergillosis, candidiasis, dermatophytosis, and others.
The candidiasis segment accounts for most of the global antifungal drugs market share. This is due to the high prevalence of candidiasis infections, especially among immunocompromised patients. According to the MSD manual 2022, Around 80% of major systemic fungal infections can be attributed to Candida species, making them the primary cause of fungal infections in immunocompromised individuals. The increasing incidence of candidiasis infections and the rising number of patients with weakened immune systems have led to a surge in demand for antifungal drugs. Additionally, the development of drug-resistant strains of candida has further boosted the demand for novel antifungal therapies.
Antifungal Drugs Market by Route of Administration
Based on the route of administration, the global antifungal drugs market is segmented into ointments, oral drugs, powders, and others.
The ointment route of administration dominated the global antifungal drugs market with a high revenue share. Ointments are preferred due to their ease of application and lower risk of systemic side effects compared to oral or intravenous administration. They are particularly effective in treating fungal infections, including ringworm, athlete's foot, and nail fungus. The widespread availability of over-the-counter topical antifungal drugs has further bolstered their popularity in the market.
Antifungal Drugs Market by Region
Based on the region, the antifungal drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for most of the global antifungal drugs market in 2022. This can be attributed to the high prevalence of fungal infections such as candida auris. Scientific American reports a significant increase in candida auris cases, with 476 cases reported in 2019, 756 cases in 2020, and 1,471 cases in 2021. The United States is the largest market in North America, followed by Canada and Mexico. The growing geriatric population and the rising incidence of immunocompromised diseases such as cancer are also contributing to the growth of the antifungal drugs market in the region.
The Asia Pacific antifungal drugs market is expected to register a 4.32% CAGR in the forecast years. This is due to the high patient population in countries such as China, India, and Japan. Moreover, the market for antifungal drugs in the Asia Pacific is also influenced by factors such as the development of new and more effective drugs, the increasing incidence of fungal infections, and the growing geriatric population more susceptible to fungal infections.
Strategic Development Antifungal Drugs Market
Antifungal Drugs Market Competitive Landscape
The competitive landscape for the antifungal drugs market is highly competitive, with several small and large players. The market is dominated by a few key players who hold a significant market share. However, the market is witnessing intense competition with the entry of new players. These new players are introducing innovative products to gain a competitive edge. Moreover, the market is highly regulated, and the approval process for antifungal drugs is stringent, which further adds to the competition. The players are focusing on research and development to introduce novel drugs to cater to the unmet needs of the patients.
Some of the prominent companies having the largest revenue share in the global antifungal drugs market are,
Antifungal drugs are a class of medications used to treat fungal infections caused by various types of fungi.
The global antifungal drugs market has witnessed significant growth over the years, owing to the increasing prevalence of various fungal diseases and the growing demand for early diagnosis and treatment.
The global antifungal drugs market is expected to register a revenue CAGR of 3.72% in the forecast period from 2022 to 2031.
North America accounted for the majority of the global antifungal drugs market, with the majority of the market revenue share in 2022.
The global antifungal drugs market was valued at US$ 15.83 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain