Global Antifungal Agents Market Research and Forecast, 2022-2028

Global Antifungal Agents Market Size, Share & Trends Analysis Report, By Drug Class (Polyene, Echinocandins, Allylamines, and Azole), By Dosage Type (Powder, Ointment, and Drugs), By Route of Administration (Parenteral, Topical, and Oral), Forecast Period 2022-2028

The global antifungal agents market is anticipated to grow at a significant CAGR of nearly 3.5% during the forecast period. Antifungal agents prevent and destroy the growth of fungi that are responsible for several diseases such as aspergillosis, ringworm, and skin infection, among others. Antifungal drugs include azoles, polyenes, echinocandins, and allylamines. Antifungal agents are a class of drugs that are used to detect and eliminate fungal infections from the body with minimal side effects. The major factor contributing to the growth of the market include the rising number of patients suffering from hygiene-related issues in emerging countries. However, the availability of alternative treatments is expected to hinder the growth of the market.

Another major factor contributing to the growth of the market include the rising incidences of fungal diseases. The fungal disease causes serious illness and death and many fungal diseases go undiagnosed. There is no government surveillance for common fungal infections such as ringworm and vaginal candidacies. According to the 2019 Antibiotic Resistance Threats report, the Centre for Disease Control and Prevention (CDC) stated that each year in the US, there are more than 2.8 million antibiotic-resistant infections and more than 35,000 people die as a result. The report prioritizes bacteria and fungi into one of four categories based on level of concern: Urgent, Serious, Concerning, and Watch List, with urgent being the highest threat level. Infectious disease is responsible for more than 8.4 billion mortalities globally and is accounted for two of the World Health Organization’s (WHO) top ten causes of mortalities globally.

Impact of COVID-19 Pandemic on Global Antifungal Agents Market

The market has a sudden and dramatic impact on healthcare. However, the COVID-19 pandemic has increased the demand for antifungal agents. The patients hospitalized for the treatment of COVID-19 are at risk of healthcare-associated infections including candidemia or bloodstream infections caused by Candida. Other fungal diseases such as valley fever, histoplasmosis, and blastomycosis can cause fever, cough similar to COVID-19, and bacterial pneumonia. There is an increase in the number of black fungus cases in India among patients recovered from COVID-19 having diabetes and other health issues. This may have increased the adoption of antifungal agents.

Segmental Outlook

The global antifungal agents market is segmented based on drug class, dosage type, and route of administration. Based on drug class, it is segmented into polyene, echinocandins, allylamines, and azole. Based on dosage type, it is further classified into powders, ointments, and drugs. Based on the route of administration, it is further classified into parenteral, topical, and oral.

Global Antifungal Agents Market Share by Drug Class, 2020 (%)

Global Antifungal Agents Market Share by Drug Class

Azole Segment Holds Significant Share in the Market

In 2020, the Azole group segment holds the largest share in the market and is also anticipated to grow during the forecast period. Azoles are synthetic and semi-compounds that are used for the treatment of invasive fungal infections. The drug is used to treat yeast infection, candidiasis, aspergillosis, ringworm, nail fungus, fungal infections, mycosis, thrush, and tinea versicolor. Additionally, the drugs are available in different forms such as oral tablets, oral capsules, cream, vaginal cream, sterile IV solution, and tablets.

Regional Outlook

The global antifungal agents market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). North America is expected to account for the largest market share owing to the rising incidences of fungal infections and hospital-acquired infections. The antifungal agents market is expected to grow considerably in the Asia-Pacific region. The factors contributing to the growth of the region include the rising incidence of black fungus (Mucormycosis) and healthcare-associated infections including candidemia in the region. Amid the second wave of COVID-19, there were some reported cases of black fungus infection in India.

Global Antifungal Agents Market Growth By Region, 2022-2028

Global Antifungal Agents Market Share by region

Market Players Outlook

Key players operating in the market include Abbott Laboratories, Inc., Pfizer Inc., and Bayer AG, among others. These companies adopt various strategies such as partnership & collaborations, finding a new market or product innovations in their core competency to stay competitive in the market. For instance, in April 2021, Pfizer acquired Amplyx Pharmaceuticals, Inc. which is a privately-held company with its focus on the development of therapies for debilitating and life-threatening diseases. Additionally, in April 2021, Merck, known as MSD acquired Pandion Therapeutics Inc. the acquisition was completed through a merger of Merck’s wholly-owned subsidiary Pandion, and at the end of the merger, Pandion became a wholly known subsidiary of Merck. The acquisition will comprehend the product portfolio of Merck and will benefit patients, surgeons, and healthcare systems.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global antifungal agents market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.