Antifungals Global Market Report 2024

The antifungals market size has grown strongly in recent years. It will grow from $24.48 billion in 2023 to $26.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed during the historical period can be attributed to several key factors, including the prevalence of fungal diseases, the presence of an aging population, the development of healthcare infrastructure, and increased awareness and education.

The antifungals market size is expected to see strong growth in the next few years. It will grow to $38.66 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to various factors, including the emergence of new fungal strains, regulatory approvals for antifungal drugs, global health concerns, rising healthcare expenditure, and heightened patient education and awareness. Additionally, significant trends in this forecast period encompass increased focus on research and development, the proliferation of telemedicine and e-health solutions, advancements in the development of antifungal drugs, and a growing number of collaborations and partnerships in the industry.

The rising prevalence of fungal infections is expected to drive the growth of the antifungals market. Various diseases such as SARS, Zika virus, Ebola, and COVID-19 have led to an increasing number of infections worldwide, contributing to a higher global disease burden. According to the World Health Organization (WHO), in 2022, during the COVID-19 pandemic, there was a significant increase in fungal infections among hospitalized patients. Additionally, a 2022 article published in the British weekly scientific journal Nature reported a surge in invasive Candida infections in COVID-19 patients in the intensive care units of Wuhan, China. Furthermore, during the second wave of the pandemic, India reported over 47,500 cases of COVID-19-associated mucormycosis between May and August 2021. Therefore, the growing incidence of fungal infections is expected to be a driving force behind the antifungals market in the forecast period.

The primary categories of antifungal drugs include echinocandins, azoles, polyenes, and allylamines. Echinocandins represent a novel class of antifungal medications that operate by specifically inhibiting the formation of 1,3-D-glucan, a crucial component of the fungal cell wall. Antifungals can be administered through various routes, including oral, parenteral, and topical methods, and they cater to therapeutic indications such as aspergillosis, dermatophytosis, candidiasis, among others. These drugs find applications in various sectors, including hospitals and clinics, dermatology clinics, and other user groups.

The antifungals market research report is one of a series of new reports that provides antifungals market statistics, including antifungals industry global market size, regional shares, competitors with antifungals market share, detailed antifungals market segments, market trends, and opportunities, and any further data you may need to thrive in the antifungals industry. This antifungals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expansion of healthcare infrastructure is expected to drive the growth of the antifungals market. Healthcare infrastructure includes the physical and organizational structures, facilities, and systems that facilitate the delivery of healthcare services. It encompasses the essential facilities, systems, and resources required for the effective management of fungal infections. For example, in May 2023, according to the Office for National Statistics, a UK-based government body, the healthcare spending in the UK reached approximately $347.74 billion in 2022, reflecting a nominal increase of 0.7% compared to the previous year. This investment in healthcare infrastructure is anticipated to play a significant role in propelling the growth of the antifungals market in the future.

Antifungal drug manufacturers are increasingly employing price skimming strategies for their branded products. The research, development, and production of branded drugs often involve substantial investments. Consequently, these companies launch their branded drugs at premium prices and use various pricing tactics to maintain competitiveness at these elevated price levels. Price skimming is a pricing approach in which a company starts with a high initial price and subsequently reduces it to appeal to more price-sensitive customers. This strategy is particularly useful when introducing a new product to the market, aiming to maximize profits. Manufacturers and marketers of branded antifungal drugs are encouraged to consider the adoption of the price skimming strategy for their products. By setting initial high prices, they can recoup the significant costs associated with drug development and manufacturing while gradually making the product more accessible to a broader customer base.

Drug developers and manufacturers in the anti-infective drugs market are increasingly focusing on expanding their operations by strengthening various departments, including research and development, marketing, and manufacturing. They are achieving this through collaborative efforts and strategic partnerships with other companies and research institutes. These collaborations enable them to diversify their product portfolios and stay competitive in the market while increasing their revenues. Therefore, companies operating in the anti-infective drugs market should seriously consider the potential benefits of strategic collaborations. Such partnerships can help them broaden their product offerings, enhance their market presence, and ultimately drive higher revenues, ensuring their continued competitiveness in the market.

Major companies in the antifungals market are actively involved in product innovation to enhance their profitability. One notable innovation is the development of Supra Bioavailable Itraconazole, an advanced formulation of the antifungal medication itraconazole aimed at improving its bioavailability and efficacy in the treatment of fungal infections. For example, in June 2022, Apex Labs, an India-based pharmaceutical company, introduced Supra Bioavailable Itraconazole in 65 and 130 mg capsules. These capsules deliver a higher proportion (90 percent) of the active medication to the body's biological system, necessitating lower dosages. This reduction in inter-individual variability holds the potential for enhanced effectiveness in the treatment of fungal infections. Such innovations play a crucial role in strengthening a company's position and profitability in the antifungals market.

Major companies operating in the antifungals market include Pfizer Inc., Novartis International AG, Merck & Co. Inc., Bayer AG, Abbott Laboratories, Sanofi S.A., Kramer Laboratories Inc., GlaxoSmithKline PLC, Gilead Sciences Inc., Basilea Pharmaceutica AG, Sigma-Aldrich, Astellas Pharma Inc., Janssen Pharmaceutica NV, Zydus Cadila Healthcare Ltd., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Sumitomo Dainippon Pharma Co. Ltd., Scynexis Inc., Mayne Pharma Inc., Cosmo Pharmaceuticals NV, Leadiant Biosciences Inc., Glenmark Pharmaceuticals Limited, Cidara Therapeutics, MATINAS BIOPHARMA, Mylan N.V., Perrigo Company PLC, Wockhardt Ltd., Lupin Limited, Dr. Reddy's Laboratories Ltd., Torrent Pharmaceuticals Ltd., Hikma Pharmaceuticals PLC, Mayne Pharma Group Limited, Fresenius Kabi AG, Baxter International Inc., Akorn Operating Company LLC, Amphastar Pharmaceuticals Inc., Mylan Institutional LLC, West-Ward Pharmaceuticals Corp., Gland Pharma Limited, Aurobindo Pharma Limited

North America was the largest region in the drugs for antifungals market in 2023. The Middle East is expected to be the fastest-growing region in the antifungals market. The regions covered in the antifungals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the antifungals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The antifungal market consists of sales of clotrimazole, miconazole, and ketoconazole. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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