Antifungal Drugs Market Growth & Trends
The global antifungal drugs market size is expected to reach USD 20.52 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.74% from 2023 to 2030. The increasing incidence of fungal infections worldwide is the key factor stoking the growth of the market. In addition, the rise in the adoption of immunosuppressive and antineoplastic agents, prosthetic devices and grafts, and broad-spectrum antibiotics has resulted in an increased incidence of fungal infections in recent years.
According to statistics published by the Centers for Disease Control and Prevention in 2017, it has been estimated that every year, nearly 220,000 new individuals are affected by cryptococcal meningitis, which is a brain infection and has resulted in 181,000 deaths per year around the world. Most of the deaths were reported in sub-Saharan Africa, due to the high prevalence of HIV/AIDS. This indicates the potential demand for antifungal drugs due to the high prevalence of mycological infections around the globe.
The government authorities in many countries had ordered nationwide lockdowns in order to contain the spread of COVID-19. Similarly, health systems in a number of countries around the world were having trouble maintaining their supply chains. The slowness of the supply chain has also impacted the demand for antifungal medications. As aged people are more prone to infectious diseases and chronic conditions, including HIV and cancer, the rise in the geriatric population worldwide is likely to stir up the demand for antifungals to treat opportunistic fungal infections. The demand for fungistatic agents is estimated to remain strong through 2030 due to mounting cases of fungal infections that are difficult to diagnose, yielding high mortality and morbidity rates.
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Antifungal Drugs Market Report
Report Attribute Details
Market size value in 2023 — USD 15.81 billion
Revenue forecast in 2030 — USD 20.52 billion
Growth rate — CAGR of 3.74% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030
Antifungal Drugs Market Report Highlights
- Several types of fungicidal preparations, such as creams, sprays, tablets, and injections, are available. Increasing adoption of these products is anticipated to drive the market during the forecast period
- The echinocandins segment is anticipated to exhibit lucrative growth owing to their cell wall-specific fungicidal property coupled with their broad-spectrum activity against Aspergillus and Candida species without cross-resistance risks
- The candidiasis indication segment is expected to witness the fastest CAGR over the forecast period due to increasing drug resistance of the Candida species to Azoles
- North America held the largest market share in 2022 owing to higher awareness levels pertaining to the treatment of fungal infection and the presence of a large target population
- In Asia pacific, the market is projected to register the fastest growth during the forecast period due to improving healthcare facilities coupled with rising government initiatives to create awareness of infectious diseases among the population
- Companies are focusing on the development of effective therapeutic agents for the treatment of systemic fungal infections in immune-compromised patients
- Numerous ongoing public-private partnership agreements in the pharmaceutical industry for the development of novel therapeutics are poised to provide the market with lucrative growth opportunities. For instance, Astellas Pharma partnered with Vical Incorporated for the development of VL-2397, an antifungal drug for the treatment of pulmonary aspergillus
