Global Antifungal Drugs Market: Trends and Opportunities
At the forefront of driving demand in the global antifungal drugs market is the rising knowledge about fungal infections and the increasing instances of such infections on account of aggravating unhygienic environment in populated cities of the world. Systemic candidiasis, for example, is the most prevalent systemic fungal infection expected to boost growth in the upcoming years. The availability of different antifungal drugs in the market to treat them and the soaring popularity of over-the-counter antifungal drugs for dermal infections has also positively impacted the market. Antifungal drugs aid in deterring fungal cell wall development and disrupt their cell membrane and proliferation of cells. The market for antifungal therapies include powders, drugs, pastes, and ointments. Azoles antifungal drugs hold a dominant share in the market on account of rising awareness about them.
Other factors providing tailwind to the market are favorable government initiatives and corporate funds to boost the industry. Growing healthcare budgets in developing economies are also aiding the market. A recent trend noted by analysts is technological progress in diagnostic tests and devices for more accurate treatment, which further contributes toward market growth.
Countering the growth of the global antifungal drugs market is continued preference for conventional drugs to treat fungal infections. Yet another factor hampering the swift uptake of antifungal drugs is their expensiveness and side effects such as allergies. Diminishing efficacy of the drugs in the face of increasing resistance developed by fungi is another market challenge.
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Global Antifungal Market: Regional Outlook
The report segments the market into Asia Pacific, North America, Europe, and the Rest of the World. Among them, North America leads the market with a dominant share. This is because of the major market players being concentrated in the U.S., resulting in extensive research and development in the region for innovating better drugs. Europe follows North America in the anti-fungal drugs market due to the increasing prevalence of fungal infections in the region and development of unique antifungal biopharmaceuticals.
In the near future, Asia Pacific is anticipated to register substantial growth, bolstered by the burgeoning consumer base in the densely populated, swiftly developing economies of India and China. The increasing per capita income, coupled with growing awareness about personal hygiene, and better access to healthcare has stimulated the market in the two nations.
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Companies Mentioned in the Report
To present an in-depth assessment of the competition prevailing in the market, the report has profiled some of the key companies operating in the market, such as Merck & Co., Inc., Novartis AG, Sanofi-Aventis, Pfizer, Inc., Bayer AG, Enzon Pharmaceuticals, Inc., GlaxoSmithKline plc, Abbott, and Sigma-Aldrich. In order to capture a greater share in the market, the players are increasingly focusing on product development and carefully considered deal-making.
Global Antifungal Drugs Market: Overview
The antifungal drugs market is a very successful over-the-counter drug segment, in which robust generic competition is slated to rake in almost 65% to 70% of total market revenues in the near future. The market is characterized by stiff competition both at the global and regional levels and going forward the competition will likely heat up further on account of the foray of many new entrants in the industry.
Antifungal drugs are used to counter fungal infections resulting on account of soggy, unhygienic, and unclean environments in which microscopic organisms such as fungus thrive. Fungi multiply by spreading microscopic spores. The latter either infect the surface of the body such as the skin, or are inhaled and subsequently lead to fungal infections. Fungal infections can harm superficial as well as systemic parts of the body, such as the eye, skin, mouth, and vagina. Systemic fungal infections result from inhalation or ingestion of spores and lead to fungal pneumonia, meningitis, candidaisis, mucormycosis, etc. Fungal infections are mostly non-lethal, but can result in death in rare cases.
In the report, Transparency Market Research provides a detailed analysis of the global market for antifungal drugs, leveraging top-down and bottom-up approaches to estimate the size of the global market. By segmenting the worldwide market based on various parameters, the study presents an in-depth analysis. It also sheds light on the various growth drivers and factors restraining the take-up of antifungal drugs.