Antifungal drugs or medications are also referred as an antimycotic drugs. It is a pharmaceutical fungicide or fungistatic, which is used to treat and prevent mycosis such as athlete's foot, ringworm, candidiasis (thrush), as well as serious systemic infections such as cryptococcal meningitis, and others. Such drugs are usually obtained by a doctor's prescription, however, few are also available as OTC (over-the-counter). There are two types of antifungal drugs available in the market: local and systemic. Local antifungals are usually administered topically or vaginally, depending on the condition being treated, while systemic antifungals are administered orally or intravenously. Systemically administered drugs include ketoconazole, itraconazole, fluconazole, fosfluconazole, voriconazole, posaconazole, isavuconazole etc.
Global Antifungal Drugs Market - Impact of the Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic is expected to limit the growth of the global antifungal growth drugs market over the forecast period. The spread of the novel coronavirus has hampered growth of the healthcare industry. In December 2019, a cluster of pneumonia cases were reported by Chinese health authorities in China’s Wuhan City. The pneumonia cases’ causative agent was identified to be a novel coronavirus, which was named COVID-19. This virus spread rapidly across the globe causing a concerning number of fatalities. In March 2020, the World Health Organization (WHO) declared COVID-19 as a global pandemic and suggested implementation of strict measures to minimize the spread of this disease. The pandemic has since then slowed growth of the healthcare sector and led to a disturbance in the supply chain.
Moreover, governments across various countries have implemented nationwide lockdowns to curb the spread of COVID-19. Similarly, in various countries across the world, healthcare companies are facing problems of continuing their supply chain operations. The slowdown in the supply chain has also impacted growth of the global antifungal drugs market.
The global antifungal drugs market is estimated to be valued at US$ 13.1 Bn in 2021 and is expected to exhibit a CAGR of 3.1% over the forecast period (2021-2028).
Figure 1: Global Antifungal Drugs Market Share (%) Analysis, By Drug Type, 2021
Increasing research and development activities by the market players, for the development of new products, is expected to increase the growth of the global antifungal drugs market over the forecast period.
Market players are indulged in conducting clinical trials for the development of antifungal drugs, which is expected to increase the growth of the global antifungal drugs market over the forecast period. For instance, Pfizer, Inc. is currently conducting clinical trials for determining the effectiveness, safety, and treatment patterns of isavuconazole sulfate in the treatment of patients suffering from mucormycosis or invasive aspergillosis. The trial is currently in the Phase II and is expected to be completed by May 26, 2022.
|Base Year:||2020||Market Size in 2021:||US$ 13.1 Bn|
|Historical Data for:||2018 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||3.1%||2028 Value Projection:||US$ 16.2 Bn|
GlaxoSmithKline Plc, Bayer AG, Abbott Laboratories, Merck & Co., Inc, Glenmark Pharmaceuticals Limited, Enzon Pharmaceuticals, Inc., Pfizer Inc., Gilead Sciences, Inc., Sanofi S.A., and Astellas Pharma, Inc.
|Restraints & Challenges:||
Increasing product launches by the key players is expected to spur the growth of the antifungal drugs market over the forecast period.
Market players are focusing on launching new products for the treatment of antifungal infections. This is expected to increase the growth of the market over the forecast period. For instance, in 2019, Hetero Healthcare Ltd., a pharmaceutical company headquartered in Hyderabad, India, launched GOCAN I.V. Fluconazole, which is an antifungal drug for the treatment of both systemic and superficial fungal infections.
Similarly, in 2017, Pfizer Inc. launched its antifungal drug Cresemba in Spain by partnering with Basilea Pharmaceutical. The company, Pfizer Inc. commercialized this drug in major EU markets and Austria.
Market players are focusing on launching generic products for the treatment of fungal infections, this is expected to increase the growth of the antifungal drugs market over the forecast period.
Availability of generic drugs for treatment of fungal infections is another factor that is expected to drive growth of this market. For instance, in 2016, Ajanta Pharma launched voriconazole tablets (50 mg and 200 mg dose) in the U.S market. Voriconazole tablets are the generic equivalent of Pfizer’s Vfend, an antifungal drug.
Global Antifungal Drugs Market – Restraints
Stringent government regulations are expected to restrain growth of the market. In 2020, the U.S FDA published Guidance on the approval of Antibacterial and Antifungal Drugs. According to the U.S. FDA, the Antibacterial and Antifungal Drugs will only be approved if the drug is intended to treat a serious life threatening infection in a limited population of patients with unmet needs
Additionally, increasing recall rate of pharmaceutical drugs is expected to restrain growth of this market. For instance, in August, 2020, Pharmaceutical Associates Inc. recalled around 7,416 bottles of nystatin oral suspension after the U.S Food and Drug Administration (FDA) Enforcement. The U.S. FDA designated the recall as Class II and under the recall classification, use of the affected product could cause temporary or medically reversible adverse health consequences.
Global Antifungal Drugs Market – Regional Analysis
On the basis of region, the global antifungal drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to witness significant growth in the global antifungal drugs market, owing to receiving priority review status for the antifungal drugs for the treatment of antifungal infection. For instance, on December 7, 2020, U.S. Food and Drug Administration accepted Scynexis Inc.'s application for its vaginal yeast infection drug ibrexafungerp and granted the application with priority review status. The drug also received both the qualified infectious disease product status or QIDP and fast-track designations by the U.S. FDA.
Additionally, the increasing research and development of novel antifungal medications is expected to increase the growth of the global antifungal drugs market over the forecast period. For instance, in October 2018, researchers at the American Society for Microbiology identified a compound alexidine dihydrochloride, which has a high level of antifungal and anti-biofilm activity against a diverse range of fungal pathogens, and has a potential to be considered as a pan-antifungal drug.
Figure 2: Global Antifungal Drugs Market Value (US$ Bn) & Y-o-Y Growth (%), 2020 - 2028
Figure 3: Global Antifungal Drugs Market Share (%), by Region, 2021
Global Antifungal Drugs Market – Competitive Landscape
Major players operating in the global antifungal drugs market include GlaxoSmithKline Plc, Bayer AG, Abbott Laboratories, Merck & Co., Inc, Glenmark Pharmaceuticals Limited, Enzon Pharmaceuticals, Inc., Pfizer Inc., Gilead Sciences, Inc., Sanofi S.A. and Astellas Pharma, Inc.
Antifungal drugs are used to treat fungal infections in individuals. Common fungal infections such as fungal nail infection, and ringworm etc. usually occur on the external surface of the body, while certain invasive fungal infections occur inside the body tissues or inside internal organs such as lungs and brain. Fungal infection is usually associated with individuals having weak immune system, such as people suffering from HIV/AIDS. Moreover, patients undergoing chemotherapy are susceptible to invasive fungal infections. Antifungal drugs act against the fungal infections by either killing the fungal cells or by inhibiting their growth. Antifungal drugs are broadly classified as topical antifungals, oral antifungals, intravenous antifungals, and intravaginal antifungal pessaries.
Major players in the market are focused on growth strategies such as collaborations and agreements in order to enhance their market presence. For instance, in June 2017, Basilea Pharmaceutica Ltd., a biopharmaceutical company, entered into an agreement with Pfizer, Inc. and Avir Pharma, Inc. for the distribution rights of Beasilea’s antifungal treatments. Pfizer will manufacture and distribute drugs for the treatment of life-threatening invasive mold infections in regions like Russia, Israel, Europe (excluding Nordics), and Turkey.
Similarly, key players in the market are focused on various business strategies such as research and development in order to expand their product portfolio. Increasing drug development is expected to drive growth of this market. For instance, in January 2019, SCYNEXIS, Inc., a biotechnology company, announced positive interim result from their first interim efficiency analysis of an ongoing FURI study. The development of this novel treatment is indicated for antifungal treatment.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.