Anti fungal Drugs Market to Surpass US$ 17.8 Bn by 2030
The Global Anti fungal drugs Market, By Drug type (Echinocandins, Polyenes, Allylamines, Azoles, and Others), By Indication (Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, and Others), By Dosage Form (Powders, Ointments, Injections, Tablets, and Others), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 14.0 Billion in 2023 and is expected to exhibit a CAGR of 3.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic growth strategies, such as partnerships, by the key players in the market is expected to drive the growth of the global anti fungal drugs market over the forecast period. For instance, in May 22022, F2G, a University of Manchester spinout company, announced a partnership with a major Japan-based pharmaceutical company, Shionogi & Co, for the commercialization of a novel antifungal treatment it developed for invasive aspergillosis and other rare mold infections.
Global Anti Fungal Drugs Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of products from one place to another.
COVID-19 had a positive impact on the global anti fungal drugs market. During the start of July 2020, a few cases were reported of severe fungal infections with COVID-19 at the same time. Also, according to the Union Health Ministry during the first wave of COVID-19, India contributed to approximately 71% of the global cases of mucormycosis in patients with COVID-19. Thus, rise in the cases of mucormycosis infectious disease has increased the usage of anti-fungal drugs.
Global Anti fungal drugs Market: Key Developments
In June 2022, Apex Labs, a pharmaceutical manufacturing and marketing company, introduced advanced Supra Bioavailable Itraconazole 65 and 130 mg capsules, a potent therapeutic option for effectively controlling fungal infections. Supra Bioavailable Itraconazole capsules deliver a higher percentage (90 percent) of active medicine to the biological system at a lesser dose. This advanced preparation also ensures lesser inter-individual variability, which might translate into enhanced efficacy in the management of fungal infections, a statement from the company notified.
In April 2022, the U.S. Food and Drug Administration (FDA) granted approval for VIVJOA (oteseconazole capsules), an azole antifungal indicated to reduce the incidence of recurrent vulvovaginal candidiasis (RVVC) in females. VIVJOA marks the first and only U.S. Food and Drug Administration (FDA) approved medication for this condition and represents the initial FDA-approved product for Mycovia Pharmaceuticals, Inc. (Mycovia).
Cidara Therapeutics, Inc., a biotechnology company focused on the discovery, development, and commercialization of novel anti-infectives for the treatment and prevention of diseases, announced that the company has received the U.S. FDA approval of Rezzayo (rezafungin for injection) for the treatment of candidemia and invasive candidiasis.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Anti Fungal Drugs Market”- Forecast to 2030, Global Anti Fungal Drugs Market, By Drug Type (Echinocandins, Polyenes, Allylamines, Azoles, and Others), By Indication (Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, and Others), By Dosage Form (Powders, Ointments, Injections, Tablets, and Others), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/anti-fungal-drugs-market-237
Key Takeaways of the Global Anti Fungal Drugs Market:
- The global anti fungal drugs market is expected to exhibit a CAGR of 6% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global anti fungal drugs market.
- Among indication, the aspergillosis segment is expected to hold a dominant position in the global anti fungal drugs market during the forecast period, and this is attributed to the increasing prevalence of aspergillosis infections. For instance, according to data published on January 12, 2023 by Regents of the University of Minnesota, the annual prevalence of invasive aspergillosis in India is an estimated 250,900 cases, including 79,100 to 239,000 cases in people with chronic obstructive pulmonary disease; 1,885 cases in people with lung cancer; and 7,040 cases in people with leukemia, lymphoma, or transplantation.
- Among region, North America is expected to be the dominant region in the global anti fungal drugs market, owing to the increasing product approvals by the regulatory bodies. For instance, on March 23, 2023, Cidara Therapeutics, Inc., a clinical-stage biotechnology company, announced that the company has received the U.S. Food and Drug Administration (FDA) approval for rezafungin, to treat a group of severe fungal infections that are most commonly faced by hospitalized patients.
- The major players operating in the global anti fungal drugs market are 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., Alembic Pharmaceuticals Limited, and SCYNEXIS, Inc.
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