Global Antifungal Drugs Market, by Drug Type (Echinocandins, Polyenes, Allylamines, Azoles, and Others), By Indication (Aspergillosis, Dermatophytosis, Candidiasis, and Others), By Dosage Form (Powders, Ointments, Drugs, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 11,591.0 million in 2020 and is expected to exhibit a CAGR of 1.8% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Global Antifungal Drugs Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of COVID-19 has created challenges for several industries and markets worldwide. Due to rise in COVID 19, society and healthcare facilities have paid more attention to the healthcare industry, which will impose both positive and negative impact across its different sub-sectors. In the short term, the pharma companies, healthcare institutions, pharmaceutical distribution and retail have negative impact of covid-19 spread. According World Health Organization, in December 2019, the manifestation of coronavirus disease (COVID-19) has resulted in more than 29.6 million infected individuals worldwide as of September 2020. The COVID-19 pandemic has affected the global economy in three main ways; by directly affecting production and demand, by negatively impacting the supply chain and market disruption, and through its financial impact on firms and financial markets. This negative economic impact is expected to hamper growth of various pharmaceutical markets which includes the antifungal drugs market.
Moreover, severe economic crisis and broken supply chain is a major issue faced by players operating in the antifungal drug market across globe. The pandemic has negatively impacted the medical healthcare industry in terms services provided by healthcare facilities. As a result, the global antifungal drugs market growth is also expected to witness a slowdown till the period of COVID-19 control. Major pharmaceutical companies are focused on developing vaccines for treating COVID-19.
Browse 28 Market Data Tables and 25 Figures spread through 149 Pages and in-depth TOC on Global Antifungal Drugs Market, by Drug Type (Echinocandins, Polyenes, Allylamines, Azoles, Others) By Indication (Aspergillosis, Dermatophytosis, Candidiasis, Others) By Dosage Forms (Powders, Ointments, Drugs, Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), - Forecast to 2027"
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Moreover, key players in the market are involved in various growth strategies such as gaining product approval from regulatory authorities, in order to strengthen their market presence. For instance, in February 2018, Insmed, Inc., a biopharmaceutical company, received the U.S. Food and Drugs Administration (FDA) approval for a new drug called Arikayce (amikacin liposome inhalation suspension) which was approved limited population pathway for antibacterial and antifungal drugs program.
Key Takeaways of the Global Antifungal Drugs Market: