Global Antifungal Drugs Market, by Drug Type (Echinocandins, Polyenes, Allylamines, Azoles, and Others), by Indication (Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, 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$ 13.1 billion in 2021 and is expected to exhibit a CAGR of 3.1% during the forecast period (2021-2028).
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. For instance, Pfizer, Inc., is currently conducting clinical trial study for the effectiveness of Cresemba (isavuconazonium sulfate) (capsule and intravenous (IV)). In patients with invasive Aspergillosis and invasive Mucormycosis in South Korea during the post-marketing surveillance period of Cresemba, as required by Ministry of Food and Drug Safety (MFDS). The study is expected to be completed by 30th January 2026.
Market players are indulged in inorganic activities such as acquisitions, which are expected to increase the growth of the market over the forecast period. For instance, in 2019, Appili Therapeutics Inc., a biopharmaceutical company focused on anti-infective drug development, signed an agreement with FUJIFILM Toyama Chemical Co., Ltd., a company headquartered in Japan, to acquire and develop the novel antifungal drug T-2307, which will now be called ATI-2307. This drug candidate is a novel broad-spectrum antifungal agent that has been evaluated in multiple preclinical studies and three human (Phase I) clinical trials.
Global Antifungal Drugs Market- Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic is expected to limit the growth of the global antifungal drugs market over the forecast period. The outbreak of COVID-19 has created challenges for several industries and markets worldwide. In the short term, the pharmaceutical companies, healthcare institutions, pharmaceutical distribution and retail sectors have faced 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 4.8 million new cases and nearly 86 000 new deaths worldwide as of 18th May 2021. 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 causing market disruption, and through its financial impact on firms and financial markets. This negative economic impact of COVID-19 is expected to hamper growth of various pharmaceutical markets, which includes the antifungal drugs market.
Moreover, severe economic crisis and broken supply chain acts as a major issue faced by players operating in the antifungal drug market across globe. As a result, the global antifungal drugs market growth is also expected to witness a slowdown till the pandemic comes under control.
Browse 34 Market Data Tables and 28 Figures spread through 164 Pages and in-depth TOC on Global Antifungal Drugs Market, by Drug Type (Echinocandins, Polyenes, Allylamines, Azoles, and Others), by Indication (Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, and Others), by Dosage Form (Powders, Ointments, Drugs, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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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 by the U.S. FDA as it satisfies the limited population pathway for antibacterial and antifungal drugs program.
Key Takeaways of the Global Antifungal Drugs Market:
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