Rise in prevalence of fungal infections worldwide along with an increase in public funding to develop subsequent medication propels the growth of the global antifungal drugs market
Improved diagnostics and the availability of new antifungals has revolutionized the field of medical mycology in the past decades. Moreover, development in therapeutics area and progression of therapeutic agents with fungus-specific mechanisms of action is of key importance for the market growth.
Antifungal Drugs Market is expected to rise from $13,719 million in 2016 to $17,718 million by 2023. The industry is anticipated to register a CAGR of 3.7%, during the forecast period, 2017–2023.
Azoles projected to be the primary drug type in the near future
Based on drug type, azoles is projected to be the largest and fastest growing segment throughout the forecast period, growing at a CAGR of 3.9% to occupy more than one-third of the global market by 2023. Azoles play an active role in the treatment of many fungal infections and the newer versions have evolved to be the first line of defense against myriad fungal infections such as aspergillosis.
Based on therapeutic indication, Candidiasis segment held more than one-third of the total market share in 2017 and will maintain its dominance throughout the forecast period. However, the Dermatophytosis segment is estimated to register the highest growth rate with a CAGR of 4.1% from 2017 to 2023.
The dermatophytosis indication is expected to register the highest CAGR of 4.1% throughout the forecast period. This is because of high incidences of skin infections in both children and adults. Candidiasis indication generated the highest revenue in 2016, accounting for about one-third of the total share in 2016, and is anticipated to maintain this trend from 2017 to 2023.
Drugs to dominate the global market based on dosage
By dosage form, drugs are not only anticipated to remain the dominant segment in the near future but are also projected to grow at the fastest CAGR of 4.2%. They are expected to generate more than 30% of the global market revenue by 2023, owing to their stability with respect to physical, chemical, and microbiological attributes that help in providing accurate dosage to the patients.
Key market players
The key players analyzed in the report include Pfizer Inc., Sanofi S.A., Gilead Sciences, Inc., Merck & Co., Inc., Novartis International AG, Abbott Laboratories, Bayer AG, Scynexis Inc., Enzon Pharmaceuticals, Inc., and GlaxoSmithKline Plc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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