While there is a rarity of serious fungal infections, there are also a limited number of drugs approved to treat them, which might not always have a profound effect on the infection owing to increase in antimicrobial resistance. Despite challenges, heavy research is being carried out to include new antifungal agents in the arsenal and provide protection against microbial infection. This factor coupled with other aspects such as rising awareness regarding fungal infections and growing number of over-the-counter (OTC) antiretroviral drugs is expected to spearhead the growth of the antifungal agents market worldwide.
In addition, increase in onychomycosis cases, which is essentially a fungal infection of toes and fingers is also a key aspect driving need for antifungal agents. For instance, according to an article published at National Institute of Health (NIH), prevalence rate of this fungal infection is around 1%-8% representing a portion of overall nail infections and its prevalence worldwide is around 10%. Increasing burden of such fungal illnesses is expected to further spur the antifungal agents market growth.
Azoles Drug Class to Highly Contribute to Antifungal Agents Market Growth
Antifungal agents from the azoles group have been witnessing increasing demand since the past few years. The azoles drug class is expected to largely contribute to the overall valuation of the antifungal agents market with therapeutic drugs such as Diflucan, Vfend, Cresemba, and Noxafil. The increasing sales of azoles class of drugs can be attributed towards their ability to work on a broader spectrum of fungal infections with enhanced safety levels. They are used in treating various infections such as ocular fungal infections, candidemia, systemic candidiasis and blastomycosis. Medications using drugs from the azoles class have few side effects, enhanced absorption, few negative drug interactions, and better distribution properties. Medications are available in different forms such as cream, capsules, tablets, and sterile IV solutions. Against this background, higher safety with enhanced effectiveness of drugs from the azoles group (triazoles and imidazoles) has significantly fuelled their use in treating fungal infections.
North America Poised to Account for Major Share in Antifungal Agents Market
Developed economies in North America are expected to witness increased usage of antifungal agents in the following years. Sales of antifungal agents across countries such as United States and Canada were significantly higher in the past and it is most likely to maintain status quo on the back of increasing rate of fungal infections. According to CDC, around 7% of Candida (that typically is a form of infection associated with blood) blood samples in the US are resistant to fluconazole, an antifungal agent. In addition, higher resistance to echinocandins is increasing and is a subject of concern. Individuals suffering from Candida infection have few treatment options which have put pressure on healthcare authorities. This has resulted in the development of more advanced antifungal agents in a bid to treat patients with such malignancies.
Moreover, percentage of aging people is also increasing. For instance, according to 2019 World Population Aging Report, around 53,340 individuals are over 65 years in age in 2019 and the count is expected to touch 70,842 by end of 2030, which represents approximately 20% of the population in the United States. Aging population is highly susceptible to various chronic illnesses such as cancer and have a weak immune system which can increase the possibility of development of fungal infections. In order to reduce the mortality rates associated with fungal infections, the use of effective agents is being witnessed in the region, consequently contributing to the growth of the antifungal agent market in North America. This is expected to offer momentous opportunities to medical facilities and pharmacists to develop and distribute effective antifungal drugs in the region.
Antifungal Agents Market: Competitive Landscape
Key players in the antifungal agent market are completely focused on developing advanced and effective drugs to fight fungal infections. For instance, in 2021, Cadila Pharmaceuticals developed triazole antifungal agent, referred to as Posaconazole. This drug is effective in fighting a broad range of fungal diseases. In addition, it is also recommended as a second line of defence in the treatment of Mucormycosis. Likewise, same year, Scynexis got approval from US FDA (Food and Drug Administration) for its antifungal drug – Brexafemme. This drug can be used to treat vaginal yeast infections. Similarly, Intas launched an innovative antifungal agent Itraconazole-SB that was approved by Drug Controller General of India (DCGI).
Few of the major players in the antifungal agents market include Glenmark, Abbott Laboratories, Merck & Co. Inc., Bayer AG, Pfizer, GlaxoSmithKline, and Novartis.
Global Antifungal Agents Market is Segmented as Below:
By Drug Types
By Therapeutic Indications
Key Elements Included In The Study: Global Antifungal Agents Market
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