Increase in Nosocomial Infections due to Immuno-compromised Patients to Drive Antifungal Drugs Market Growth
Fungal infections have become a major public health concern around the world in recent years. The increasing occurrences of cancers, increase in hematopoietic stem cell transplantation, and other factors result in immune system weakness leading to rise in nosocomial infections. According to the Centers for Disease Control and Prevention (CDC), globally, 1.7 million hospitalized patients suffered from Nosocomial infections while being treated for other health issues in 2019, and more than 98,000 individuals die due to co-morbidities. This number saw an unexpected increase, by an average of 40%, in 2020 due to the Covid-19 pandemic. Such many patients getting affected by Nosocomial Infections is likely to boost the antifungal drugs market growth in the coming years.
The increase in the number of admissions in the intensive care unit and the lack of proper healthcare infrastructure in the middle and low-income countries will be a major boost for the Nosocomial infection treatment. According to the World Health Organization (WHO), roughly 30% of patients in intensive care units in high-income countries have at least one healthcare-associated infection, whereas the frequency of intensive care-acquired infection is 2-3 times higher in middle to low-income nations. This factor is likely to increase the demand for anti-fungal drugs, especially in the intensive care unit.
Broad-spectrum Activity of Azoles to Drive Antifungal Drugs Market Growth
Azoles are expected to be the leading segment in the forecast period due to their fungicidal capabilities and generate higher revenues. More fungal diseases and infections are treated with synthetic azoles and semi-synthetic substances. Thrush, yeast infection, candidiasis, aspergillosis, tinea versicolor, athlete's foot, jock itch, ringworm, fungal infections, systemic mycosis, and seborrheic dermatitis are all treated with these medications. The azole group has a wide range of activities, and higher safety criteria. Medication has fewer adverse effects, fewer medication interactions, and better absorption and distribution qualities. The benefits of azoles will uplift the growth outlook of antifungal drugs market.
Increased Prevalence of Infectious Diseases Augurs Well for Antifungal Drugs Market
The expansion of antifungal drugs market can be attributed to the rising prevalence of infectious diseases. The rise in prevalence has increased clinical urgency to increase the use of these medications, as well as accelerate the development of novel drugs with FDA fast-track authorisation. Additionally, the presence of established pharmaceutical businesses, who are continually pushing for extensive commercialisation of their products and expanding their geographical reach, is expected to be a vital element in amplifying the regional market's expansion. For instance, the U.S. Food and Medicine Administration accepted Scynexis Inc.'s application for its vaginal yeast infection drug ibrexafungerp on December 7, 2020, and gave the application priority review status. The FDA also granted the medication qualifying infectious disease product status, or QIDP, as well as fast-track designation. Such a high prevalence of drug trials and the latest drug innovations in the region will propel the growth of the market.
The North American antifungal drugs market is likely to remain dominated by the United States. The increased knowledge of fungal infections, antifungal disorders, and increased government and business organizations are all contributing to market expansion. The introduction of a number of high-quality, low-cost pharmaceuticals is hastening antifungal drugs market expansion. Additionally, the growing number of yeast infections in the region due to the hectic lifestyle and the increased humidity in the environment will boost the market growth. According to CDC, there were a total of 3,648,715 Candida infections in 2020 in the United States out of which 26,735 required hospitalizations. This factor is anticipated to drive antifungal drugs market in the United States.
The market for antifungal drugs in the Asia Pacific is expected to grow at the fastest rate during the forecast period. The presence of a large target population base, rising disposable income, drug availability, and significant unmet clinical requirements all contribute to the expansion of the regional market. As a result, global businesses are concentrating on significant R&D expenditure as well as commercialising branded pharmaceuticals at a reduced price in the region. Due to the huge number of generic manufacturers and increased government initiatives in this region, Asia Pacific is predicted to rise throughout the forecast period. Additionally, the development of healthcare infrastructure will accelerate the market's growth rate in this region.
Antifungal Drugs Market: Competitive Landscape
In June 2021, Posaconazole, a novel triazole antifungal drug from Cadila Pharmaceuticals, is effective against a wide spectrum of invasive fungal illnesses. The medication was also suggested as a second-line treatment for Mucormycosis. Posaconazole inhibits fungus growth and has a favorable safety profile. Even with long-term use, serious negative effects are uncommon. On the other hand, in June 2021, Scynexis stated that the US Food and Drug Administration had approved Brexafemme for the treatment of vaginal yeast infections.
Few of the players in the antifungal drugs market include Hologic, Inc, Koninklijke Philips N.V., Quest Diagnostics Incorporated, Siemens Medical Solutions USA, Inc., bioMérieux SA, Abbott, BD, Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., and General Electric Company.
Global Antifungal Drugs Market is Segmented as Below:
By Drug Class
By Infection Type
By Therapeutic Indications
By Dosage Forms
Key Elements Included In The Study: Global Antifungal Drugs Market
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