The global antifungal drugs market size is expected to reach USD 12.7 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 1.5 percent during the forecast period. Increasing incidence of fungal infections worldwide is the key factor stoking the growth of the market. In addition, rise in adoption of immunosuppressive and antineoplastic agents, prosthetic devices and grafts, and broad-spectrum antibiotics has resulted in increased incidence of fungal infections in recent years.
According to statistics published by the Centers of Disease Control and Prevention in 2017, it has been estimated that every year, nearly 220,000 new individuals are affected by cryptococcal meningitis, which is a brain infection and has resulted in 181,000 deaths per year around the world. Most of the deaths were reported in sub-Saharan Africa, due to high prevalence of HIV/AIDS.
This indicates the potential demand for antifungal drugs due to high prevalence of mycological infections around the globe.
As aged people are more prone to infectious diseases and chronic conditions, including HIV and cancer, rise in geriatric population worldwide is likely to stir up the demand for antifungals to treat opportunistic fungal infections. The demand for fungistatic agents is estimated to remain strong through 2025 due to mounting cases of fungal infections that are difficult to diagnose, yielding high mortality and morbidity rates.
Further key findings from the study suggest:
- Several types of fungicidal preparations, such as creams, sprays, tablets and injections, are available. Increasing adoption of these products is anticipated to drive the market during the forecast period
- The echinocandins segment is anticipated to exhibit lucrative growth owing to their cell wall-specific fungicidal property coupled with their broad-spectrum activity against Aspergillus and Candida species without cross-resistance risks
- The candidiasis indication segment is expected to witness the fastest CAGR over the forecast period due to increasing drug resistance of the Candida species to Azoles
- North America held the largest market share in 2017. The growth of the market can be attributed to higher awareness levels pertaining to treatment of fungal infection and presence of a large target population
- Asia pacific is projected to register the fastest growth during the forecast period due to improving healthcare facilities coupled with rising government initiatives to create awareness of infectious diseases among the population
- Companies are focusing on development of effective therapeutic agents for treatment of systemic fungal infections in immune-compromised patients
- Numerous ongoing public-private partnership agreements in the pharmaceutical industry for development of novel therapeutics is poised to provide the market with lucrative growth opportunities. For instance, Astellas Pharma partnered with Vical Incorporated for the development of VL-2397, an antifungal drug for the treatment of pulmonary aspergillus.