Rise in prevalence of fungal infections worldwide along with an increase in public funding to develop subsequent medication propels the growth of the market
PORTLAND, OREGON, UNITED STATES, September 17, 2021 /EINPresswire.com/ — According to the report, the global antifungal drugs market accounted for $14.23 billion in 2017 and is anticipated to reach $17.72 billion by 2023, growing at a CAGR of 3.7% during the forecast period.
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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.
The surge in prevalence of fungal infections worldwide, increase in knowledge of myriad fungal infections among populace, and rise in government funds to tackle antifungal diseases drive the growth of the global antifungal drugs market. Additionally, expiration of existing patents and rise in funding from public & private organizations would provide lucrative opportunities to emerging market players in the near future. However, growth in population that possess antifungal drug resistance and side-effects associated with antifungal drugs hamper market growth.
The COVID-19 pandemic is expected to have a significant impact on the market. Exports and imports are limited due to closures and shortages and irregular supplies of raw materials, medicines and prepared medicines are expected to adversely affect the markets examined. However, local producers can increase their presence on the market. In some countries, disruptions and shortages in the supply of medicines have been observed due to temporary closures of manufacturing plants, export bans, increased demand for medicines for the treatment of COVID-19 and stockpiling of medicines by the population. increase.
Based on the region, Asia-Pacific would grow at the fastest CAGR of 4.5% from 2017 to 2023. However, the North America region contributed more than one-third of the total share in 2017 and is estimated to maintain its dominance during the forecast period. The report also includes the study of different regions such as Europe and LAMEA.
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Asia-Pacific to grow at the fastest rate through 2023
Asia-Pacific is expected to register the highest growth rate of 4.5% CAGR throughout the forecast period, owing to the presence of countries with a high populace base, such as India and China, where the antifungal drug usage rate is on a rise due to the growing awareness about fungal infections among the common people and high prevalence of diseases.
Key market players
Gilead Sciences, Inc.
Merck & Co., Inc.
Novartis International AG
Enzon Pharmaceuticals, Inc.
They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
Antifungal Drugs Market Overview @ https://www.alliedmarketresearch.com/antifungal-drugs-market
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Source: EIN Presswire