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Antifungal Drugs market is Booming Worldwide at a Significant Growth of 3.9% CAGR by 2030
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Antifungal drugs to primarily cater the systemic antifungal infections
By infection type, the systemic antifungal segment is expected to maintain its dominant position through 2030 and occupy almost 70% of the global market. This is attributed to their increased demand owing to their bioavailability, efficacy, and enhanced ability to provide better treatment against a broad spectrum of fungi that affects the internal organs severely.
Favorable government funds to combat the antifungal diseases along with the increasing prevalence of fungal infection drive the growth of the market. Furthermore, rising awareness levels pertaining to myriad fungal infections supplement the market growth. However, the growing population with antifungal drug resistance and the presence of counterfeit drugs and side effects of antifungal drugs restrict the growth. On the other hand, patent expirations and increasing funding from public & private organizations offer lucrative opportunities for the market.
Market Drivers:
Increasing Incidence of Fungal Infections: The growing prevalence of fungal infections worldwide is a significant driver for the antifungal drugs market. Factors such as the rising number of immunocompromised patients (due to conditions like HIV/AIDS, cancer, organ transplantation, etc.), aging population, and the use of broad-spectrum antibiotics contribute to the higher risk of fungal infections.
Rising Awareness and Improved Diagnosis: There has been an increase in awareness among healthcare professionals and the general population about the risks and consequences of fungal infections. This has led to improved diagnosis and early detection of fungal infections, driving the demand for antifungal drugs. Advanced diagnostic techniques such as molecular diagnostics and biomarker-based assays aid in accurate and timely identification of fungal infections.
Technological Advancements and Product Innovations: Advances in technology have facilitated the development of new antifungal drugs with improved efficacy, safety, and patient convenience. Pharmaceutical companies are investing in research and development to discover novel drug targets and develop innovative antifungal therapies. This includes the development of new formulations, combination therapies, and improved drug delivery systems.
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Regional Growth Dynamics:
North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 5.2% during the forecast period.
Competitive Landscape:
Pfizer Inc.
Novartis AG
Merck & Co., Inc.
Johnson & Johnson
Astellas Pharma Inc.
GlaxoSmithKline plc
AbbVie Inc.
Sanofi
Bayer AG
Mylan N.V.
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