Antifungals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Antifungals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021 •
  • 175 pages •
  • Report ID: 6067928 •
  • Format: PDF
Major players in the antifungals market are Pfizer, Novartis, Merck & Co., Bayer Healthcare and Abbott Laboratories.

The global antifungals market is expected to grow from $9.98 billion in 2020 to $10.29 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.71 billion in 2025 at a CAGR of 7.4%.

The antifungals market consists of sales of antifungal drugs which are used to detect and eliminate fungal pathogens.The fungal pathogens thrive in the body under unhygienic and unclean environments.

These drugs are also known as an antimycotic medication, used to treat and prevent mycosis such as athlete’s foot, ringworm, candidiasis (thrush), serious systemic infections such as cryptococcal meningitis, and others.

Drug developers and manufacturers are scaling up the various departments such as research and development, marketing, and manufacturing through collaborations and strategic partnerships with other companies and research institutes, to expand the product portfolios. So, companies in the anti-infective drugs market should consider strategic collaborations to broaden their scope and product portfolios to increase the revenues and stay competitive in the market.

A point prevalence survey was conducted in Turkey. According to the survey, antifungal drugs were mostly prescribed in pediatric hematology and oncology (PHO) units (35.2%), followed by neonatal ICUs (NICUs) (19.6%). The other units prescribing antifungal drugs included pediatric services (18.3%), pediatric ICUs (PICUs) (14.6%) and hematopoietic (HSCT) units (7.3%). According to the same survey, the antifungals were used for prophylaxis in 48.8% of patients and about 50% of patients were treated with antifungal drugs based on observation. Among 50% of patients, who were treated post observation, around 18.8% of patients were prescribed an antifungal therapy and 31.2% of patients were targeted for the treatments.

Antifungal drugs manufacturers are offering skimming price for branded drugs.The discovery, development and manufacturing processes of branded drugs generally require high investments.

As a result, companies in the market offer the branded drugs at the highest initial prices, and implement other pricing strategies to ensure the product stays competitive at a high price.Price skimming is a pricing strategy in which a company charges a high initial price and then gradually lowers the price to attract more price-sensitive customers.

It is used to maximize profits when a new product is introduced in the market.Manufacturers and marketers of branded drugs should consider adopting the price skimming strategy for branded drugs.

They should price these branded drugs high to recover the high costs incurred during drug development and manufacturing.