New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Antifungals Global Market Report 2023" - https://www.reportlinker.com/p06245034/?utm_source=GNW
and BasileaPharmaceutica AG.
The global antifungals market will grow from $31.12 billion in 2022 to $35.19 billion in 2023 at a compound annual growth rate (CAGR) of 13.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The antifungals market is expected to grow to $54.88 billion in 2027 at a CAGR of 11.8%.
The antifungal market consists of sales of clotrimazole, miconazole, and ketoconazole.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The antifungal drugs refer to drugs that are used to detect and eliminate fungal pathogens.The fungal pathogens thrive in the body in unhygienic and unclean environments.
These drugs are also known as antimycotic medications, used to treat and prevent mycoses such as athlete’s foot, ringworm, candidiasis (thrush), and serious systemic infections such as cryptococcal meningitis, and others.
North America was the largest region in the drugs for antifungals market in 2022.Middle East is expected to be the fastest growing region.
The regions covered in the antifungals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drugs in antifungals are echinocandins, azoles, polyenes, and allylamines.Echinocandins are a new type of antifungal medication that works by inhibiting the formation of 1,3-D-glucan, a key component of the fungal cell wall, in an entirely fungal-specific manner.
The different routes of administration include oral, parenteral, and topical and involve various therapeutic indications such as aspergillosis, dermatophytosis, candidiasis, and others. The several sectors include hospitals and clinics, dermatology clinics, and other users.
A point prevalence survey was conducted in Turkey. According to the survey, antifungal drugs were mostly prescribed in pediatrichematology 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 have prescribed an antifungal therapy, and 31.2% of patients were targeted for the treatments.
Antifungal drug manufacturers are offering skimming prices for branded drugs.The discovery, development, and manufacturing processes of branded drugs generally require high investments.
As a result, companies in the market offer 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.
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 their product portfolios. So, companies in the anti-infective drugs market should consider strategic collaborations to broaden their scope and product portfolios to increase revenues and stay competitive in the market.
The countries covered in the antifungals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The antifungals market research report is one of a series of new reports that provides antifungals market statistics, including antifungals industry global market size, regional shares, competitors with antifungals market share, detailed antifungals market segments, market trends, and opportunities, and any further data you may need to thrive in the antifungals industry. This antifungals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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