Antifungal Drugs Market

Market Definition

Antifungal drugs are medications that kill or inhibit the growth of fungi and, therefore, are used in the treatment and prevention of fungal infections. The market covers the research, development, manufacturing, and commercialization of various antifungal therapeutics, including topical, oral, and intravenous formulations.

Antifungal Drugs Market Overview

The global antifungal drugs market size was valued at USD 16.33 billion in 2024 and is projected to grow from USD 16.85 billion in 2025 to USD 21.67 billion by 2032, exhibiting a CAGR of 3.65% during the forecast period.

Market growth is attributed to the increasing prevalence of fungal infections across various patient populations, including individuals undergoing cancer therapies, organ transplants, and those with autoimmune or chronic diseases. Rising awareness regarding early diagnosis and availability of advanced antifungal treatments is driving the demand for more effective therapeutic options.

Major companies operating in the antifungal drugs industry are Novartis AG, Pfizer Inc., Bayer AG, Merck & Co., Inc., GSK plc., Astellas Pharma Inc., Abbott, GLENMARK PHARMACEUTICALS LTD., Enzon Pharmaceuticals, Inc., SCYNEXIS, Inc., Biosergen AB, Basilea Pharmaceutica Ltd, apex laboratories Pvt. Ltd, Cipla, and AdvaCare Pharma.

The emergence of novel antifungal agents with broad-spectrum activity, improved safety profiles, and enhanced efficacy against drug-resistant strains is fueling market expansion. Additionally, innovation in drug delivery systems, increasing healthcare infrastructure in emerging markets, and rising investments in antifungal research and development are accelerating the market growth.

• In February 2024, The National Library of Medicine published a review emphasizing the need for novel antifungal drugs due to rising fungal resistance and limited treatment options. It highlights innovative strategies targeting fungal cell envelopes, which include chitin and glucan synthases, and identifies several new enzymes and structural proteins as promising targets for next-generation antifungal therapies.

Key Highlights

1. The antifungal drugs industry size was valued at USD 16.33 billion in 2024.
2. The market is projected to grow at a CAGR of 3.65% from 2025 to 2032.
3. North America held a market share of 36.80% in 2024, with a valuation of USD 6.01 billion.
4. The azoles segment garnered USD 6.29 billion in revenue in 2024.
5. The oral segment is expected to reach USD 9.37 billion by 2032.
6. The mucormycosis segment is anticipated to witness the fastest CAGR of 4.43% over the forecast period.
7. The hospital pharmacies segment is expected to reach USD 8.70 billion by 2032.
8. The hospitals segments garnered USD 6.78 billion in revenue in 2024.
9. Asia Pacific is anticipated to grow at a CAGR of 4.64% through the projection period.

Market Driver

Growing Incidence of Fungal Infections

Growth of the antifungal drugs market is propelled by the increasing incidence of fungal infections across diverse patient populations. The rising number of immunocompromised individuals, including those undergoing organ transplants, chemotherapy, and long-term immunosuppressive therapies, has increased the need for appropriate drugs due to their high susceptibility to opportunistic fungal pathogens.

• In April 2025, The World Health Organization reported that only 4 new antifungal drugs have been approved in the United States, European Union, and China in the past decade. Out of 9 candidates in clinical development only 3 are in Phase 3 trials and indicate limited near-term approvals.

The emergence of multidrug-resistant fungal strains such as Candida auris and azole-resistant Aspergillus species has further complicated treatment protocols creating urgent demand for effective therapies.

• In December 2023, the United States Food and Drug Administration approved Astellas Pharma’s Cresemba (isavuconazonium sulfate) for use in children aged one year or older with invasive aspergillosis and mucormycosis. The decision was based on Phase 2 trial results that demonstrated its safety and efficacy in pediatric patients.

This shift is strengthened by the growing awareness of early disease diagnosis and prompt intervention to prevent severe complications. As healthcare providers prioritize comprehensive infection management, pharmaceutical companies are accelerating the development of innovative antifungal agents with broader activity spectrums and improved safety profiles, thereby driving market expansion.

Market Challenge

Safety Concerns Related to Adverse Reactions and Toxicity

Concerns regarding drug safety is a major challenge to the market growth. Adverse reactions and toxicity also present significant barriers to wider product adoption. Several antifungal agents, especially systemic formulations, cause serious side effects such as liver and kidney toxicity, gastrointestinal disturbances, and hematologic complications.

Managing these adverse effects becomes difficult, particularly in patients with underlying health conditions or those on multiple medications where drug-drug interactions further increase the risk.

Such risks reduce treatment compliance, limit long-term use, and raise skepticism among healthcare providers ultimately restricting market expansion. Concerns about drug tolerability can discourage therapy initiation and patient adherence and necessitate intensive clinical monitoring.

Therefore, pharmaceutical companies are focusing on developing safer antifungal formulations with improved toxicity profiles. Advances in drug delivery systems, targeted therapies, and combination regimen can reduce systemic exposure and minimize adverse effects. Ongoing clinical research and real-world safety data collection are also supporting more refined risk-benefit assessments and guiding the safer use of antifungal therapies.

Market Trend

Advancements in Drug Delivery Technologies

Advancements in drug delivery technologies are shaping the antifungal drugs market by addressing longstanding limitations related to efficacy, safety, and patient adherence. Novel delivery systems such as liposomal formulations, nanoparticles, and targeted carriers are able to deliver antifungal agents to infection sites accurately, while minimizing the risk of toxicity.

These innovations improve drug solubility, bioavailability, and stability, allowing for more effective treatment of both superficial and invasive fungal infections. Nanoparticle-based sustained-release systems reduce dosing frequency and improve patient compliance while liposomal encapsulation offers enhanced therapeutic concentrations with reduced adverse effects.

• In August 2024, The Ministry of Science & Technology announced that researchers at Agharkar Research Institute have developed nikkomycin-loaded polymeric nanoparticles to treat pulmonary aspergillosis, especially in immunocompromised patients. The formulation targets chitin synthesis in fungal cell walls, effectively inhibiting Aspergillus species without toxicity, with plans to advance toward inhalation-based therapies.

Targeted delivery platforms are enabling site-specific drug action minimizing off-target effects and improving safety profiles for vulnerable patient populations. Ongoing advancements in formulation science, biopharmaceutical engineering, and controlled release mechanisms are further enhancing manufacturing scalability, consistency, and cost efficiency.

Antifungal Drugs Market Report Snapshot

Segmentation	Details
By Drug Type	Echinocandins, Azoles, Polyenes, Allylamines, Others
By Dosage Form	Oral, (Tablets, Capsules) Topical (Creams, Ointments, Powders, Sprays), Parenteral, and Others
By Indication	Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, and Others
By Distribution Channel	Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Drug Stores
By End User	Hospitals, Clinics, Homecare Settings, Ambulatory and Surgical Centers
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Drug Type (Echinocandins, Azoles, Polyenes, Allylamines, Others): The azoles segment earned USD 6.29 billion in 2024, due to their broad-spectrum activity, favorable safety profile, and widespread use in treating various fungal infections.
• By Dosage Form (Oral, (Tablets, Capsules) Topical (Creams, Ointments, Powders, Sprays), Parenteral, and Others): The oral segment held a share of 43.00% in 2024, attributed to its convenience, patient compliance, and effectiveness in treating superficial as well as systemic fungal infections.
• By Indication (Aspergillosis, Dermatophytosis, Candidiasis, Mucormycosis, and Others): The candidiasis segment is projected to reach USD 6.98 billion by 2032, owing to its high prevalence, increasing incidence of immunocompromised patients, and the availability of effective antifungal therapies targeting Candida infections.
• By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Drug Stores): The online pharmacies segment is anticipated to witness the fastest CAGR of 4.76% over the forecast period, due to growing consumer preferences for home delivery, increasing digital healthcare adoption, and enhanced accessibility to a wide range of antifungal medications.
• By End User (Hospitals, Clinics, Homecare Settings, Ambulatory and Surgical Centers): The hospitals segment earned USD 6.78 billion in 2024, due to advanced diagnostics, specialized treatments, and the prevalence of severe cases managed in hospital settings.

Antifungal Drugs Market Regional Analysis

Based on region, the market has been classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

The North America antifungal drugs market share stood at 36.80% in 2024, valued at USD 6.01 billion. The rising incidence of fungal infections, early diagnosis and treatment, and the presence of advanced healthcare infrastructure are driving this region ahead. Ongoing research and development activities along with the introduction of novel antifungal agents and combination therapies are boosting regional market growth.

Favorable reimbursement policies and strategic collaborations between pharmaceutical companies and academic institutions reinforce regional market expansion. Furthermore, the region’s strong regulatory support for fast-track drug approvals and increasing investment in innovative treatment modalities are stimulating product development and expanding patient access.

• In January 2024, Fresenius Kabi AG launched the Posaconazole Injection (generic Noxafil) for treating invasive aspergillosis and preventing Aspergillus and Candida infections in high-risk patients. The product is manufactured in New York as part of Fresenius Kabi’s USD 1 billion U.S. manufacturing investment.

The Asia-Pacific antifungal drugs industry is set to grow at a CAGR of 4.64% over the forecast period. This growth is attributed to the rising prevalence of opportunistic fungal infections in immunocompromised and geriatric patient populations. This expanding healthcare infrastructure and improved access to advanced antifungal therapies, supports the development and adoption of effective treatment options.

Government initiatives aimed at enhancing infectious disease management, strengthening public health systems, and increasing awareness of fungal diseases are creating a strong demand for antifungal drugs.

Growing collaboration between local pharmaceutical companies, research institutions, and global industry players, along with advancements in generic drug manufacturing and novel drug formulations, are enhancing product availability and affordability and aiding regional market growth.

• In February 2024, Cipla partnered with the Council of Scientific and Industrial Research - Central Drug Research Institute (CSIR-CDRI) to develop an ophthalmic antifungal treatment for fungal keratitis, prevalent in tropical regions. The formulation has shown faster infection resolution in pre-clinical studies, and Cipla will lead clinical development and regulatory approvals.

Regulatory Frameworks

• In the United States, the Food and Drug Administration (FDA) Antifungal Susceptibility Test Interpretive Criteria (STIC) regulates laboratory testing standards for antifungal drugs. It establishes standardized breakpoints to interpret antifungal susceptibility test results, ensuring the consistent assessment of fungal resistance and supporting effective clinical decision-making for antifungal therapies.
• In the European Union, the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) Guideline regulates antifungal drug development. It provides clinical trial recommendations to ensure effective and safe evaluation of antifungal treatments before approval.
• In China, the Drug Administration Law of the People's Republic of China regulates the development, approval, and supervision of antifungal drugs. It mandates the National Medical Products Administration (NMPA) to evaluate safety, efficacy, and manufacturing standards before granting market authorization.

Competitive Landscape

The antifungal drugs industry is characterized by a diverse mix of well-established pharmaceutical companies and emerging biotechnology firms. Each firm is focusing on expanding its product portfolio and market presence through innovation, product diversification, and strategic collaborations.

Companies are heavily investing in research and development to develop novel antifungal agents with improved efficacy, broader activity spectrum, and reduced toxicity while addressing the growing challenge of antifungal resistance. They are also advancing innovative drug delivery systems, including liposomal and targeted formulations to enhance treatment outcomes and patient compliance.

Moreover, firms are collaborating with academic institutions, contract research organizations, and healthcare providers to strengthen research capabilities, optimize clinical trial processes, and expand global market access.

• In September 2024, F2G Limited raised USD 100 million to advance its antifungal drug olorofim, targeting invasive infections resistant to current treatments. Backed by the antimicrobial resistance action fund and intermediate capital group life sciences, olorofim holds breakthrough therapy designation from the United States Food and Drug Administration.

List of Key Companies in Antifungal Drugs Market:

• Novartis AG
• Pfizer Inc.
• Bayer AG
• Merck & Co., Inc.
• GSK plc.
• Astellas Pharma Inc.
• Abbott
• GLENMARK PHARMACEUTICALS LTD.
• Enzon Pharmaceuticals, Inc.
• SCYNEXIS, Inc.
• Biosergen AB
• Basilea Pharmaceutica Ltd
• apex laboratories Pvt. Ltd
• Cipla
• AdvaCare Pharma

Recent Developments (M&A /Agreements)

• In August 2023, Sandoz acquired Mycamine (micafungin sodium) from Astellas Pharma, expanding its hospital antifungal portfolio. The acquisition strengthens Sandoz’s position in invasive fungal infection treatment, with Mycamine being widely used for candidiasis and prophylaxis in high-risk patients.
• In March 2023, GSK plc agreed with SCYNEXIS, Inc. to develop and commercialize Brexafemme, a novel oral antifungal, for vulvovaginal and recurrent candidiasis. SCYNEXIS received USD 90 million upfront with additional milestone payments of up to USD 503 million and tiered royalties. The agreement also grants GlaxoSmithKline rights for other indications, while SCYNEXIS retains its pre-clinical enfumafungin assets.