February 24, 2024
Candidiasis Market

Rising Elderly Population Is Projected To Drive The Growth Of The Global Candidiasis Market

The Global Candidiasis Market is estimated to be valued at US$ 984.80 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Candidiasis is also known as thrush. It is a fungal infection caused by any type of Candida yeast, usually Candida albicans. Candida is commonly found in the vagina and digestive tract in small amounts and usually does not cause an infection or disease. However, due to antibitoic use, hormone use, diabetes or high-sugar diets, candida can multiply and cause infection. The main symptoms of candidiasis includes soreness, irritation, and white patches in the mouth or throat (oral thrush), vagina (vaginal thrush), or skin. Topical antifungal medications like clotrimazole, miconazole, nystatin are primarily used Candidiasis treatment.

Market key trends:

Rising geriatric population is one of the major trends witnessed in the candidiasis market during the forecast period. Older people are more susceptible to get candidiasis infection as their immunity weakens with age. Additionally, aging is linked to several chronic conditions like diabetes, which further increases the risk of candidiasis. According to the UN report, the number of people age 60 or older is projected to grow to nearly 1.4 billion in 2030 and 2.1 billion in 2050. This substantial growth in elderly population base is expected to drive the demand for candidiasis treatment globally.

Porter’s Analysis

Threat of new entrants: The candidiasis market requires high R&D investments and regulatory approvals which create significant entry barriers for new players.

Bargaining power of buyers: There exist a large number of generic drug manufacturers which provides buyers with bargaining power to negotiate lower prices.

Bargaining power of suppliers: Due to specialized ingredients and manufacturing requirements, suppliers have some control over pricing.

Threat of new substitutes: No direct substitute exists currently for antifungal agents used to treat candidiasis. However, researching new active molecules remains a threat.

Competitive rivalry: The market is dominated by a few large pharmaceutical companies. Competition is based on product differentiation, novel drugs in the pipeline and expansion into new geographies.

Key Takeaways

The Global Candidiasis Market Size is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing prevalence of opportunistic fungal infections among immunocompromised patients. The market size for 2023 is estimated to be US$ 984.80 Mn.

Regionally, North America is anticipated to dominate the global Candidiasis market during the forecast period. High healthcare expenditure, increasing awareness about fungal diseases and presence of technologically advanced facilities drive the North American market. However, Asia Pacific region is expected to exhibit the fastest growth attributed to rising prevalence of chronic illnesses and growing demand for antifungal drugs in developing nations such as India and China.

Key players operating in the Candidiasis market are Basilea Pharmaceutica Ltd, Astellas Pharma Inc., SCYNEXIS, Inc., NovaDigm Therapeutics, Mycovia Pharmaceuticals, Inc., Pfizer Inc, and Viatris Inc., among others. These players are focused on developing novel antifungal agents through acquisitions and partnerships to expand their product portfolios and strengthen market position.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it