by Idiopathic pulmonary fibrosis refers to a progressive disease characterized by scarring (fibrosis) of the lungs. Common symptoms include shortness of breath and a dry cough. Medications help reduce symptoms like shortness of breath and improve lung function.
The global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at US$ 4188.86 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global idiopathic pulmonary fibrosis market is primarily driven by the increased demand for effective therapies against pulmonary fibrosis. Drugs like pirfenidone and nintedanib provide relief from symptoms and slow down disease progression. These medications are preferred due to their proven efficacy and safety profile. However, high treatment costs could hamper market growth.
Market key trends:
Propelled by Increased Demand for Effective Medications
One of the major trends driving the growth of the idiopathic pulmonary fibrosis market is the increased demand for effective medications. Existing drugs like pirfenidone and nintedanib have been proven to slow down disease progression and improve symptoms and quality of life. However, these drugs offer only modest benefits. Researchers are continuously exploring new molecular entities and novel treatment approaches that can substantially modify the course of the disease. Several new drug candidates are currently under clinical trials which if approved can boost the market.
SWOT Analysis
Strength: Idopathic pulmonary fibrosis drug market has strong pipeline drugs with promising results in clinical trials which can help address the unmet needs.
Weakness: Late diagnosis and complex nature of IPF poses challenges in effective treatment. High cost of certain targeted therapies limits access.
Opportunity: Growing aging population prone to IPF, increased research activities and investments from government and industry augur well for market growth.
Threats: Stringent regulatory guidelines for drug approval and presence of alternative treatment limits scope. Reimbursement issues and patent expiries of blockbuster drugs also impact market.
Key Takeaways
The Global Idiopathic Pulmonary Fibrosis Market Size is expected to witness high growth.
Regional analysis: North America currently dominates the market due to established healthcare infrastructure and demand for quality healthcare. Asia Pacific region is expected to see fastest growth owing to rising healthcare investments, aging population and growing cases of IPF.
Key players: Key players operating in the Idiopathic Pulmonary Fibrosis market are Genentech, Inc., Boehringer Ingelheim International GmbH, Avalyn Pharma, Inc., AstraZeneca, Blade Therapeutics, Bristol-Myers Squibb Company, Cipla Inc., F. Hoffmann-La Roche, FibroGen, Inc., Galapagos NV, MediciNova, Inc., Merck & Co., Inc., Promedior, Inc., Prometic Life Sciences Inc., Daewoong Pharmaceutical (India) Pvt Ltd, Sandoz International GmbH (Novartis) and Algernon Pharmaceuticals Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
