Idiopathic pulmonary fibrosis (IPF) is a chronic, progressive fibrosing interstitial pneumonia of unknown cause that occurs primarily in older adults. The condition is characterised by fibrosis or scarring of the lungs that leads to a progressive loss of the ability of the lungs to transfer oxygen from inhaled air to blood vessels. IPF is associated with shortness of breath and persistent dry cough. Drug therapies for IPF aim to slow down or halt progression of lung scarring.
The global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at Us$ 4825.57 Bn in 2023 and is expected to exhibit a CAGR Of 5.1% over the forecast period 2023 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Government Approvals for New Drug Therapies: Government bodies are approving new drug therapies for treating IPF which is a key factor driving growth of the market. For instance, in 2021, the FDA approved license for two new drugs nintedanib (OFEV) and pirfenidone (Esbriet) for treating IPF. These drugs help in slowing down progression of lung scarring by inhibiting overgrowth of connective tissue. Rising number of drug approvals provide patients with more treatment options thereby boosting demand in the market.
Another driver driving the growth of the idiopathic pulmonary fibrosis market is increasing awareness among doctors and patients about early symptoms and diagnosis. Availability of advanced lung function tests and imaging techniques help in early diagnosis and intervention in IPF thereby impacting the market growth positively.
SWOT Analysis
Strengths: Idiopathic pulmonary fibrosis market has seen strong growth in the past few years owing to rising disease prevalence. Several medications have been approved recently such as Esbriet and Ofev which have enhanced treatment options. Initiatives to spread awareness about timely diagnosis and management of the disease have boosted market revenues.
Weaknesses: However, IPF has no known cause and there is no cure available currently. Existing medications only help slow disease progression but do not reverse lung damage. High costs of medications remain a challenge for low income patients. Shortage of approved drugs and long clinical trials restrict pharmaceutical research.
Opportunities: Growing geriatric population vulnerable to IPF presents major opportunities. Asia Pacific region in particular is witnessing fast economic growth and rising healthcare investments opening new markets. Partnerships between companies, patient advocacy groups and governments can aid improved access to diagnostics and care.
Threats: Stringent regulations for drug approval delay product launches. Risks of side effects from medications worry patients and restrain compliance. Lack of biomarkers hampers early detection and prognosis assessment posing threats. Emerging alternative treatment approaches could impact market shares of existing brands over the long run.
Key Takeaways
The Global Idiopathic Pulmonary Fibrosis Market Demand is expected to witness high growth. The global idiopathic pulmonary fibrosis market is estimated to be valued at US$ 4825.57 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2031.
Regional analysis related content comprises The North America region currently dominates the global market owing to high awareness, healthcare expenditure and drug development activities in countries like the US. Asia Pacific region is poised to be the fastest growing market in the coming years led by India, China and Japan witnessing rapid aging, economic growth and improving medical infrastructure.
Key players related content comprises Key players operating in the Idiopathic pulmonary fibrosis market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd., among others.
The idiopathic pulmonary fibrosis market is characterized by collaborations between major pharma companies and smaller start-ups focusing on novel targets and combination therapies. M&A activity is also prevalent as large firms look to strengthen their IPF portfolios and pipelines. Overall intensifying research efforts hold promise to widen treatment paradigm beyond palliation in the coming years.
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