CFTR Correctors/Modulators Market
Number of pages: 100 | Report Format: PDF | Published date: May 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 8.93 billion |
|
Revenue Forecast in 2031 |
US$ 22.70 billion |
|
CAGR |
10.1% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Drugs, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global CFTR correctors/modulators market was valued at US$ 8.93 billion in 2022 and is expected to register a revenue CAGR of 10.1% to reach US$ 22.70 billion by 2031.
CFTR Correctors/Modulators Market Fundamentals
The cystic fibrosis transmembrane conductance regulator (CFTR) protein is responsible for transporting chloride ions into and out of cells. Cystic fibrosis (CF) is caused by mutations in the CFTR gene, a hereditary disease affecting numerous body organs, including the lungs, pancreas, and digestive tract. Currently, four FDA-approved CFTR correctors/modulators are in the market: ivacaftor, lumacaftor/ivacaftor, tezacaftor/ivacaftor, and elexacaftor/tezacaftor/ivacaftor.
The CFTR correctors/ modulators market is rapidly evolving, with new trends and opportunities. For instance, developing triple-combination therapies is a significant breakthrough in treating cystic fibrosis. The triple-combination treatment elexacaftor/tezacaftor/ivacaftor is the most recent CFTR modulator to get FDA clearance. This combination has demonstrated considerable improvements in lung function and quality of life in cystic fibrosis patients with certain CFTR mutations. Companies are looking towards developing new triple-combination medicines to benefit more CF sufferers.
The research study on the CFTR correctors/modulators market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth CFTR correctors/modulators market forecast to the industry stakeholders.
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CFTR Correctors/Modulators Market Dynamics
The rising incidence of cystic fibrosis is the prominent factor driving the demand for the CFTR correctors/modulators market. According to 2021 estimates by the Journal of Cystic Fibrosis, the United States has one of the highest rates of cystic fibrosis incidence, with almost 40,000 children and adults affected. One in every 3,600 live births in Canada is affected by cystic fibrosis. Furthermore, investments by non-profit organizations for research and development and ongoing clinical trial on many pipeline drugs are major growth opportunities for the CFTR correctors/modulators market revenue growth. In January 2023, the Cystic Fibrosis Foundation invested $ 15M in ReCode therapeutics, a genetic medicine company, to accelerate the development of Novel mRNA therapy for treating cystic fibrosis.
However, these drugs' high cost and limited accessibility for patients with rare mutations are the major restraining factor in the CFTR correctors/modulators market.
CFTR Correctors/Modulators Market Ecosystem
CFTR Correctors/Modulators Market, by Drugs
CFTR Correctors/Modulators Market, by Distribution Channel
CFTR Correctors/Modulators Market by Drugs
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The ivacaftor segment dominated the CFTR correctors/modulators market with almost 75% share in 2022. This is majorly attributed to its increased efficacy in targeting the underlying genetic defect in cystic fibrosis. It has been shown to improve lung function and reduce exacerbations in patients with specific mutations. Moreover, the segment's growth is increasing as ivacaftor is combined with other drugs for treating specific cystic fibrosis mutations.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as drugs, distribution channel, and regions. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps identify potential CFTR correctors/modulators market growth opportunities.
CFTR Correctors/Modulators Market by Region
The North America segment has dominated the CFTR correctors/modulators market with the highest revenue share in 2022. The high prevalence of cystic fibrosis in the United States is the key factor supporting North America's CFTR correctors/modulators market. As reported by American Lung Association in 2022, every year, roughly 30,000 people in the United States are affected with cystic fibrosis. Moreover, increasing healthcare standards and the presence of many top market players in the region are other significant factors increasing the revenue share of North America in the global CFTR correctors/modulators market.
The Asia Pacific region is expected to witness significant growth in the CFTR correctors/modulators market due to advancements in drug development and increased research and development. Moreover, many top players are increasing their geographic reach, which is expected to increase the revenue CAGR of the CFTR correctors/modulators market.
Based on the regions, the global CFTR correctors/modulators market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding CFTR correctors/modulators market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
CFTR Correctors/Modulators Market Competitive Landscape
Some of the prominent market players in the CFTR correctors/modulators market are:
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the CFTR correctors/modulators industry trends.
CFTR Correctors/Modulators Market Recent Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
CFTR correctors/modulators are drugs that aim to correct the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein, which is defective in individuals with cystic fibrosis. These drugs have shown promising results in improving lung function and reducing disease symptoms in clinical trials.
The global CFTR correctors/modulators market was valued at US$ 8.93 billion in 2022
North America will have the largest CFTR correctors/modulators market size during the forecast period from 2023 to 2031.
The global CFTR correctors/modulators market is expected to register a revenue CAGR of 10.1% during the forecast period from 2023 to 2031.
The global CFTR correctors/modulators market was valued at US$ 22.70 billion by 2031.
The development of CFTR correctors/modulators has revolutionized the treatment of cystic fibrosis. This trend has gained significant momentum recently, with several promising therapies in the pipeline.
Increasing demand for effective treatment options and development of novel therapies, and ongoing clinical trials are prominent growth opportunities in the global CFTR correctors/modulators market.
The high cost associated with developing and manufacturing CFTR correctors/modulators and limited awareness and accessibility of these drugs in developing countries can impede market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain