Idiopathic Pulmonary Fibrosis Market
Number of pages: 100 | Report Format: PDF | Published date: January 18, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.48 billion |
|
Revenue Forecast in 2030 |
US$ 7.40 billion |
|
CAGR |
6.23% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Drug Class, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global idiopathic pulmonary fibrosis market was valued at US$ 3.48 billion in 2021 and is expected to register a revenue CAGR of 6.23% to reach US$ 7.40 billion by 2030.
Idiopathic Pulmonary Fibrosis Market Fundamental
Idiopathic pulmonary fibrosis (IPF) is a severe lung disease with a poor prognosis. The average life expectancy of an individual from diagnosis is 2-5 years. At present, there is no cure for IPF, and treatments are limited. However, increase in the research into IPF in the recent few years is likely to result in new treatment solutions to improve the prognosis of this disease.
According to the American Lung Association, the most prevalent form of pulmonary fibrosis is IPF. While the reason for this condition is unknown, it is known for resulting in lung scarring (fibrosis). Scarring makes breathing challenging by causing rigidity in the lungs, as the lung tissue becomes thicker and scarred due to pulmonary fibrosis. IPF is a specific type of chronic, progressive, and fibrosing interstitial pneumonia that is restricted to the lungs and is characterized by a typical interstitial pneumonia histopathologic and/or radiologic pattern (UIP). It rarely affects individuals under 50 years, generally affecting those who are 70 to 75 years old. IPF exhibits many of the same symptoms as other lung illnesses, making it challenging to distinguish between them. The proper diagnosis may take some time and numerous doctor visits. Various self-care recommendations, such as the consumption of healthy food, regular exercise, and quitting smoking, may help in the treatment of IPF and slowing down the rate of scarring in addition to medications.
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Idiopathic Pulmonary Fibrosis Market Dynamics
Increase in the older population, which is at a higher risk of developing IPF, is expected to drive revenue growth in the global market during the forecast period. Moreover, rise in demand for effective drugs for the treatment of IPF and favorable reimbursement policies offered by manufacturers and insurance providers in some countries are projected to fuel revenue growth in the market for idiopathic pulmonary fibrosis during the forecast period.
Prevalence of fibrotic diseases has increased in the past few years. Moreover, there has been a rise in technological developments in cancer screening and detection. These factors contribute to the revenue growth of the global market. Additionally, increase in the need for affordable medications and availability of innovative treatment options fuel the market revenue growth. Public authorities, government organizations, and key players are increasing the emphasis on the development of efficient treatment options for IPF. Hence, investments in R&D activities have increased in the past few years. This factor is expected to accelerate the market growth during the forecast period.
Smoking is one of the possible causes of IPF. The Centers for Disease Control and Prevention (CDC) estimates that there were around 1 billion smokers in the world in 2017. Rise in the availability of antifibrotic medications, such as Pirfenidone (Esbriet) and Nintedanib (Ofev), is expected to drive revenue growth in the global market during the forecast period.
However, the revenue growth of the IPF market is likely to be hampered by a lack of knowledge among people and access to appropriate therapy. Moreover, misdiagnosis of IPF and high treatment costs are expected to restrain the revenue growth of the market for idiopathic pulmonary fibrosis.
Idiopathic Pulmonary Fibrosis Market Ecosystem
The global idiopathic pulmonary fibrosis market is analyzed from three perspectives: drug class, distribution channel, and region.
Idiopathic Pulmonary Fibrosis Market by Drug Class
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Based on the drug class, the global idiopathic pulmonary fibrosis market is segmented into tyrosine kinase inhibitors (Nintedanib), antifibrotic agents (pirfenidone), and others.
The antifibrotic agents segment dominates the global market as antifibrotic pirfenidone (PFD) is used in the treatment of IPF. Pirfenidone is an oral medication with antifibrotic, anti-inflammatory, and antioxidant properties. Patients with IPF are prescribed this medication to reduce the progression of the disease.
Idiopathic Pulmonary Fibrosis Market by Distribution Channel
Based on the distribution channel, the global idiopathic pulmonary fibrosis market is segmented into hospital pharmacies, retail pharmacies, and others.
The retail pharmacies segment dominates the market in terms of revenue. This is attributed to rise in the popularity of retail pharmacies owing to their ease of accessibility of prescription drug formulations and availability of over-the-counter medications. This trend is expected to continue during the forecast period.
Idiopathic Pulmonary Fibrosis Market by Region
Based on the region, the global idiopathic pulmonary fibrosis market is segmented into North America, Europe, Asia Pacific, and the Rest of the world (RoW).
North America is expected to be a profitable market for idiopathic pulmonary fibrosis. North America dominates the global idiopathic pulmonary fibrosis market owing to the presence of a significant number of prominent players. Moreover, increase in strategic investments and rise in the prevalence of IPF in North America are expected to result in high demand for medications and lung disease treatments in the upcoming few years, which in turn, is projected to fuel revenue growth in the regional market. Other factors driving the adoption rate include favorable reimbursement policies, increased research funding, and government efforts to promote R&D on this condition.
Idiopathic Pulmonary Fibrosis Market Competitive Landscape
The prominent players operating in the global idiopathic pulmonary fibrosis market are:
Idiopathic Pulmonary Fibrosis Market Strategic Developments
Idiopathic pulmonary fibrosis is the most common type of pulmonary fibrosis, causing scarring in the lungs (fibrosis). The cause of this condition is unclear. Scarring causes the lungs to become stiff, which makes breathing difficult.
Increase in the geriatric population, which is at higher risk of developing IPF, is the key factor driving the revenue growth of the market.
Cipla, Boehringer Ingelheim, Glenmark Pharmaceuticals, Genentech, Sandoz, and F. Hoffmann-La Roche Ltd. are among the key players operating in the global idiopathic pulmonary fibrosis market.
The growth of the global idiopathic pulmonary fibrosis market is likely to be hampered by a lack of awareness and access to appropriate therapy. Also, misdiagnosis of IPF is expected to restrain the market revenue growth.
The global idiopathic pulmonary fibrosis market is expected to register a revenue CAGR of 6.23% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain