by Idiopathic pulmonary fibrosis is a chronic lung disease characterized by scarring or thickening of lung tissues. The different types of products associated with the market are Pirfenidone, Nintedanib and other drugs. Pirfenidone slows the progression of lung scarring by inhibiting the release of cytokines and growth factors that are responsible for inflammation and scarring. Nintedanib also works by inhibiting several tyrosine kinases that are involved in lung scarring and fibrosis.
The global idiopathic pulmonary fibrosis market is estimated to be valued at US$ 4188.86 million 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.
Market Dynamics:
One of the major drivers propelling the growth of the idiopathic pulmonary fibrosis market is the increasing research and development of novel drugs. For instance, in February 2022, Blade Therapeutics, a biotechnology company developing medicines for non-alcoholic steatohepatitis (NASH) and pulmonary diseases, reported the dosing of the first patients in the Phase 1 clinical trial of its product candidate, BL-1040, for the treatment of idiopathic pulmonary fibrosis. BL-1040 is a novel approach that utilizes gene therapy to deliver the SERCA2a gene directly to the lung cells to restore intracellular calcium balance and decrease fibrosis. Continued development of such innovative treatment options is expected to boost the market growth over the forecast period. Another driver for the market growth is the availability of few treatment options for idiopathic pulmonary fibrosis. Only two FDA approved drugs, pirfenidone and nintedanib, are available for the treatment of IPF which leaves ample growth opportunities for novel drug development in the market. The unmet clinical needs coupled with increasing research activities are poised to drive the market during the forecast period from 2023 to 2030.
Segment Analysis
The idiopathic pulmonary fibrosis market is segmented into drug class, dosage form, route of administration and end user. Among drug class, pirfenidone segment holds the largest market share. Pirfenidone segment dominates the market due its approval by FDA in comparison with other drugs. By dosage form, capsules dominate the market as it provides convenience of oral administration to patients.
PEST Analysis
Political: Governments of various countries are focusing on initiatives and programs to increase awareness about rare diseases like idiopathic pulmonary fibrosis. They are providing regulatory and financial support for research and development of novel treatment therapies.
Economic: Rising healthcare expenditure and growing geriatric population are major drivers of market growth. As there is no permanent cure, patients require lifelong treatment which makes the market lucrative for players.
Social: Increasing prevalence of lifestyle diseases and growing awareness about pulmonary fibrosis through social media and patient support groups is positively impacting the market.
Technological: Advancements in drug development technologies are facilitating discovery of new molecular entities and biomarkers to better understand disease pathophysiology and develop targeted therapies.
Key Takeaways
The Global Idiopathic Pulmonary Fibrosis Market Size is expected to witness high growth in the coming years. North America region dominates the market currently due to presence of major players, availability of advanced treatment options and rising healthcare expenditure. However, Asia Pacific region will grow at fastest pace owing to growing aging population, increasing healthcare spending and rising awareness.
Regional analysis
North America holds the largest share in idiopathic pulmonary fibrosis market due to growing prevalence of disease, availability of advanced treatment facilities and regulatory support for clinical research. As per estimates, over 132,000 people suffer from IPF in the US alone. Favorable reimbursement policies in the region also support market growth. Europe holds second largest position in the market due to growing healthcare infrastructure and rising healthcare spending.
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
