Idiopathic Pulmonary Fibrosis Market Insights 2030:
The global idiopathic pulmonary fibrosis market size was valued at $3,126.08 million in 2020, and is projected to reach $6,169.37 million by 2030, registering a CAGR of 7.0% from 2021 to 2030. Idiopathic pulmonary fibrosis is a chronic lung disease or a condition in which the tissues in lungs become thick and stiff over time. As a result of thickening of lung tissues, brain, and other organs are unable receive optimum oxygen. This condition causes scar tissue (fibrosis) to build up in the lungs, which makes the lungs unable to transport oxygen into the bloodstream effectively. The disease usually affects people between the ages of 50 and 70. Idiopathic pulmonary fibrosis belongs to a group of conditions called interstitial lung diseases (also known as ILD), which describes lung diseases that involve inflammation or scarring in the lung.
Idiopathic pulmonary fibrosis is expected to exhibit significant market growth during the forecast period, owing to growth in demand for ideal drugs for treatment of idiopathic pulmonary fibrosis, and favorable reimbursement policies provided by manufacturers & insurance providers in some countries. The key factors driving the market growth include rise in prevalence of fibrotic disease, increase in geriatric population, and technological advancements in screening & diagnosis of cancer further drive the idiopathic pulmonary fibrosis market growth. In addition, surge in demand for cost-effective drugs and introduction of advanced treatment options propel the market growth. However, unavailability of the proper treatment options of the disease restricts the market growth.
The idiopathic pulmonary fibrosis market is segmented on the basis of type of drug, distribution channel, and region. According to type of drug, the market is bifurcated into pirfenidone and nintedanib. On the basis of distribution channel, the market is divided into hospital pharmacies, retail pharmacies, and online providers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA).
Impact Of Covid-19 On Idiopathic Pulmonary Fibrosis Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.
After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as pandemic. In addition, only a few vaccines that received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.
The overall impact of COVID-19 remains negative on the idiopathic pulmonary fibrosis market, owing to decline in number of idiopathic pulmonary fibrosis patient visits in hospitals & clinics for idiopathic pulmonary fibrosis therapy (IPF), as these patients are more vulnerable to COVID-19 infection which lead to decline in demand for idiopathic pulmonary fibrosis products. Furthermore, most markets are experiencing a decline, especially in the idiopathic pulmonary fibrosis market, owing to the outbreak of COVID-19.
By Drug Type Segment Review
By drug type, the idiopathic pulmonary fibrosis market is divided into nintedanib and pirfenidone. The pirfenidone segment was the major revenue contributor in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in adoption of pirfenidone drug such as Esbriet and Pirespa globally. On the other side, the demand for nintedanib is projected to exhibit the fastest market growth during the forecast period, owing to rise in use of Ofev and surge in R&D studies for nintedanib.
By Drug Type
Pirfenidone segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
By Distribution Channel Segment Review
By distribution channel, the idiopathic pulmonary fibrosis market is classified into hospital pharmacies, retail pharmacies, and online providers. The retail pharmacies segment presently dominates the market, and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate, owing to the rapid increase of idiopathic pulmonary fibrosis rate in geriatric population, technological advancements, and lifestyle change across the world.
By Distribution Channel
HospitalPharmacies segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Region segment review
By region, the idiopathic pulmonary fibrosis market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. The research activities for idiopathic pulmonary fibrosis are soaring in North America due to significant infrastructure for developmental research, availability of substantial research funds, and rise in government initiatives toward idiopathic pulmonary fibrosis are anticipated to drive the market growth.
By Region
North America holds a dominant position in 2020 and continue to maintain lead in the forecast year
This report provides comprehensive competitive analysis and profiles of prominent idiopathic pulmonary fibrosis market players such as key players operating in the AstraZeneca Plc, Biogen Inc., Boehringer Ingelheim, F. Hoffmann-La Roche, FibroGen, Inc., Mission Therapeutics., GNI Group Ltd, Galapagos NV, Biogen, Bristol-Myers Squibb Company., and Shiongi Co Ltd
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current idiopathic pulmonary fibrosis market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth idiopathic pulmonary fibrosis market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
- The projections in this report are made by analyzing the current trends and future idiopathic pulmonary fibrosis market potential from 2021 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the idiopathic pulmonary fibrosis market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the idiopathic pulmonary fibrosis market.
Idiopathic Pulmonary Fibrosis Market Report Highlights
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Analyst Review
In accordance with several interviews conducted, top-level CXOs agree that adoption of idiopathic pulmonary fibrosis is expected to increase, owing to rise in prevalence of cancer across the globe and growth in awareness about idiopathic pulmonary fibrosis in developing countries.
As per CXOs, rise in diagnosis of cancer in developing countries, surge in R&D studies, and growth in adoption of idiopathic pulmonary fibrosis is projected to supplement the market growth during the forecast period. However, complications and higher cost associated with the use of idiopathic pulmonary fibrosis are expected to hinder the market growth.
The CXOs further added that North America is expected to remain dominant during the forecast period, owing to surge in use of idiopathic pulmonary fibrosis, owing to presence of advanced healthcare facilities and higher number of target population. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to key players during the forecast period, owing to developments in healthcare infrastructure with rise in demand for idiopathic pulmonary fibrosis.
The total market value of Idiopathic Pulmonary Fibrosis Market is $6,169.37 Million in 2030
The forecast period in the report is from 2021 to 2030
The market value of Idiopathic Pulmonary Fibrosis in 2020 was 3,125.99 million in 2020
The base year for the report is 2020
Yes, Idiopathic Pulmonary Fibrosis Market companies are profiled in the report
The top companies that hold the market share in Idiopathic Pulmonary Fibrosis Market are F hoffman la Roche, Boehringer Ingelheim , Biogen, Astrazenca Plc
No, there is no value chain analysis provided in the Idiopathic Pulmonary Fibrosis Market report
The key trends in the Idiopathic Pulmonary Fibrosis Market areincrease in prevalence of chronic diseasesuch as idiopathic pulmonary fibrosis along with rise in elderly population are the key factors driving the market growth.
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