A report by ARC estimated that the idiopathic pulmonary fibrosis treatment market will surpass $4.2 billion by 2026, representing an average annual growth rate of 11.6 percent from 2019 to 2026. This report focuses on idiopathic pulmonary fibrosis treatment volume and value at global level, regional level and company level. From a global perspective, this report represents overall idiopathic pulmonary fibrosis treatment market size by analyzing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, China and Japan.
During last few years, there is a significant increase in the number of respiratory related diseases. Increasing prevalence of the various respiratory diseases, rising geriatric population across the globe, and increasing awareness about health have driven the growth of the idiopathic pulmonary fibrosis treatment market. According to the World Population Aging Report, in 2015, the number of elderly people aged 60 years and above is expected to grow by 56%, from 901 million in 2015 to 1.4 billion in 2030. Moreover, rising population, changing lifestyle, adoption of the smoking by the youth benefits the growth of idiopathic pulmonary fibrosis treatment market. On the other hand, limited penetration of the idiopathic pulmonary fibrosis treatment in developing countries in Asia and Africa, high prices of the drugs may slow the growth of the idiopathic pulmonary fibrosis treatment market.
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The global idiopathic pulmonary fibrosis treatment market is majorly driven by increasing prevalence of the respiratory diseases, increasing geriatric population across the globe, and huge population pool in developing countries, and technological advancements. According to the National Institutes of Health (NIH), every year over 30,000 – 40,000 new cases of idiopathic pulmonary fibrosis are diagnosed and over 0.1 Million people are affected in U.S. with idiopathic pulmonary fibrosis. On the other hand, lack of awareness among the people, and high cost of the products may slow the growth of the idiopathic pulmonary fibrosis treatment market.
The global idiopathic pulmonary fibrosis treatment market is segmented by drug class, and end users.
On the basis of drug class, the market is segmented into tyrosine inhibitors, MAPK inhibitors, and autotaxin inhibitors. MAPK Inhibitor drug class segment is expected to have a significant share in the global idiopathic pulmonary fibrosis treatment market. Esbriet, MAPK Inhibitor launched by F. Hoffman La Roche are the only drugs approved by the Food and Drug Administration (FDA) for the treatment of idiopathic pulmonary fibrosis treatment. Owing to the presence of limited drugs the market is expected to possess a huge opportunity in the market.
Based on end users market is segmented into hospitals, long-term care facilities, and others.
Geographically, the global idiopathic pulmonary fibrosis treatment market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is likely to account for the largest share of the idiopathic pulmonary fibrosis treatment market followed by Europe in the forecast period 2019–2026. The growth of this region is majorly attributing to huge population suffering from the respiratory diseases, increasing awareness about the health, and presence of huge geriatric population. Availability of huge funds granted by government, increasing R&D activities, and high spending have fuelled the growth of the idiopathic pulmonary fibrosis market.
Europe accounts for the second leading position in the market for the idiopathic pulmonary fibrosis treatment. The growth of the market is majorly attributed due to the increasing provenance of the cardiovascular diseases, rising the incidence acute, rising diabetic population, and chronic kidney diseases, and availability of the funds for the research and development. Furthermore growing health care sector, availability of skilled personnel, and low development costs, are the factors supporting the growth of the idiopathic pulmonary fibrosis market in Europe during the forecast period. Increasing prevalence of diseases such as respiratory disease, and diabetes is driving the growth in this idiopathic pulmonary fibrosis region. Germany is expected to have the fastest growth in the Europe idiopathic pulmonary fibrosis treatment market owing to huge patient population, well developed healthcare technology, increasing demand for the treatment and high spending on the healthcare. Asia Pacific is expected to be the fastest growing region owing to the presence of rapidly growing economies such as India and China, huge population, changing lifestyle huge patient population, and continually increasing healthcare expenditure.
On the other hand, LAMEA is expected to witness a considerable growth in the market during the forecast period. The significant growth in the regional market is attributed due to increasing prevalence of renal diseases, high spending in Middle East countries. Growing urbanization, high disposable income and improving healthcare infrastructure, are projected to drive the growth to some extent.
Some of the key players in the global idiopathic pulmonary fibrosis treatment market include F. Hoffman La-Roche Ltd; FibroGen, Inc.; Bristol-Myers Squibb Company; Prometic Life Sciences Inc.; Novartis AG; Boehringer Ingelheim International GmbH; Galapagos; Merck & Co., Inc.; MediciNova, Inc.; and Merck & Co.
Being a nascent market, many new companies many enter in the market in near future which will increase the competitive rivalry. Continuously increasing demand for the high efficient drug products favored the international players to withstand in the idiopathic pulmonary fibrosis market. Additionally, price reduction strategies and introduction of technologically advanced products undertaken by key players will fuel the idiopathic pulmonary fibrosis market growth and competition in the market.
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