The global Idiopathic Pulmonary Fibrosis Market is driven by the rising prevalence of lung fibrosis cases. Idiopathic pulmonary fibrosis is a chronic and progressive lung condition associated with formation of scar tissues in the lungs leading to stiffening of lungs. The drugs in the idiopathic pulmonary fibrosis market include anti-fibrotic drugs, immunomodulatory drugs and others that help reduce the scarring caused due to fibrosis. These drugs prevent worsening of the disease and improve quality of life of the patients suffering from idiopathic pulmonary fibrosis. The global idiopathic pulmonary fibrosis market depends on the drugs for its treatment.
The global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at US$ 4188.86 Mn 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 key trends:
One of the key trends in the idiopathic pulmonary fibrosis market is increasing research and development activities. Major companies are focusing on developing first-in-class molecules for the treatment of idiopathic pulmonary fibrosis. For instance, Phase 3 clinical trials are ongoing for several drugs such as nintedanib (OFEV), pirfenidone (Esbriet), simtuzumab and others. Moreover, many companies are focusing on developing combination therapies, which can target two or more pathways involved in the fibrosis process simultaneously. This is expected to provide better efficacy and help slowdown the progression of the disease. Furthermore, focus on biosimilars is also a major trend witnessed in the IPF market recently. Biosimilar versions of pirfenidone are in pipeline which can help reduce the treatment cost of IPF in the coming years.
Threat of new entrants: The threat of new entrants in the idiopathic pulmonary fibrosis market is low due to the high capital requirements and stringent regulatory norms.
Bargaining power of buyers: The bargaining power of buyers is moderate as the development of idiopathic pulmonary fibrosis drugs is highly specialized.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers in the market.
Threat of new substitutes: There is low threat from new substitutes as there are limited alternate treatment options for idiopathic pulmonary fibrosis.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many large pharmaceutical companies.
The Global Idiopathic Pulmonary Fibrosis Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America dominates the global idiopathic pulmonary fibrosis market and is expected to continue its dominance during the forecast period owing to growing prevalence of IPF and new product launches in the region. The Asia Pacific region is expected to witness fastest growth during the forecast period driven by growing awareness and increasing healthcare expenditure.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it