The Interstitial Lung Disease Market is estimated to be valued at US$ 1790.83 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interstitial lung disease refers to a group of over 100 lung conditions affecting the interstitium of the lungs. The interstitium is the tissue between the air sacs (alveoli) of the lungs. Common symptoms include dry cough and shortness of breath on exertion. The main types of interstitial lung disease include idiopathic pulmonary fibrosis, nonspecific interstitial pneumonia, connective tissue disease-related interstitial lung disease, and pneumoconiosis. The drugs used for treatment include antifibrotic, immunosuppressive, and bronchodilator drugs.
Market Dynamics:
The increasing prevalence of interstitial lung diseases across the globe acts as a key driver for the market growth. For instance, according to the Interstitial Lung Foundation, around 100,000 new cases of idiopathic pulmonary fibrosis (IPF) are diagnosed in the U.S. each year. In addition, rising research and development activities focused on developing novel therapies for interstitial lung diseases is also fueling the market growth. Major companies operating in the market are involved in clinical trials for stem cell therapies and antifibrotic drugs to target underlying causes. Moreover, growing awareness regarding early diagnosis and treatment options among people further aids in market expansion. However, high cost of associated therapies and lack of definitive treatment options hinder the market growth.
Segment Analysis
The Global Interstitial Lung Disease Market Size is dominated by idiopathic pulmonary fibrosis which accounts for over 50% of interstitial lung diseases. Idiopathic pulmonary fibrosis causes progressive scarring of the lung tissues and makes breathing difficult over time. Its exact causes are largely unknown which makes it very challenging to treat. As a result, there is a high demand for better treatment options for idiopathic pulmonary fibrosis.
PEST Analysis
Political: Governments across various countries are increasingly supporting funding for research on finding improved treatment options and cures for interstitial lung diseases. This is likely to enhance research activities in this market.
Economic: The rising healthcare expenditure and improving access to healthcare systems globally is expected to drive the growth of the interstitial lung disease market during the forecast period.
Social: Growing awareness among people about respiratory health issues and availability of various treatment options is reducing stigma and encourage more people to seek medical help for interstitial lung diseases.
Technological: Advancements in drug delivery systems, treatment methods, and research techniques are helping gain better understanding of disease mechanisms and pathways. This is supporting innovation in treatment regimens.
Key Takeaways
The global Interstitial Lung Disease market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of idiopathic pulmonary fibrosis worldwide. The market size for 2023 is estimated to be US$ 1790.83 Mn.
North America is expected to dominate the interstitial lung disease market during the forecast period. This is owing to increasing prevalence of chronic respiratory diseases in the region coupled with strong healthcare infrastructure and high adoption of advanced treatment options.
Key players operating in the interstitial lung disease market are MSD (Merck), Liminal Biosciences, Glenmark Pharma, J.B. Chemicals & Pharmaceuticals, Boehringer Ingelhim International GmbH, F. Hoffmann-La Roche Ltd, Inc., and Cipla. Major players are focusing on new drug development and launches through collaborative research efforts to expand their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it