February 28, 2024

The Global Idiopathic Pulmonary Fibrosis Market Is Driven By The Increasing Prevalence Of Lung Disorders

Idiopathic pulmonary fibrosis (IPF) is a progressive and debilitating lung disease characterized by scarring (fibrosis) of the lungs that gets worse over time and limits a person’s ability to breathe. There is no known cause for IPF and currently there is no cure. Patients experience persistent dry cough and shortness of breath with exertion. Medications such as Pirfenidone and Nintedanib are used to slow the progression of the disease and improve quality of life. However, lung transplant is the only treatment option that may prolong survival for some patients.

The global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at Us$ 4825.57 Bn in 2024 and is expected to exhibit a CAGR Of 5.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the IPF market is the increasing adoption of anti-fibrotic therapies such as Pirfenidone and Nintedanib. These drugs have shown significant efficacy in slowing the rate of lung function decline in IPF patients. Treatment guidelines recommend early diagnosis and prompt initiation of anti-fibrotic therapy to better manage the disease progression. Pirfenidone was the first anti-fibrotic drug approved by FDA for treatment of mild to moderate IPF in 2014. Nintedanib received FDA approval for IPF treatment in 2015. Ongoing clinical trials are exploring newer molecules that can further improve patient outcomes by targeting specific mechanisms involved in fibrogenesis. Emergence of effective pharmacological treatments is expected to drive the growth of the IPF market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the Idiopathic Pulmonary Fibrosis market is low due to the high level of capital required and established market players presence.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are fewer treatment options available and high unmet medical needs.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers and equipment manufacturers in the market.

Threat of new substitutes: There is no significant threat from substitutes currently available as treatment options for Idiopathic Pulmonary Fibrosis are very limited.

Competitive rivalry: The competitive rivalry in the market is high as the major players are involved in new product launches and approvals to gain a competitive edge over others.

Key Takeaways

The Global Idiopathic Pulmonary Fibrosis Market Demand is expected to witness high growth over the forecast period. The global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at US$ 4825.57 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.

Regional analysis:

 

North America is anticipated to maintain its dominance in the global market over the forecast period owing to the increased awareness regarding IPF and availability of advanced healthcare facilities in this region. Moreover, Asia Pacific is expected to showcase lucrative growth due to the rising geriatric population and growing medical tourism in countries such as India, China, and Japan.

Key players:

 

Key players operating in the Idiopathic Pulmonary Fibrosis market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd., among others. These major players are involved in new product launches and approvals to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it