NEW YORK, June 7, 2021 /PRNewswire/ -- Monotherapy is cost-effective and gives deliverable action directly to the site of action in a few minutes, and is said to be a safe and effective method for treating idiopathic pulmonary fibrosis (IPF). According to Persistence Market Research (PMR), request for pulmonary fibrosis treatment is predicted to increase, enabling the market to surpass US$ 2.7 Bn by 2021. Over the coming years, rising cases of IPF will support expansion of the market.
High number of research & development projects, increasing investments, and favourable regulatory policies are some other factors supporting growth of the market for pulmonary fibrosis treatment. Majority of the population living with pulmonary fibrosis is being treated with traditional corticosteroid combination drugs with limited efficacy. With the arrival of new novel therapies, unaddressed populations in middle- and lower-income countries, as well as developed countries, can offer significant revenue generation opportunities.
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Key Takeaways from Market Study
- The global pulmonary fibrosis treatment market is expected to rise at a healthy CAGR over more than 6% through 2031.
- Increasing focus on effective treatment in the U.S is lending high Y-o-Y growth to the market in the country.
- Germany and France are expected to exhibit increasing demand to tackle concerns pertaining to rising incidence of IPF.
- Overall, the global market is set to expand 2X over the next ten years.
- Monotherapy to account for over 70% market share by 2031.
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"Rising prevalence of idiopathic pulmonary fibrosis and importance of early diagnosis are creating growth opportunities for market players in the long term," says a Persistence Market Research analyst.
Collaborations and Product Approval - Imperative Strategy for Market Players
Leading market players are strengthening their market position through collaborations with various other organizations.Global leading companies are focusing on research activities and approvals for increased market penetration
- Roche, in March 2020, received Breakthrough Therapy Designation (BTD) from the U.S FDA for Esbriet (pirfenidone), for use in adults with unclassifiable interstitial lung disease (uILD).
- In June 2019, Boehringer Ingelheim entered into a collaboration and license agreement with Bridge Biotherapeutics Inc. (South Korea), with the aim to fast-track the development of Bridge's auto tax in inhibitor BBT-877 for treatment against fibrosing interstitial lung diseases, including idiopathic pulmonary fibrosis, a rare lung disease.
- In October 2020, Cipla introduced the generic version Nintedanib for the treatment of idiopathic pulmonary fibrosis. In India, this drug will be marketed under the brand name Ninitb. Nintedanib will be available in two formulations of 100 mg and 150 mg.
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What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the pulmonary fibrosis treatment market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031, based on therapy (monotherapy, combination therapy and symptomatic treatment), indication (idiopathic pulmonary fibrosis (IPF), familial PF, and others), and distribution channel (hospital pharmacies, retail pharmacies, and mail order pharmacies), across seven key regions of the world.
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