Idiopathic Pulmonary Fibrosis Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Idiopathic Pulmonary Fibrosis Market: What Growth Rate is Predicted?
There has been robust growth in the market size of idiopathic pulmonary fibrosis in the past few years. The market is set to increase from $3.89 billion in 2023 to $4.13 billion in 2024, expanding at a compound annual growth rate (CAGR) of 6.0%. This notable growth in the previous period is due to factors such as the escalating aged population, the lack of extensive treatment options, heightened disease awareness, and the improvement of healthcare infrastructure.
The market size of idiopathic pulmonary fibrosis is predicted to experience substantial growth in the coming years, escalating to $5.24 billion in 2028 with an annual growth rate (CAGR) of 6.2%. The anticipated growth within the forecast period is credited to several factors including expanded R&D, precision medicine applications, a rise in disease incidence, progress in biomarker development, as well as government initiatives and funding. Noteworthy trends within this period encompass advancements in diagnostics, the rise of targeted therapies, telemedicine and remote patient monitoring, combination therapies, and progress in lung transplantation.
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What Aspects Are Driving the Expansion of the idiopathic pulmonary fibrosis Market?
The increasing incidences of fibrotic disease are predicted to be a key factor propelling the growth of the idiopathic pulmonary fibrosis market. Fibrotic diseases, termed as fibrosis, belong to a category of health disorders marked by the undue creation and buildup of fibrous connective tissue in different tissues or organs in the body. Drugs used for idiopathic pulmonary fibrosis work to limit lung fibrosis and inflammation by targeting many signaling pathways linked to fibrosis. For example, data from the American Lung Association in December 2022 showed that approximately 207,000 people were afflicted in the United States, with around 58,000 new idiopathic pulmonary fibrosis diagnoses made annually. The disease is generally more prevalent among men and predominantly affects individuals over the age of 50. The climb in the occurrence of fibrotic disease, therefore, fuels the idiopathic pulmonary fibrosis market.
What Are the Significant Segments of the Idiopathic Pulmonary Fibrosis Market?
1) By Drug Type: Nintedanib, Pirfenidone, Other Drug Types
2) By Mode Of Action: Antifibrotic Agents, Tyrosine Kinase Inhibitors, Other Modes of Action
3) By Route Of Administration: Oral, Parenteral
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Providers
5) By End Users: Hospitals and Clinics, Other End Users
What Trends Are Influencing the Evolution of the Idiopathic Pulmonary Fibrosis Market?
Product innovation is emerging as a mainstay in the idiopathic pulmonary fibrosis market with leading companies prioritizing the development of novel products to enhance their footprint and gain a competitive edge. An exemplar of this is Sandoz, a Switzerland-based firm producing generic and biosimilar medicines, which introduced a generic variant of pirfenidone in May 2022. This is essentially the first AB-rated equivalent to Genentech’s Esbriet and is designed to help individuals afflicted with idiopathic pulmonary fibrosis (IPF). This prescribed oral drug is now available for patients via specialty pharmacies. Moreover, qualifying patients have the opportunity to take advantage of a USD 0 co-pay program.
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Which Geographic Areas Are Influencing the Growth of the Idiopathic Pulmonary Fibrosis Market?
North America was the largest region in the idiopathic pulmonary fibrosis market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the idiopathic pulmonary fibrosis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Idiopathic Pulmonary Fibrosis Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the idiopathic pulmonary fibrosis market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Idiopathic Pulmonary Fibrosis Market Include
1. Idiopathic Pulmonary Fibrosis Market Executive Summary
2. Idiopathic Pulmonary Fibrosis Market Segments
3. Idiopathic Pulmonary Fibrosis Market Size And Template Market Growth Rate
4. Key Idiopathic Pulmonary Fibrosis Market Trends
5. Major Idiopathic Pulmonary Fibrosis Market Drivers
……
25. Key Mergers And Acquisitions In The Idiopathic Pulmonary Fibrosis Market
26. Top Idiopathic Pulmonary Fibrosis Companies
27. Idiopathic Pulmonary Fibrosis Market Opportunities And Strategies
28. Idiopathic Pulmonary Fibrosis Market, Conclusions And Recommendations
29. Appendix
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