April 22, 2024

Idiopathic Pulmonary Fibrosis Market Estimated to Witness High Growth Owing to Increasing Prevalence of IPF

 It is characterized by scarring (fibrosis) of the lungs that worsens over time and makes it difficult to breathe. IPF mainly affects older adults, usually over the age of 50. Symptoms include shortness of breath, dry cough, and fatigue. Currently, there are no approved cures for IPF, though drug treatments and lung transplantation are options.

The Global Idiopathic Pulmonary Fibrosis Market is estimated to be valued at US$ 4,825.57 Billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Idiopathic Pulmonary Fibrosis 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 players are engage in developing and commercializing therapies for IPF patients.

The key opportunities in the Idiopathic Pulmonary Fibrosis Market Size are growing research and development activities to develop effective treatment options for IPF. According to the Pulmonary Fibrosis Foundation, over $200 million has been invested in IPF research since 2001. This shows growing focus towards effectively treating IPF.

Globally, North America dominates the Idiopathic Pulmonary Fibrosis Market owing to growing patient base and new drug approvals. However, Asia Pacific offers promising growth opportunities due to increasing healthcare spending and investment in developing healthcare infrastructure. Several market players are also expanding their operations in emerging Asian countries.

Market Drivers

Increasing prevalence of idiopathic pulmonary fibrosis globally is the major factor driving the market growth. As per the recent estimates, IPF affects over 5 million people worldwide. The prevalence of IPF is also rising in Asian countries owing to lifestyle changes and growing geriatric population. This widespread prevalence increases the demand for effective IPF treatment options such as drugs and lung transplantation.

PEST Analysis:

Political: A key focus of governments around the world is on improving healthcare infrastructure and expanding access to healthcare. IPF receives priority in disease management policies.

Economic: Economic growth positively impacts healthcare spending. However, high treatment costs pose affordability challenges for many patients.

Social: Growing awareness initiatives by patient advocacy groups help address the social stigma associated with chronic lung diseases. Aging populations are more susceptible to IPF.

Technological: Advancements in genomics and biomedical research improve diagnosis and widen treatment options. Targeted drugs offer more effective management compared to general immunosuppressants. Newer drugs in the pipeline promise better outcomes.

The geographical regions where the market is concentrated in terms of value include North America and Europe. These developed markets have superior healthcare infrastructure and high per capita healthcare spending. They also provide favorable reimbursement policies that increase access to expensive IPF treatments.

Asia Pacific represents the fastest growing region for the IPF market. This is driven by factors such as rising incidence of IPF cases due to increasing pollution and aging populations in highly populated countries like China and India. Economic growth in Asia Pacific is translating to greater healthcare investments and wider health insurance coverage. These enable more patients in the region to avail effective treatments for managing IPF.

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