Global Cystic Fibrosis Market Analysis & 10 Year Forecast 2024-2034: By Drug Class, CFTR Modulators was the Highest Revenue-Grossing Segment in the Global Cystic Fibrosis Market in 2023
Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Global Cystic Fibrosis Market Analysis & Forecast to 2024-2034" report has been added to * ResearchAndMarkets.com's* offering.
The global cystic fibrosis market size was estimated to be USD 12.31 billion in 2023 and is expected to reach at USD 136.64 billion by 2034 with a CAGR of 24.46% during the forecast period 2024-2034.
An increase in the incidence of cystic fibrosis, growing awareness regarding the progressive genetic disorder, rising adoption of pharmaceutical treatments, extensive accessibility to various treatment options, surge in research & development investments by major players, growing technological advancements, a heightened emphasis on developing innovative gene therapy solutions, and increasing regulatory approval of novel products for the treatment of cystic fibrosis are some of the key factors boosting the market growth.
Increasing regulatory approval of novel products for the treatment of cystic fibrosis is predicted to boost the market growth during the forecast period. Cystic fibrosis (CF) is a genetic disorder resulting from mutations in specific genes that regulate the secretion of certain bodily fluids. These mutations impact various organs, causing an increased viscosity in mucous and sweat. The disorder disrupts the normal function of the electrolyte transport system, leading to the absorption of sodium and water by cells and resulting in issues related to sweat and mucous gland function. Consequently, individuals with this condition experience increased infection risks in both the upper and lower respiratory tracts, necessitating the development of innovative therapeutics. In September 2022, Vertex Pharmaceuticals Incorporated has disclosed that the U.S. Food and Drug Administration (FDA) has granted approval for the extended application of ORKAMBI (lumacaftor/ivacaftor) to encompass children with cystic fibrosis (CF) aged 12 to less than 24 months, possessing the homozygous F508del mutation (F/F genotype) in the cystic fibrosis transmembrane conductance regulator (CFTR) gene.
By drug class, cystic fibrosis transmembrane conductance regulator (CFTR) modulators was the highest revenue-grossing segment in the global cystic fibrosis market in 2023 owing to the developing R&D efforts, expanding awareness of hereditary disorders that worsen over time, and increased use of medication treatments.
Additionally, Bronchodilators is predicted to grow at the fastest CAGR during the forecast period owing to the rising incidence of respiratory conditions including asthma and COPD, increasing use for individuals with obstructive lung problems and respiratory diseases, growing number of product approvals and launches.
By route of administration, oral was the highest revenue-grossing segment in the global cystic fibrosis market in 2023 owing to the comfort and ease of taking the medications orally, as well as the rise of regulatory authority approvals. In October 2023, Bristol Myers Squibb has reported that the U.S. FDA awarded Breakthrough Therapy Designation to BMS-986278. This potential first-of-its-kind, oral drug functions as a lysophosphatidic acid receptor 1 (LPA1) antagonist and is intended for the treatment of progressive pulmonary fibrosis (PPF), a severe and life-threatening condition. Additionally, parenteral is predicted to grow at the fastest CAGR during the forecast period owing to the expanding usage of non-invasive medical procedures including injections and inhalations, as well as a significant rise in the introduction of new pharmaceuticals.
By distribution channel, hospital was the highest revenue-grossing segment in the global cystic fibrosis market in 2023 owing to the growing number of patients visiting hospitals, expanding investment by key market participants, and growing demand for precise diagnosis and follow-up therapies under medical supervision.
In January 2024, The Cystic Fibrosis Foundation has disclosed a fresh investment of up to $15 million for Prime Medicine to advance the development of its gene-editing technology, known as Prime Editing, specifically for cystic fibrosis (CF). Additionally, pharmacies is predicted to grow at the fastest CAGR during the forecast period owing to the increasing occurrence of the disease and a rise in collaboration amongst industry participants.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising regulatory approvals, a broad range of medicines readily available, expanding investment by significant players in the market, and an increase in the prevalence of cystic fibrosis.
In December 2022, Vertex Pharmaceuticals Incorporated has reported that the Investigational New Drug (IND) application for VX-522 has received approval from the U.S. Food and Drug Administration. VX-522 is an mRNA therapy designed to address the root cause of cystic fibrosis (CF) lung disease in approximately 5,000 CF individuals who do not derive benefits from a cystic fibrosis transmembrane conductance regulator (CFTR) modulator.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the an increase in the number of cystic fibrosis patients, rising healthcare costs, a rise in R&D efforts, and an increasing initiatives by market leaders. In March 2022, Vertex Pharmaceuticals Incorporated has revealed that TRIKAFTA (elexacaftor/tezacaftor/ivacaftor and ivacaftor) is set to receive reimbursement through the Australian Pharmaceutical Benefits Scheme (PBS). This applies to the treatment of cystic fibrosis (CF) in individuals aged 12 years and older who possess at least one F508del mutation in the CFTR gene, which is the most prevalent mutation causing CF globally.
*Report Scope:*
· Base Year: 2023
· Forecast Period: 2024-2034
*Study Coverage*
· Market Forecast by Type, Material, Product, and End-user
· Market Forecast for 5 Regions and 17+ Countries
· North America (U.S. and Canada)
· Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
· Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
· Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
· MEA (South Africa, GCC, Rest of MEA)
· Company Profiles of Top 10+ Major Market Players · Mylan
· Genentech
· Gilead Sciences
· Novartis
· AbbVie
· Pfizer
· Vertex Pharmaceuticals
· AstraZeneca
· Bayer
*Report Segmentation:*
*Cystic Fibrosis Market Analysis & Forecast by Drug Class*
· Mucolytics
· Bronchodilators
· Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) Modulators
· Pancreatic Enzyme Supplements
· Others
*Cystic Fibrosis Market Analysis & Forecast by Route of Administration*
· Parenteral
· Oral
*Cystic Fibrosis Market Analysis & Forecast by Distribution Channel*
· Hospitals
· Pharmacies
· Others
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 200
Forecast Period 2023 - 2034
Estimated Market Value (USD) in 2023 $12.31 Billion
Forecasted Market Value (USD) by 2034 $136.64 Billion
Compound Annual Growth Rate 24.4%
Regions Covered Global
*Key Topics Covered:*
*1. Research Methodology*
*2. Introduction*
2.1. Market Definition
2.2. Global Cystic Fibrosis Market Overview
*3. Executive Summary*
*4. Market Environment Analysis*
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
*5. Market Dynamics*
5.1. Drivers Analysis
5.2. Restraints Analysis
5.3. Opportunities Analysis
5.4. Threats Analysis
5.5. Trend Analysis
*6. COVID-19 Impact Analysis*
*7. Cystic Fibrosis Market: Drug Class Estimates & Trend Analysis*
7.1. Drug Class Segment Opportunity Analysis
7.2. Mucolytics
7.3. Bronchodilators
7.4. Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) Modulators
7.5. Pancreatic Enzyme Supplements
7.6. Others
*8. Cystic Fibrosis Market: Route Of Administration Estimates & Trend Analysis*
8.1. Route Of Administration Segment Opportunity Analysis
8.2. Parenteral
8.3. Oral
*9. Cystic Fibrosis Market: Distribution Channel Estimates & Trend Analysis*
9.1. Distribution Channel Segment Opportunity Analysis
9.2. Hospitals
9.3. Pharmacies
9.4. Others
*10. Regional Market Analysis*
*11. North America Cystic Fibrosis Market*
*12. Europe Cystic Fibrosis Market*
*13. Asia Pacific Cystic Fibrosis Market*
*14. Latin America Cystic Fibrosis Market*
*15. MEA Cystic Fibrosis Market*
*16. Competitor Analysis*
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
*17. Company Profiles*
For more information about this report visit https://www.researchandmarkets.com/r/w0ldia
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*Attachment*
· Global Cystic Fibrosis Market
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