Cystic Fibrosis Drugs Market Segmentation By Drug Class (Pancreatic Enzyme Supplements, Mucolytics, Bronchodilators, CFTR Modulators and Others); By Route of Administration (Oral and Injection); By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) – Global Demand Analysis & Opportunity Outlook 2028
Buy Now Report ID: 2406 | Published Date: Feb 09, 2023
Rising Cases of Cystic Fibrosis to Increase the Market Growth
As per the statistics reported by the Cystic Fibrosis Foundation Patient Registry, more than 30,000 people are living with cystic fibrosis in the United States, and more than 70,000 in the world. Moreover, around 1,000 new cases of the disorder are diagnosed every year, with higher than 75% of people being diagnosed with cystic fibrosis by the age of 2. The growing cases of this condition are predicted to raise the demand for cystic fibrosis drugs and thereby increase the demand for newer and improved medications in the market.
New Drug Approvals for Cystic Fibrosis Treatment to Expand the Market Size
In 2018, the U.S. Food and Drug Administration (FDA) approved SYMDEKO, a combination of tezacaftor and ivacaftor, for the treatment of cystic fibrosis (CF). The drug is in the form of tablets for oral use by patients above the age of 12 years. In addition to this, there are several drugs for cystic fibrosis that are currently in the developmental phase. On the basis of this, the market for cystic fibrosis drugs is anticipated to grow significantly in the next few years.
The cystic fibrosis drugs market is anticipated to record a CAGR of around 17% over the forecast period, i.e., 2020-2028. According to the UK Cystic Fibrosis Registry, around 10,509 patients with cystic fibrosis were registered in the United Kingdom in 2018, with about 137 total deaths reported. The market is segmented by drug class, by route of administration, by distribution channel and by region. The segment for drug class is further segmented into pancreatic enzyme supplements, mucolytics, bronchodilators, CFTR modulators and others, out of which, the CFTR modulators segment is anticipated to hold the largest share in the cystic fibrosis drugs market on account of high usage of these drugs for the treatment of cystic fibrosis as compared to other drugs. On the basis of route of administration, the cystic fibrosis drugs market is segmented into oral and injection routes, out of which, the oral route is anticipated to hold the leading share in the market. This can be attributed to the largely present drugs in the form of tablets and capsules globally.
High Cost of Cystic Fibrosis Drugs to Hamper the Market Growth
One of the major restraints of cystic fibrosis drugs is that the cost is high which prevents a large majority of consumers from buying them, especially those belonging to the low and middle income countries. In order to make the drugs accessible to larger parts of the globe, it is essential to make them cost effective in future.
Our in-depth analysis of the cystic fibrosis drugs market includes the following segments:
By Drug Class
By Route of Administration
By Distribution Channel
By Region
On the basis of regional analysis, the cystic fibrosis drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest share in the market on account of improved healthcare infrastructure in the region which enhances the quality of research and development in laboratories. Moreover, the various initiatives taken by government and other organizations for promoting the growth of this industry is another factor contributing towards this large share. On the other hand, cystic fibrosis market in Asia Pacific is predicted to grow at the highest rate as a result of entrance of leading pharmaceutical companies and drug manufacturers in the region as well as the rising awareness among people about the disorder and its serious implications on health.
The cystic fibrosis drugs market is further classified on the basis of region as follows:
On October 24, 2019, AbbVie (NYSE: ABBV), a leading biopharmaceutical company, announced its collaboration with the Cystic Fibrosis Foundation in order to develop a cystic fibrosis transmembrane conductance regulator (CFTR) potentiator compound. This compound will receive license from the Foundation and will be used in combination with other drugs for the treatment of cystic fibrosis.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising cases of cystic fibrosis globally, new drug approvals and growing research in the field are factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 17% over the forecast period, i.e. 2020-2028.
Ans: Asia Pacific region will provide more business opportunities for market growth on account of growing awareness among people about the disease and entrance of leading players in the region.
Ans: The major players in the market are AbbVie, Vertex Pharmaceuticals, F. Hoffmann-La Roche Ltd, Gilead Sciences, Inc., Novartis AG, Actavis, Pharmaxis Ltd, Boehringer Ingelheim International GmbH, Pfizer Inc. and Aridis Pharmaceuticals Inc.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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