Global Idiopathic Pulmonary Fibrosis Market Expected to Reach $3,569 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, October 12, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Idiopathic Pulmonary Fibrosis Market by Type of Drug: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global idiopathic pulmonary fibrosis market was valued at $1,616 million in 2016, and is projected to reach $3,569 million by 2023, growing at a CAGR of 11.9% from 2017 to 2023. Perifenidone held more than half share of the total market in 2016.
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Idiopathic pulmonary fibrosis is a disease in which lung tissues become thick and stiff over time, which results in reducing the oxygen carrying capacity of the tissues. Increase in geriatric population and rise in number of patients suffering from idiopathic pulmonary fibrosis are expected to drive the market growth. In addition, rise in frequency of cigarette smoking population boosts the market growth. However, unavailability of the treatment options that can completely cure the disease restricts the market growth.
Perifenidone is expected to dominate the market throughout the analysis period, as this medication helps to slow scarring, and thus preserve lung function. Nintedanib is expected to register highest CAGR of 12.2% during the forecast period.
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KEY FINDINGS OF THE STUDY
- Nintedanib is projected to grow at a CAGR of 12.2% during the forecast period.
- Pirfenidone accounted for more than half of the share of the global idiopathic pulmonary fibrosis market in 2016.
- France and Germany collectively contributed for more than one-third share of the European idiopathic pulmonary fibrosis market in 2016.
- Japan was the major shareholder in 2016, accounting for more than one-third share of the Asia-Pacific idiopathic pulmonary fibrosis market.
- Brazil is the major shareholder in 2016, accounting for nearly than one-fourth share of the LAMEA idiopathic pulmonary fibrosis market.
Asia-Pacific is projected to register the highest CAGR of 13.0% during the forecast period, owing to increase in incidence of population suffering from fibrotic disease and rise in ageing population. In addition, increase in healthcare expenditure offers a lucrative opportunity for the market growth.
The major companies profiled in the report include MediciNova, Inc., Boehringer Ingelheim, F. Hoffmann-La Roche, FibroGen, Inc., Promedior, Inc., Merck & Co., Inc., Galapagos NV, Biogen, Bristol-Myers Squibb Company, Prometic Life Sciences Inc., and Cipla Inc.
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