In 2023, the global Cystic Fibrosis Therapeutics Market is expected to be worth US$ 12.5 billion. The overall demand for Cystic Fibrosis is expected to grow at a CAGR of 25.0% between 2023 and 2033, totaling around US$ 116.42 Billion by 2033, with the implementation of innovative treatment options for early detection.
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The rising prevalence of CF indicates an increase in demand for treatment options, which will drive the Cystic Fibrosis Therapeutics Market in the near future. The key players in this market focus on the development of novel therapeutics for treatment in collaboration with nonprofit organisations. VX-445 + tezacaftor + ivacaftor, PTI-428, QR-010, AZD5634, and POL6014 are among the drugs in clinical trials.
The rising prevalence of cystic fibrosis, advancements in screening and treatment, and the availability of modified drug therapy and molecular prosthetics to cure cystic fibrosis are the major factors driving the revenue share of the cystic fibrosis therapeutics market during the forecast period. Furthermore, rising awareness about this progressive genetic disease, as well as the increasing adoption of drug therapies, are important factors that are expected to accelerate market growth over the forecast period.
Furthermore, factors such as the widespread availability of various treatment options, as well as the increasing technological developments in research and development, are expected to create lucrative avenues for the growth of the Cystic Fibrosis Therapeutics Market in the coming years.
Furthermore, favourable initiatives undertaken by regional and national nonprofit organisations are expected to increase demand for cystic fibrosis therapeutics. These initiatives provide assistance to CF patients. These organisations contribute to the research and development of these therapeutics and help improve the quality of life of these patients. For example, the North American Cystic Fibrosis Conference (NACFC) was founded in 1986 to provide CF professionals with a collaborative and educational forum to share advances in R&D related to CF therapeutics.
Advances in technology have resulted in a shift in research and development toward treatments that target the underlying cause of the disease by targeting the CFTR function in recent years. Furthermore, there is an affinity for licencing the products, and as a result, alliances are being formed by a number of biotechnology and pharmaceutical manufacturers, as the majority of cystic fibrosis treatments are developed by smaller manufacturers. The increase in licencing activity, as well as the increase in the number of new partnerships, will encourage smaller companies to continue their research work, thereby propelling the Cystic Fibrosis Therapeutics Market forward.
In spite of significant advancement in cystic fibrosis therapeutics, individuals suffering from CF face significant unmet needs owing to the deficiency of restorative therapies, inadequate choice of mucolytic treatments, and the unvarying fight alongside severe lung infection that needs the expansion of novel antibiotics. All these factors are anticipated to drive the growth of the Cystic Fibrosis Therapeutics Market over the analysis period.
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Key Takeaways from the Market Study
- Global Cystic Fibrosis Therapeutics Market was valued at US$ 10.0 Billion by 2022-end
- From 2018 to 2022, the market demand expanded at a CAGR of 12.4%
- By Drug Class, the Cystic Fibrosis Transmembrane Conductance (CFTR) segment of the market constitutes the bulk of the market with a market share of 48%
- By Route of Administration, the Oral segment dominates the market with a share of 47%
- From 2023 to 2033, Cystic Fibrosis sales are expected to flourish at a CAGR of 25.0%.
- By 2033, the market value of Cystic Fibrosis is expected to reach US$ 116.42 Billion.
The availability of over-the-counter drugs for the treatment of reproductive system conditions are expected to fuel the Cystic Fibrosis Therapeutics Market over the analysis period, remarks an FMI analyst.
Competitive Landscape
Prominent players in the Cystic Fibrosis Therapeutics Market are Novartis AG, Vertex Pharmaceuticals Incorporated, AbbVie Inc., Gilead Sciences, Inc., Mylan N.V., Pfizer Inc., Bayer AG, Genentech, Inc., and AstraZeneca, among others.
Recent Developments:
- In April 2018, Novartis Venture Fund along with Versant Ventures invested US$ 41 million for series B round in cystic fibrosis disease startup Enterprise Therapeutics. The financing will allow Enterprise Therapeutics to push three projects into clinical phase.
- In March 2018, US FDA approved product named Symdeko manufactured by Vertex Pharmaceuticals Incorporated. The product is a combination of Tezacaftor and Ivacaftor majorly used in the treatment of CF.
Key Segments Covered in the Cystic Fibrosis Industry Analysis
Cystic Fibrosis Therapeutics Market by Drug Class:
- Cystic Fibrosis Transmembrane Conductance Regulator (CFTR)
- Bronchodilators
- Mucolytic
- Pancreatic Enzyme Supplement
- Others
Cystic Fibrosis Therapeutics Market by Route of Administration:
- Oral
- Parenteral
Cystic Fibrosis Therapeutics Market by Distribution Channel:
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- Hospital Pharmacies
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Know More About What the Cystic Fibrosis Therapeutics Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Cystic Fibrosis Therapeutics Market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the Cystic Fibrosis Therapeutics Market, the market is segmented on the basis of drug class, route of administration, and distribution channel, across five major regions.
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