In 2023, the global Cystic Fibrosis Therapeutics Market is anticipated to be worth US$ 12.5 billion. The entire market for Cystic Fibrosis is expected to expand at a CAGR of 25.0% between 2023 and 2033, totaling roughly US$ 116.42 Billion by 2033, with the deployment of innovative treatment options for early detection.
The rising prevalence of CF indicates the rising demand for treatment alternatives, thereby stimulating the growth of the Cystic Fibrosis Therapeutics Market in the near future. The key players operating in this market in collaboration with nonprofit organizations focus on the development of novel therapeutics for treatment. Some of the drugs that are under clinical studies include VX-445 + tezacaftor + ivacaftor, PTI-428, QR-010, AZD5634, and POL6014.
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Increasing incidences of cystic fibrosis, the developments in the screening and treatments, accessibility of modified drug therapy and molecular prosthetics to cure cystic fibrosis are the major factors that are driving the revenue share of the cystic fibrosis therapeutics market during the forecast period. Moreover, rising awareness about this progressive genetic disease, coupled with the growing adoption of drug therapies are other prominent factors that are likely to accelerate the market growth over the forecast period.
Furthermore, factors such as the widespread availability of different treatment options, and the growing technical developments in the research and development are expected to further create lucrative avenues for the growth of the Cystic Fibrosis Therapeutics Market in the forthcoming years.
Additionally, favorable initiatives taken by regional as well as national nonprofit organizations is one of the major factors that is expected to escalate the demand for cystic fibrosis therapeutics. These initiatives ensure support to CF patients. These organizations aid in research & development activities of these therapeutics and help improve the quality of life of these patients. For instance, North American Cystic Fibrosis Conference (NACFC) was formed in 1986, to provide a collaborative and educational forum to CF professionals to share advances in R&D related to CF therapeutics.
Over the last few years, advancements in technology have resulted in a shift in research and development towards treatments that target the fundamental cause of the disease by targeting the CFTR function. In addition, there is an affinity towards licensing the products, and for that reason alliances are being made by a number of biotechnology and pharmaceutical manufacturers, since the majority of the treatments for cystic fibrosis are developed by smaller manufacturers. The increase in licensing activity along with the rise in the number of new partnerships will encourage the smaller companies to continue their research work thereby giving a positive momentum to the Cystic Fibrosis Therapeutics Market.
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.
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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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
About Healthcare at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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