Cystic Fibrosis Market to Reach USD 31.88 Billion by 2027
The global cystic fibrosis market size is predicted to reach USD 31.88 billion by 2027, exhibiting a CAGR of 24.4% during the forecast period. The growing cases of respiratory and gastrointestinal infection among people can be a critical factor in spurring the demand of the market during the forecast period, states Fortune Business Insights in a report, titled “Cystic Fibrosis Market Size, Share &Covid-19 Impact Analysis, By Drug Class (Cystic Fibrosis Transmembrane Conductance Regulator (CFTR), Bronchodilators, Mucolytic, Pancreatic Enzyme Supplement, and Others), By Route of Administration (Oral, and Parenteral), By Distribution Channel (Retail Pharmacies & Drug Stores, Online Pharmacies, and Hospital Pharmacies), and Regional Forecast, 2020-2027” the market size stood at USD 5.12 billion in 2019.
An Overview of the Impact of COVID-19 on this Market:
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Rising Adoption of Advanced Treatment Procedures to Augment Growth
The rising concentration towards early diagnosis will have a positive impact on the market during the forecast period. The rising cases of genetic disorders have led to the expansion of the market. According to the Cystic Fibrosis Patient Registry, it is estimated that more than 30,000 people are affected by Cystic Fibrosis conditions in the U.S. and it is estimated that about 70,000 people are suffering from it across the globe. The growing complications in the lungs and pancreas consequently indicate cystic fibrosis, which in turn, will augur well for the market. Moreover, the development of innovative and advanced therapeutics for the treatment of fibrosis will have a tremendous impact on the market in the forthcoming years. For instance, the introduction of Ivacaftor / Lumacaftor, a potentiator used in the treatment for people with CF. In addition, the ongoing pipeline candidates in R&D by leading players will further amplify the growth prospects of the market during the forecast period.
High Healthcare Expenditure to Boost Market in North America
The market in North America generated a revenue of USD 3.89 billion in 2019 and is expected to rise rapidly during the forecast period owing to the growing prevalence of CF in the region. The increasing R&D investment by major industry players will contribute positively to the growth of the market. The rising healthcare expenditure along with developed medical facilities will foster growth in the region. The inclination towards advanced drugs by patients for better outcomes will further improve the scope of the market in North America. Asia Pacific is predicted to account for the lion’s share during the forecast period owing to the rising geriatric patients. Improving healthcare facilities will enable the expansion of the market in Asia Pacific. The rising awareness regarding the treatment of CF will have a positive effect on the market. The Middle East& Africa and Latin America are predicted to witness a steady growth rate owing to the unmet patient needs. The lack of awareness about diseases will further limit growth in the regions.
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