The active bulging players in the global cystic fibrosis market are AbbVie, Allergan PLC, Chiesi Farmaceutici SpA, F. Hoffmann-La Roche AG, Gilead Sciences, Novartis AG, Pharmaxis Ltd, PTC Therapeutics, and Vertex Pharmaceuticals Incorporated.
Market Insight
The Global Cystic Fibrosis Market is going through a golden period with the growth in the healthcare sector. Market Research Future (MRFR) states that the global cystic fibrosis market is to grow at a CAGR of 13.5% by 2025 and is on the verge of achieving a valuation of USD 12,943.1 million. Cystic fibrosis is considered to be a chronic and genetic disease that is currently affecting the lives of around 70,000 people all across the world. The effective running of the entire industry depends on mostly the development of new medicines and therapies for treating cystic fibrosis.
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Market Drivers & Trends
The cystic fibrosis market is eyeing for a robust growth during the forecast period over the factor such as the introduction of Kalydeco drug by Vertex pharmaceutical. Massive investment in the healthcare sector is one of the significant factors that can take cystic fibrosis market forward in the forecast period. There has been constant development of new medicines and therapies for treating cystic fibrosis, which is escalating the market growth substantially.
The efficiency of Cystic fibrosis foundation (CFF) is of utmost importance that has always been in support of evolving research & development of the Cystic fibrosis drugs. In the loop, the financial backing of Cystic fibrosis foundation has strongly influenced the growth of the cystic fibrosis market worldwide. Case in point, Vertex Pharmaceuticals Incorporate is the current prominent company that is operating in the cystic fibrosis market as it has done incredible work in the development of drugs associated with the disease. FDA also approved some of the effective drugs that are Kalydeco and Orkambi. The company is forwardly looking for a further step to treat nearly 90% of the mutations caused by the disease. Therefore, the development of such new drugs is eventually boosting the cystic fibrosis market remarkably.
Additionally, a lot of companies such as Gilead LifeSciences, Genentech (Roche), and Novartis are notably involved in the development of various drugs for cystic fibrosis treatment. The study on the reports is also eyeing on the increased demand of these drugs, which is simultaneously pushing the market towards growth in the years to come.
Market Segmentation
The global cystic fibrosis market, based on a study by MRFR, has been segmented by treatment method for a comprehensive understanding.
In terms of treatment method, the cystic fibrosis market is segmented into medication, devices, and other treatments. Among these, the treatment method grabbed the market value of USD 2802.7million in 2016. Medication segment holds the maximum share of the market, which is calculated to be 76.4%. Further, this segment can also have the fastest growth rate by clocking a 14% CAGR during the estimated period.
Regional Outlook
Geographic analysis of the cystic fibrosis market includes regions, namely North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
North America reigns with substantial market revenue and is further anticipated to command USD 531 million by 2022. Its leading position can be attributed to the region’s superior technology and infrastructure that is backing the growth of the market.
Europe’s market is also on the pace of the fastest-growing market as it has a similar structural benefit and massive government support to North America, which is driving the market remarkably. An astounding CAGR of 14.1% is estimated to achieve during the assessment period.
The APAC region is also generating a significant share of the revenue from the countries such as China and Japan, where the disease is sporadic. On the other hand, the MEA market can only contribute to a small market share as countries here are very sluggish in developing their economy and healthcare infrastructure.
Industry News
July 31, 2019: Employees at the Development Bank of Wales, in the U.K., have raised £30,400 (around $37,000) to support the Cystic Fibrosis Trust.
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