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Covid-19 led to 62% Growth in Cystic Fibrosis Therapeutics Market 2020; North America saw Largest Share, followed by Asia Pacific, Europe

07-29-2020 12:42 PM CET | Health & Medicine

Press release from: insightSLICE

Cystic Fibrosis Therapeutics Market

Cystic Fibrosis Therapeutics Market

Cystic Fibrosis is a hereditary disorder that damages the lungs and digestive system. The cystic fibrosis transmembrane conductance regulator (CFTR) protein becomes dysfunctional due to mutation in CFTR gene. It affects the cells producing mucus, sweat, and digestive juices by making them thick and sticky. It affects the lungs, sweat glands, pancreas, and intestines. Rising prevalence of cystic fibrosis has resulted in increased government initiatives to develop new and improved drugs and treatment methods. The Global Cystic Fibrosis Therapeutics Market was valued at US$ 5.3 billion in 2019.

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According to 2017 statistics released by the Cystic Fibrosis Foundation Patient Registry, in the United States, more than 30,000 people are living with cystic fibrosis and approximately 1000 new cases are registered every year. As the type and severity of cystic fibrosis varies from person to person, the treatment plans and methods are tailored to suit individual patient. As a result of these factors, the cystic fibrosis therapeutic market is highly dynamic and is anticipated to witness significant growth during the forecast period.

Increasing research & development and product innovation to fuel demand for cystic fibrosis transmembrane conductance regulator (CFTR) modulators in coming years

The global cystic fibrosis therapeutics market is segmented based on drug class, method of administration, and geography. Based on drug class, the global cystic fibrosis therapeutics market is segmented into pancreatic enzyme supplements, mucolytics, bronchodilators, and cystic fibrosis transmembrane conductance regulator (CFTR) modulators. The cystic fibrosis transmembrane conductance regulator (CFTR) modulators contributed the largest share to the global market in 2019 and is anticipated to be a dominating market segment during the forecast period owing to high and rising demand for CFTR modulator based treatment. Focused research & development activities and introduction of new drugs are the prime factors fuelling the demand for CFTR modulators.

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Rising awareness regarding oral administration of cystic fibrosis medication is driving the global cystic fibrosis therapeutics market

Based on method of administration, the global cystic fibrosis therapeutics market is segmented into oral drugs, and inhaled drugs. The oral administration of cystic fibrosis therapeutics contributed the largest share to the global market and is anticipated to grow at a steady growth rate during the forecast period. The prime attribute driving the growth of cystic fibrosis therapeutics market is ease of consumption. The increasing penetration of orally consumer drugs such as pancreatic enzyme supplements and adoption of CFTR modulators are bolstering the growth of oral method of drug administration.

Based on geography, the global cystic fibrosis therapeutics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global cystic fibrosis therapeutics market owing to high prevalence of cystic fibrosis. With increasing awareness, rising number of patients with cystic fibrosis, and initiatives taken by private and public organizations such as Cystic Fibrosis Foundation are the contributing towards the largest share to the regional market. Asia Pacific is anticipated to be the most lucrative market during the forecast period owing to increasing awareness about cystic fibrosis and increasing investment on healthcare infrastructure development.

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Major players operating the global cystic fibrosis therapeutics market include AbbVie Inc., Allergan Plc, Chiesi Farmaceutici S.p.A., F. Hoffmann-La Roche AG, Gilead Sciences, Inc., Novartis International AG, Pharmaxis Ltd., PTC Therapeutics, and Vertex Pharmaceuticals, Inc.

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insightSLICE is a market intelligence and strategy consulting company. The company provides tailor-made and off the shelf market research studies. The prime focus of the company is on strategy consulting to provide end-to-end solutions.

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