Press release
Global Interstitial Lung Disease Market Report 2024: Treatment Advances and Market Forecasts
interstitial lung disease market trend
According to The Business Research Company's, The interstitial lung disease market size has grown strongly in recent years. It will grow from $1.83 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to awareness and diagnosis improvement, immune system modulation therapies, respiratory rehabilitation programs, multidisciplinary care teams.
The interstitial lung disease market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to precision medicine, novel drug development, regenerative medicine, telehealth and remote monitoring. Major trends in the forecast period include advancements in imaging technology, ai in imaging, fibrosis subtype differentiation, supportive care services.
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Market Drivers and Trends:
The growing prevalence of allergic conditions is expected to propel the growth of the interstitial lung disease market going forward. An allergic condition is when the immune system overreacts to an allergen, often known as a harmless substance. Allergic reactions might result in interstitial lung disease (ILD), specifically hypersensitivity pneumonitis, which causes an allergic reaction in the body causes hypersensitivity pneumonitis. For instance, in January 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based federal agency for public health, over one-third of American adults and more than one-fourth of American children had a seasonal allergy, eczema, or food allergy in 2021. Further, anaphylaxis (a severe allergic reaction to food) is estimated to cause 90,000 emergency room visits in the United States each year. Therefore, the growing prevalence of allergic conditions is driving the growth of the interstitial lung disease market.
Major Companies operating in the interstitial lung disease market are focusing on developing innovative drugs to treat their customers and sustain their position in the market. The development of new drugs can improve treatment outcomes for patients with lung-related diseases. For instance, in April 2021, United Therapeutics, a US-based biotechnology company, launched Tyvaso, a medication for treating patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD; WHO Group 3) to improve exercise ability. Tyvaso is a treatment for patients with Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD). It is a sterile version of the prostacyclin-mimicking drug treprostinil that is meant to be inhaled orally utilizing the Tyvaso inhalation system.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Roche Laboratories Inc., Merck & Co. Inc., Bayer AG, Novartis Pharmaceuticals Corporation, The Bristol-Myers Squibb Company, Amgen Inc., Boehringer Ingelheim, Siemens Healthineers, Koninklijke Philips N.V., Teva Pharmaceuticals USA Inc., AstraZeneca PLC, Horizon Pharma USA Inc., Genentech Inc., Amneal Pharmaceuticals LLC, Fujirebio Diagnostics Inc., Insmed Inc., VIDA Diagnostics Inc., EmphyCorp Inc., Verseau Therapeutics, Regend Therapeutics Co., LTT Bio-Pharma Co. Ltd., Galecto Biotech, Pulmatrix Inc., PureTech Health PLC, Pneuma Respiratory Inc., Bellerophon Therapeutics Inc., MediciNova Inc., Altavant Sciences Inc., Verona Pharma plc.
Interstitial Lung Disease Market 2024 Key Insights:
• The interstitial lung disease is expected to grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Role Of Allergic Conditions In Driving Growth Of The Interstitial Lung Disease Market
• Innovative Drug Development Initiatives To Improve Interstitial Lung Disease Treatment
• North America was the largest region in the interstitial lung disease market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in interstitial lung disease market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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