Fibrotic Diseases Treatment Market Top Players - AbbVie Inc., Gilead Sciences, Inc., KITHER BIOTECH S.R.L., BioMX, Verona Pharma plc, Genentech, Inc.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Fibrotic Diseases Treatment Market - (By Treatment (Medication, Organ Transplantation, Oxygen Therapy, and Others), Application (Idiopathic Pulmonary Fibrosis, Hepatic Cirrhosis, Renal Fibrosis, Cutaneous Fibrosis, and Others), End User (Hospitals, Specialty Clinics, Academic and Research Institutes, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Fibrotic Diseases Treatment Market is valued at US$ 3.57 billion in 2023, and it is expected to reach US$ 5.40 billion by 2031, with a CAGR of 5.53% during the forecast period of 2024-2031.

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Fibrosis is the process of making fibrous connective tissue after an accident or damage takes place. The excessive tissue deposition resulting from a pathological disease and the connective tissue deposition that happens as part of normal healing are referred to as fibrosis. Chronic and progressive disorders known as fibrotic diseases are brought on by an overabundance of scar tissue deposited in the skin, kidneys, liver, lungs, and other organs. The growing number of people smoking cigarettes, the increasing prevalence of fibrotic diseases, and technical advancements in fibrotic disease treatment are the factors driving the global market for fibrotic disease treatment. Healthcare spending has surged recently in both developed and developing nations, which is predicted to give manufacturers a competitive edge in creating novel and inventive products.

List of Prominent Players in the Fibrotic Diseases Treatment Market:
• AbbVie Inc.
• Gilead Sciences, Inc.
• KITHER BIOTECH S.R.L.
• BioMX
• Verona Pharma plc
• Genentech, Inc.
• C.H. Boehringer Ingelheim International GmbH
• Redx Pharma Plc
• Alpine Immune Sciences
• Teva Pharmaceutical Industries Ltd.
• Sandoz International GmbH
• Camber Pharmaceuticals, Inc.
• Bristol-Myers Squibb Company
• BellBrook Labs
• Enveda
• Intercept Pharmaceuticals, Inc.
• Pharmaxis Ltd
• Accord Healthcare
• Other Market Players

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Market Dynamics:
Drivers-
Globally, the increasing incidence of fibrotic disorders, fueled by ageing and obesity, is becoming a more pressing socioeconomic issue. This pattern increases the need for therapies, which fuels the fibrotic disease treatment market expansion. For instance, the market for pulmonary fibrosis treatments is growing due to the increasing occurence of idiopathic pulmonary fibrosis (I.P.F.), which has increased demand for drugs like nintedanib and pirfenidone. Furthermore, the increase in cigarette smoking is making medical conditions like idiopathic pulmonary fibrosis (I.P.F.) worse. According to research, smoking deteriorates the prognosis for I.P.F. because cigarette smoke contains harmful substances that cause inflammation and fibrosis, such as reactive oxygen species (RONS) and nitrogen species. This pattern highlights the need for cutting-edge therapies, which could expand the market for fibrotic disease treatment to help people quit smoking.

Challenges:
Treatment expenses are rising as a result of the growing prevalence of fibrotic disorders and the growing cost of prescription drugs and medical equipment. Although modern technology improves the precision of care, also drives up costs. It is projected that the resulting high costs may hinder the fibrotic disease treatment market expansion, creating difficulties for patients looking for reasonably priced treatments for fibrosis. Furthermore, the identification and treatment of diseases like idiopathic pulmonary fibrosis (I.P.F.) are hampered by the lack of access to trustworthy lung function testing and chest imaging in underdeveloped nations. The absence of reliable biomarkers and diagnostic instruments, compounded by difficulties in obtaining healthcare in remote areas, impedes the expansion of the industry by impeding precise diagnosis and treatment delivery in neglected areas.

Regional Trends:
The North American fibrotic disease treatment market is anticipated to report a major market share in revenue encouraged by the ageing population's growth. The region's fibrotic disease treatment market is growing due to the high prevalence of fibrotic illnesses and the existence of major companies in the industry, creating a favourable environment for new therapeutic developments. Besides, Asia Pacific had a substantial market share driven by the rapid development of technology in developing nations. This upsurge promotes improved regional patient outcomes by addressing unmet medical needs and increasing accessibility to cutting-edge therapies.

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Recent Developments:
• In Oct 2022, AbbVie declared the acquisition of D.J.S. Antibodies Ltd. D.J.S.'s primary program is DJS-002, a prospective first-in-class lysophosphatidic acid (L.P.A.) receptor 1 (LPAR1) antagonist antibody now undergoing experimental preclinical research for the treatment of Idiopathic Pulmonary Fibrosis (I.P.F.) and other fibrotic disorders. Idiopathic pulmonary fibrosis (I.P.F.) is a severe, high-mortality condition characterized by fibrotic lung scarring and continues to represent a significant unmet medical need.

Segmentation of Fibrotic Diseases Treatment Market-
By Treatment-
• Medication
• Organ Transplantation
• Oxygen Therapy
• Others
By Application-
• Idiopathic Pulmonary Fibrosis
• Hepatic Cirrhosis
• Renal Fibrosis
• Cutaneous Fibrosis
• Others
By End User-
• Hospitals
• Specialty Clinics
• Academic and Research Institutes
• Others
By Distribution Channel-
• Hospital Pharmacy
• Retail Pharmacy
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.