Press release
Fibrotic Diseases Treatment Market Current Scenario with Future Aspect Analysis
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 formation of fibrous connective tissue in response to injury or damage. It can occur as a normal part of the healing process or as a result of pathological conditions, leading to excessive tissue deposition. Fibrotic diseases are chronic, progressive disorders characterized by the abnormal accumulation of scar tissue in organs such as the skin, kidneys, liver, and lungs, impairing their function over time.
The global market for fibrotic disease treatments is experiencing significant growth, driven by several key factors. The rising prevalence of fibrotic diseases, an increase in cigarette smoking, and technological advancements in treatment approaches are contributing to market expansion. Additionally, higher healthcare expenditures in both developed and emerging economies are fostering a competitive landscape for manufacturers, encouraging the development of innovative and effective therapeutic solutions.
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
Market Dynamics:
Drivers-
The rising incidence of fibrotic disorders, driven by factors such as aging and obesity, is becoming a growing socioeconomic concern worldwide. This increasing prevalence is accelerating the demand for effective treatment options, contributing to the expansion of the fibrotic disease treatment market. For instance, the market for pulmonary fibrosis therapies is witnessing significant growth due to the rising cases of idiopathic pulmonary fibrosis (IPF), leading to increased demand for medications such as nintedanib and pirfenidone. Additionally, the prevalence of cigarette smoking is exacerbating conditions like IPF, as research indicates that harmful substances in cigarette smoke-including reactive oxygen species (RONS) and nitrogen species-trigger inflammation and fibrosis, worsening disease prognosis.
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Challenges:
Despite advancements in treatment, the high costs of prescription medications and medical technologies pose a significant barrier to market growth. While technological innovations have enhanced treatment precision, they have also increased healthcare expenditures, making fibrotic disease therapies less accessible for many patients. This financial burden could limit market expansion, particularly for individuals seeking cost-effective treatment solutions.
Regional Trends:
The North American fibrotic disease treatment market is expected to hold a significant share of global revenue, driven by a growing aging population and a high prevalence of fibrotic disorders. The presence of leading pharmaceutical companies in the region further strengthens the market, fostering the development of novel treatment options.
Meanwhile, the Asia-Pacific market is experiencing rapid growth, fueled by technological advancements in healthcare across developing economies.
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.
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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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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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