Various surveys claim that about three million cases of IPF are reported all over the globe, resulting in the need for effective pulmonary fibrosis treatment. The Pulmonary Fibrosis Foundation states that a major portion of pulmonary fibrosis cases occurs in individuals aging above 40 years. Developers of the pulmonary fibrosis treatment medication are chiefly in neck-and-neck with each other based on topographical penetration, and innovative launches.
On the contrary, the advancement of innovative solutions for pulmonary fibrosis treatment is hugely impeded by insufficient knowledge regarding the prediction of the disease. The pulmonary fibrosis treatment market is majorly represented by two prominent worldwide manufacturers – Genentech Inc. and Boehringer Ingelheim International GmbH. In addition, market players are looking for a green signal from the FDA for the treatment of interstitial lung diseases (ILD), including pulmonary fibrosis and cystic fibrosis, to receive incentives.
According to the recent market study by Persistent Market Research, the global pulmonary fibrosis treatment market is anticipated to register a value of ~US$ 4.4 Bn by the end of 2029. The growth is primarily attributed to an upsurge in cases of pulmonary fibrosis alongwith the ascending diagnosis rate of the disorder. However, about two-fifth cases in developing regions are misdiagnosed – a pain point in the market growth.
Rising Prevalence of Pulmonary Fibrosis in North America Drives Market Growth
The increasing cases of various types of pulmonary fibrosis (PF) boost the demand for treatment solutions in North America, with the idiopathic PF leading the pack. As per the ALA (American Lung Association), about 50, 000 new incidents of IPF are reported annually. Individuals aging 50 to 70 years are highly susceptible to IPF, especially the male cohort.
Taking the increasing prevalence of pulmonary fibrosis, the US FDA (Food & Drug Administration) is granting approvals to orphan drug designation. Orphan drug designation decreases drug development expenses substantially, thereby encouraging pharmaceutical and biopharmaceutical firms to manufacture drugs for the treatment of rarely-occurring disorders, such as pulmonary fibrosis. The FDA orphan drug designation schemes provide an exclusivity period of 7-year advertising in tandem with incentives, including tax benefits, federal permits, and a concession PDUFA (Prescription Drug User Fee Act) filing charges.
Uptick in Cases of Idiopathic Pulmonary Fibrosis Corresponds to Increasing Treatment Demands
The market of pulmonary fibrosis treatment is majorly fueled by surging incidents of idiopathic pulmonary fibrosis (IPF). Research studies suggest that IPF is the most prominent type of pulmonary fibrosis. Globally, about 13 to 20 per 100, 000 individuals complain of IPF. Approximately 100, 000 individuals in the US are affected by IPF, with medical professionals diagnosing 15, 000 patients with the disease.
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Idiopathic pulmonary fibrosis generally targets the male cohort, yet prominence among the female counterparts is on an upward swing. Further, IPF poses a maximum impact on the geriatrics – 65 years or above. With the incidents of IPF increasing, the need for pulmonary fibrosis treatment increases.