Idiopathic Pulmonary Fibrosis Market

Global Idiopathic pulmonary fibrosis market size (2023 to 2028)

The global idiopathic pulmonary fibrosis equipment market is expected to grow at a CAGR of 11.02% during the forecast period. As a result, the global revenue is estimated to reach USD 3.91 billion by 2028 from USD 2.32 billion in 2023.

Idiopathic pulmonary fibrosis is a health condition that is chronic and doesn't have any treatment as of now. The condition causes the aioli (air sacs) in the lungs to form a small fibrosis-like shape which interrupts the flow of oxygen to the lungs. The fibrosis looks like the drying up of a wound or a cut, and it doesn't return to its original form. Idiopathic means not knowing why a disease or a condition has occurred; therefore, researchers and doctors still do not know the reasons for the occurrence of pulmonary fibrosis. The situation commonly occurs without significant symptoms in the initial stages; symptoms only appear after the condition worsens. The patient will experience regular coughing, dizziness, loss of appetite, etc. The disease continuously worsens; some predicted causes are inhaling wood and metal into the lungs. The condition dominantly occurs in the elderly population above 50 years of age. 

Impact of covid-19 on the global idiopathic pulmonary fibrosis market:

The outbreak began in early March 2020 and continued for more than a year. Lockdowns and quarantines resulted from the coronavirus outbreak, which started in China and expanded to other countries. Many businesses suffered losses as a result of the restrictions on shipments and travel. The unemployment rate rose as more fatalities were reported. Due to the unexpected increase in patients and the severe shortage of hospital resources, such as oxygen cylinders, beds, and staff, the financial situation deteriorated. The pandemic hurt the global idiopathic pulmonary fibrosis market. The negative effect was due to the complete shift of the focus toward treating covid patients. The hospitals and clinics which performed the idiopathic pulmonary fibrosis therapy were shut down due to the lockdown guidelines and the declining influx of patients receiving treatment. In addition, the patients with pulmonary fibrosis were at a high risk of contracting the coronavirus due to their weak state lungs; therefore, they were advised to strictly quarantine, resulting in almost no patient visits and product manufacturing. The market, however, is expected to bounce back after the pandemic. 

MARKET DRIVERS:

The market for idiopathic pulmonary fibrosis is rising due to the continuously increasing cases worldwide.

 In addition, the rising cancer cases are also pushing the market towards growth. Additionally, as pulmonary fibrosis commonly occurs in people above 50 years of age, the growing geriatric population prone to the disease is also leading to the rise of the markets. Furthermore, the need to curb the high costs of treatments for idiopathic therapeutics is also expected to promote growth. 

The need for proper treatment to promote idiopathic pulmonary fibrosis equipment market growth.

The market is rising due to chronic lung diseases worldwide, including idiopathic pulmonary fibrosis. Fibrosis causes a lack of oxygen in the lungs, resulting in a lack of oxygen in the bloodstream and the brain. Therefore, the problem that starts in the lungs spreads to the essential body parts and can result in fatalities. Thus, the need for treatment the idiopathic pulmonary fibrosis is growing continuously, resulting in more demand for the market. In addition, rising cases due to the surge in sedentary lifestyles and the smoking population are expected to worsen the disease condition, further promoting growth. Furthermore, the favorable reimbursements from the governments and the support and funding for the research and development of Pulmonary diseases are expected to encourage market growth. Additionally, the recent involvement of key market players in attempts to find a cure for the disease is encouraging market development. 

MARKET RESTRAINTS:

The unavailability of proper treatment for the disease and the lack of sustainable cure for the patients is expected to curb the market's revenue. Additionally, the lack of awareness among the population about the existence of such a condition and the misdiagnosis at the healthcare centers of the disease in certain situations are expected to hinder market progress. 

REPORT COVERAGE:

This research report on the global idiopathic pulmonary fibrosis market has been segmented & sub-segmented based on the type, distribution channel, and Region.

Global Idiopathic Pulmonary Fibrosis Market - By Drug type:

• Nintedanib
• Pirfenidone

The Pirfenidone drug type segment is expected to dominate the market during the forecast period due to the rising demand for the drug type, like the continuous consumption of esbriet and pirsepa du their rising popularity among populations. Therefore, the prevalence of the d type is expected to support its market dominance. However, the Nintedanib drug type is also likely to show significant growth during the forecast period due to the usage of drugs like Ofev and the continuous support towards the R&D activities in the advancement of the nintedanib drug at pharmaceuticals. 

Global Idiopathic Pulmonary Fibrosis Market - By Distribution channel:

• Retail pharmacies
• Hospital pharmacies
• Online providers

The Retail pharmacies segment has dominated to market in the past. It is expected to continue dominating during the forecast period due to the rising geriatric population who are prone to contacting pulmonary fibrosis along with the increasing technological advancements in the field of research and development for IPF and the lifestyle changes like rising smoking and drinking habits leading to increased risk for the disease are helping the segment grow. 

Global Idiopathic Pulmonary Fibrosis Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The market in North America is expected to dominate during the forecast period. It is expected to have the highest revenue share due to the rising prevalence of idiopathic pulmonary fibrosis, R&D efforts, infrastructure development for this condition, rising drug approval rates, high market penetration, technological advancements in pulmonary fibrosis treatment, strategic moves by major market players, growing government initiatives, and initiatives to increase patient access in countries like the U.S. and Canada. 

Additionally, the market for idiopathic pulmonary fibrosis in Europe and Asia-Pacific is expected to increase due to IPF becoming more prevalent in the growing number of hooked smokers, an aging population, and industry participants collaborating. Additionally, Increased disposable incomes, rising healthcare spending, and the need to build a healthcare infrastructure all contribute to increasing per capita healthcare costs in countries like the U.K., Italy, France, Germany, China, India, Japan, and South Korea. 

KEY MARKET PLAYERS:

There are several significant players in the global idiopathic pulmonary fibrosis market. Here are a few of the most prominent players, Boehringer Ingelheim, Bristol-Myers Squibb, Cipla, F. Hoffmann-La Roche, FibroGen, Inc., Galapagos NV, MediciNova, Inc., Merck & Co., Inc., Promedior, Inc., and Prometic Life Sciences Inc.

RECENT HAPPENINGS IN THE MARKET:

• In September 2022, Small-molecule medicine specialist Aria Pharmaceuticals said on August 30, 2022, that it had submitted applications for six provisional patents with the United States Patent and Trademark Office (USPTO). The patents cover the company's research projects for lupus, idiopathic pulmonary fibrosis (IPF), and chronic kidney disease (CKD). Aria created two novel chemical entities (NCEs) in each illness area, which led to six new patent filings, according to a news statement from the business. Using its Symphony drug discovery platform, the company has reduced the six NCEs to three lead candidates for each disease area.
•  In September 2022, Bridge Biotherapeutics, Inc., a South Korean clinical-stage biotechnology company specializing in the development of novel medications for cancer, fibrosis, and inflammation, and Brainomix, the AI-powered MedTech solutions provider, today announced a new partnership to provide quantitative imaging biomarker analysis within the Phase 2 study of novel autotaxin inhibitor BBT-877, which has been developed to evaluate the safety, tolerability, and effectiveness of BBT-877 in idiopathic pulmonary (IPF). In addition, Brainomix will employ its e-ILD technology (automated artificial intelligence software) to interpret high-resolution chest CT (HRCT) data from patients with interstitial lung diseases, including IPF and other illnesses that lead to progressive pulmonary fibrosis.