Pune, Sept. 17, 2020 (GLOBE NEWSWIRE) — Global cystic fibrosis market size is predicted to reach USD 31.88 billion by 2027, exhibiting a CAGR of 24.4% during the forecast period.
The growing cases of respiratory and gastrointestinal infection among people can be a critical factor in spurring the demand of the market during the forecast period, states Fortune Business Insights in a report, titled “Cystic Fibrosis Market Size, Share & Covid-19 Impact Analysis, By Drug Class (Cystic Fibrosis Transmembrane Conductance Regulator (CFTR), Bronchodilators, Mucolytic, Pancreatic Enzyme Supplement, and Others), By Route of Administration (Oral, and Parenteral), By Distribution Channel (Retail Pharmacies & Drug Stores, Online Pharmacies, and Hospital Pharmacies), and Regional Forecast, 2020-2027” the market size stood at USD 5.12 billion in 2019.
October 2019: Approval of Vertex’s Trikafta by the US FDA is the first triple combination therapy used to treat patients suffering from cystic fibrosis.
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Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
Rising Adoption of Advanced Treatment Procedures to Augment Growth
The rising concentration towards early diagnosis will have a positive impact on the market during the forecast period. The rising cases of genetic disorders have led to the expansion of the market. According to the Cystic Fibrosis Patient Registry, it is estimated that more than 30,000 people are affected by Cystic Fibrosis conditions in the U.S. and it is estimated that about 70,000 people are suffering from it across the globe.
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The growing complications in the lungs and pancreas consequently indicate cystic fibrosis, which in turn, will augur well for the market. Moreover, the development of innovative and advanced therapeutics for the treatment of fibrosis will have a tremendous impact on the market in the forthcoming years.
High Healthcare Expenditure to Boost Market in North America
The market in North America generated a revenue of USD 3.89 billion in 2019 and is expected to rise rapidly during the forecast period owing to the growing prevalence of CF in the region. The increasing R&D investment by major industry players will contribute positively to the growth of the market. The rising healthcare expenditure along with developed medical facilities will foster growth in the region.
The inclination towards advanced drugs by patients for better outcomes will further improve the scope of the market in North America. Asia Pacific is predicted to account for the lion’s share during the forecast period owing to the rising geriatric patients. Improving healthcare facilities will enable the expansion of the market in Asia Pacific.
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The Report Lists the Main Companies in the Cystic Fibrosis Market:
- Vertex Pharmaceuticals Incorporated
- AbbVie Inc.
- Novartis AG
- Gilead Sciences, Inc.
- Mylan N.V.
- Pfizer Inc.
- Bayer AG
- Genentech, Inc.
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Cystic Fibrosis Market Segmentations:
By Drug Class
• Cystic Fibrosis Transmembrane Conductance Regulator (CFTR)
• Pancreatic Enzyme Supplement
By Route of Administration
By Distribution Channel
• Retail Pharmacies & Drug Stores
• Online Pharmacies
• Hospital Pharmacies
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Rest of the World
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