As per the analysis conducted by Market Research Future (MRFR), the Global Cystic Fibrosis Market is expected to expand at a CAGR of 13.5% and is likely to acquire the market value of USD 12,943.1 Million by 2022.
Cystic fibrosis is a chronic, genetic disease that is bringing severe impact on the lives of about 70,000 people. As of now, the condition is not entirely curable. However, it can be partially cured with the help of particular medications and therapies. The cystic fibrosis market showed a rise in 2012 with the introduction of Kalydeco drug by Vertex pharmaceutical. Since then, there has been a continuous development of new medicines and therapies for treating cystic fibrosis. The financial backing of CFF is influential in the growth of the cystic fibrosis market worldwide.
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COVID-19 is expected to bring a significant impact on the global market for cystic fibrosis. The outbreak has brought an adverse effect on the industry. The imposition of lockdown in various countries is likely to hamper the global fibrosis treatment market.
Market Dynamics
The rising prevalence of Cystic Fibrosis (CF) and the on-going research and development activities undertaken by the various government are expected to be significant factors that can grow the demand for cystic fibrosis diagnosis during the assessment period. The increasing participation of nonprofit organizations is projected to boost the market growth in the review period. The growing prevalence of CF is expected to enhance the demand for alternatives to treat the diseases, which is predicted to augment cystic fibrosis market size.
Drivers
Growing Innovation to Cure the Disease can boost the industry
The availability of personalized drug therapy and molecular prosthetics to cure cystic fibrosis is expected to be a significant cause that can drive the market during the forecast period. The rising awareness about the disease across the globe is predicted to grow the market in the coming tenure. Also, the increasing R&D investments made by the government of various countries is expected to enhance the cystic fibrosis medications that can grow the market.
Opportunities
Development of Pharmaceuticals and Biotechnological Sectors
The on-going development in the pharmaceuticals and biotechnological sector is expected to produce a significant opportunity that can augment the market during the forecast period.
Restraints
Limited Opportunities to Hinder Market Growth
The presence of limited revenue opportunities and high expenses associated with the treatment are expected to be significant restraining that may have a negative impact on the cystic fibrosis test.
Challenges
Introduction of Generic Drugs is a Significant Challenge
The introduction of generic drugs and patient expiration are some of the major challenges that the market is expected to face during the review period.
Cumulative Growth Analysis
The Market is anticipated to grow in the Future
The industry is likely to grow in the coming period due to the growing product launching and technological innovation. Furthermore, the increasing participation of the government is anticipated to underpin the cystic therapeutics market during the review period.
Market Segmentation
By Treatment Method
Medication Segment to Lead the Cystic Fibrosis Market
Based on the treatment method, the global market for cystic fibrosis is segmented into devices, medication, and other treatments. The medication segment accounted for a market value of USD 2802.7million in 2016. Among all, the medication segment is anticipated to lead the global market during the forecast period.
Regional Analysis
North America to Acquire the Highest Market Share Due to High FDA Approval of Drugs for Cystic Fibrosis
Cystic fibrosis can occur in both genders as well as in all ethnic groups and races. However, the incidences of cystic fibrosis vary across the globe. Cystic fibrosis is more common among Caucasians. Hence the disease is more prevalent in North America, Europe, and Australia. However, cystic fibrosis can also affect Latinos, American Indians, African, and Middle Eastern populations.
North America is expected to dominate the global market due to the growing FDA approval of drugs for cystic fibrosis. The demand to cure the disease with the increasing integration of the latest technologies in the healthcare sector is expected to underpin the expansion of the regional market. Among all countries of North America, the United States is expected to witness the highest incidence rates of cystic fibrosis, thereby propelling the regional market. As per the records by the cystic fibrosis foundation, more than 30,000 patients have been affected with cystic fibrosis in the United States. About 1000 new cystic fibrosis cases are diagnosed each year in the US.
Europe is largely affected by cystic fibrosis, which is expected to be a significant factor that can grow the regional market. According to the European Cystic Fibrosis Society (ECFS), considering the 26 major countries in Europe, more than 35,500 people were suffering from cystic fibrosis in 2014. The region is likely to experience a rise in governmental support along with the growth in initiatives for R&D are further expected to fuel the regional market.
APAC is predicted to acquire a notable market share during the forecast period owing to the expanding geriatric population. The on-going development in the healthcare infrastructure is predicted to underpin the regional market in the assessment period. In addition, the R&D activities to find an apt solution to the disease is projected to strengthen the regional market.
The incidence of cystic fibrosis in the Middle East varies according to ethnic background. However, the CF prevalence in the Middle East is low as compared to the North American and European regions. There is no accurate CF prevalence number for the Northern African countries, but it is expected to be low due to the racial factor and no European genetic mixture.
Competitive Landscape
The increasing innovation of the product and the rising R&D is expected to offer various opportunities for market expansion in the coming period. Multiple players are likely to enter the market, thereby strengthening the competitiveness of the market.
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