Global Idiopathic Pulmonary Fibrosis Market, By Drug (Pirfenidone, Nintedanib, and Others(Interferon gamma-1b and Others)), By Route of Administration (Oral and Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies ), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,853.6 Million in 2022 and is expected to exhibit a CAGR of 8.7% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The market players are focusing on research and development activities for the treatment of patients suffering from idiopathic pulmonary fibrosis, and this is expected to drive global idiopathic pulmonary fibrosis market growth over the forecast period. For instance, in June 2021, Redx Pharma, a pharmaceutical company, announced that the first healthy volunteer had been dosed in a Phase I clinical evaluating RXC007, an investigational oral therapy for Idiopathic Pulmonary Fibrosis (IPF), and other fibrotic or scarring-related conditions.
Global Idiopathic Pulmonary Fibrosis Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) that first appeared in Wuhan, (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019," or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
The COVID-19 had a positive impact on the global idiopathic pulmonary fibrosis market, as patients suffering from idiopathic pulmonary fibrosis where more likely to get affected by COVID -19, thus leading to increasing growth of the market during the pandemic. For instance, in April 2022, according to the report published by National Center for Biotechnology Information, approximately 44.9% of COVID-19 survivors had pulmonary fibrosis. Factors related to COVID-19 severity were significantly associated with PCPF (post-COVID-19 pulmonary fibrosis) development.
Global Idiopathic Pulmonary Fibrosis Market: Key Developments
In July 2022, Daewoong Pharmaceutical, a pharmaceutical company, announced that Daewoong Pharmaceutical's new medication named DWN12088 had been fast-tracked by the U.S. FDA. DWN12088 is a new treatment for idiopathic pulmonary fibrosis that is currently under development, and had been selected by the U.S. FDA for its rapid drug screening process (fast-track).
In July 2021, FibroGen, a biotechnology company, announced that FG-3019, the company's human monoclonal antibody against connective tissue growth factor (CTGF), had been granted orphan drug designation by the U.S. Food and Drug Administration (FDA) for the treatment of idiopathic pulmonary fibrosis (IPF).
Browse 58 Market Data Tables and 53 Figures spread through 339 Pages and in-depth TOC on “Global Idiopathic Pulmonary Fibrosis Market”- Forecast to 2030, By Drug (Pirfenidone, Nintedanib, and Others(Interferon gamma-1b and Others)), By Route of Administration (Oral and Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies ), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Idiopathic Pulmonary Fibrosis Market:
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