MRFR is the Leading Brand in The Research Company who Recently Published Global Cystic Fibrosis Market Research Reports which includes Study of Growth Overview, Regional Analysis, Top Players, Major Drivers, Upcoming Trends and Foreseen to 2023.
Cystic fibrosis is a genetic disorder that commonly affects the lungs and also the other secretory glands such as pancreas, liver, kidneys and intestine. As per the report that has been published by Market Research future (MRFR), the global cystic fibrosis market is anticipated to expand significantly at a CAGR of 13.5% during the forecast period of 2016-2022.
Market Drivers and Restraints:
The incidences of diseases caused due to genetic disorders owing to mutation in human genes are increasing rapidly. The prevalence of such diseases is generating high demand for effective treatments. Increased research and development activities in order to introduce new drugs and highly effective treatments for cystic fibrosis owing to the high prevalence of this disease is leading to the significant growth of the global cystic fibrosis market.
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Development of various diagnostic tests to detect genetically inherited cystic fibrosis and high investment in R&D are projecting positive impact on the expansion of the global cystic fibrosis market. Initiatives such as newborn screening programs to diagnose cystic fibrosis at young age and introduction of new drugs with higher efficacy are fueling the growth of the global cystic fibrosis market.
However, increase in the complexity of disease and high cost of treatment along with lack of awareness are likely to impact negatively on the growth of the global cystic fibrosis market during the forecast period.
Leading players in the global cystic fibrosis market include Vertex Pharmaceuticals, AbbVie, Novartis, Pharmaxis, Forest Laboratories, Chiesi Farmaceutici, Genentech, Gilead Sciences, and F. Hoffman-La Roche.
In 2019, the U.K. NHS presented an offer to Vertex for its cystic fibrosis drug Orkambi. The first offer of more than GBP 500 million was rejected by Vertex, with more talks planned in March 2019.
On the basis of treatment method, the global cystic fibrosis market is segmented into medication, devices, and other treatments.
The medication treatment segment accounted for a dominant 76.4% of the global cystic fibrosis market in 2016 and is likely to exhibit the highest 14% CAGR over the forecast period. Despite the high share of the medication segment, the global cystic fibrosis market’s growth prospects are hindered by the high costs of the medication available in the market, as this prices out several consumer demographics, particularly in emerging, high-volume markets such as Asia Pacific.
In August 2018, an independent advisory committee by the Federal government has announced that a new drug, Orkambi, will soon be subsidized and listed on the Pharmaceutical Benefits Scheme and will be made available for public use.
The global cystic fibrosis market is segmented by region into North America, Europe, Asia Pacific, and the Middle East and Africa.
North America is likely to remain the major regional segment of the global cystic fibrosis market over the forecast period due to the growing medical research sector in the region. The strong presence of the CFF in North America as well as the growing interest in cystic fibrosis research in the region are likely to be the major drivers for the cystic fibrosis market in North America over the forecast period. The North America cystic fibrosis market is expected to reach a value of USD 521 million by 2022. Cystic fibrosis is a relatively rare disease, with around 70,000 people estimated to be suffering from it in 2017. The CFF has played a vital role in the development of the global cystic fibrosis market, as before the initiation of the foundation, research into cystic fibrosis was severely lacking. In 2018, the CFF provided USD 100 million to the Infection Research Initiative, along with funding research into other aspects of cystic fibrosis, such as the inflammation and gastrointestinal problems associated with the disease.
Europe is expected to exhibit the fastest growth in the global cystic fibrosis market, growing at a robust 14.1% CAGR over the forecast period. Europe and North America hold comparable shares in the global cystic fibrosis market and are likely to remain the leading regional parties over the forecast period.
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