As per the analysis offered by Market Research Future (MRFR), Global Cystic Fibrosis Market Will Capture an impressive growth rate during the review period (2019-2023).
High Costs of Cystic Fibrosis Medication could Hinder Market Growth
The Global Cystic Fibrosis Market is expected to grow at a 13.5% CAGR over the forecast period from 2016 to 2022, according to the latest research report from Market Research Future (MRFR). The global cystic fibrosis market is driven mainly by the growing support to cystic fibrosis research and growing economic investment in the research efforts from governments. The report predicts the likely growth trajectory of the global cystic fibrosis market over the forecast period with the help of a detailed analysis of the market’s historical growth trajectory and leading market drivers and restraints. The leading players operating in the global cystic fibrosis market are also analyzed in the report to provide readers with a clear picture of the market’s competitive landscape. The global cystic fibrosis market is expected to reach a value of USD 1,192.2 million by 2022.
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Cystic fibrosis is a genetic disease caused by mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene, resulting in the CFTR protein not functioning properly. This results in inadequate retention of water near the cell surface, which makes the mucus in the human body thick and sticky. Cystic fibrosis presents as a series of lung infections making it progressively harder for the patient to breathe. The mucus accumulates in the lungs and can also trap pathogens and other foreign bodies, which can lead to inflammation, respiratory failure, and other problems.
The growing support from the Cystic Fibrosis Foundation (CFF) to research efforts is likely to be a major driver for the global cystic fibrosis market over the forecast period. CFF has invested more than USD 400 million in research efforts into finding out more about cystic fibrosis and is likely to remain a powerful driver for the cystic fibrosis market over the forecast period. On the other hand, the cystic fibrosis market is hindered by the high costs of the drugs currently available in the market.
Competitive Analysis:
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.
Industry Updates:
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.
Segmentation:
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.
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Regional Analysis:
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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