As per the researchers at Zion Market Research, the valuation of the global cystic fibrosis therapeutics market in 2019 was around USD 5,017.39 million and is projected to attain a value of about USD 9,805.79 million by 2026, expanding at approximately 9.1% CAGR during the forecast period. The prominent players active in the global cystic fibrosis therapeutics market comprise Novartis AG, Genentech, Inc., Vertex Pharmaceuticals Incorporated, Gilead Sciences, Inc., GlaxoSmithKline Plc., AbbVie Inc., Allergan plc, Johnson & Johnson, Mylan N.V., and Pharmaxis Ltd.
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Accessibility Of Personalized Drug Therapy Expected To Boost The Global Market Growth
During the forecast period, the growth of the global cystic fibrosis therapeutics market is projected to mainly driven by the accessibility of molecular prosthetics and personalized drug therapy for treating cystic fibrosis. Additionally, the increasing incidence of cystic fibrosis along with the rising awareness about it around the world is anticipated to drive the growth of the cystic fibrosis market. Further, the rise in R&D spending within the healthcare domain by the government also propels the expansion of the market. Nevertheless, the advent of generic drugs and elevated price of the cystic fibrosis treatment might hamper the market growth during the years to come. Nonetheless, several market contenders are developing novel therapies for treating cystic fibrosis and the rising count of clinical trials and succeeding product launches is projected to boost the global cystic fibrosis therapeutics market expansion during the forecast period. To cite, in Feb 2020, a clinical-stage biopharmaceutical firm devoted to enhancing the lives of cystic fibrosis patients as well other rare diseases patients, Synspira Therapeutics Inc., declared of inking an accord with the Cystic Fibrosis Foundation to back the development of SNSP003, which is the orally administered non-porcine enzyme replacement therapy of Synspira intended for treating Malabsorption Syndromes.
By Drug Class, CFTR Modulators Segment Anticipated To Lead The Global Market
In 2018, the CFTR modulators segment, on the basis of drug class, rule the global cystic fibrosis therapeutics market and is projected to maintain its supremacy during the forecast period as well. The segmental expansion can be credited to the elevated use of these drugs for treating cystic fibrosis. In addition, the launch of CFTR drugs, Orkambi, Symdeko, and Kalydeco, is one such advancement. At present, these drugs are extensively being utilized for treating cystic fibrosis and several other CFTR drugs are pipelined in clinical trials.
North America Projected To Maintain Its Market Dominance During The Forecast Period
Regionally, in terms of revenue, North America is expected to govern the global cystic fibrosis therapeutics market during the forecast period. This regional expansion can be credited to strong healthcare infrastructure, rising prevalence & consciousness about cystic fibrosis, and accessibility of experienced medical personnel in North America. Further, the second-biggest market in terms of revenue is Europe, trailed by Asia Pacific, Middle East & Africa, and Latin America. The cystic fibrosis therapeutics market within Asia Pacific is anticipated to witness relatively faster expansion in terms of revenue during the forecast period on account of the rise in R&D spending by private & public organizations along with the rise in the incidence of the disease.
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The global cystic fibrosis therapeutics market is segmented as follows:
By Drug Class
- Pancreatic Enzyme Supplements
- CFTR modulators
By Route of Administration
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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