Global Cystic Fibrosis Therapeutics Market Forecast 2020-2028
The global cystic fibrosis therapeutics market is anticipated to grow at a rate of 10.04% during the estimated period of 2020-2028. A rise in incidences of cystic fibrosis across the globe, an increase in medications against cystic fibrosis, and a hike in R&D investments towards the development of drugs to treat cystic fibrosis are boosting the market.
Cystic fibrosis is a disease that is inherited and mainly affects the lungs and other body parts like the kidney, pancreas, and liver. In cystic fibrosis, thick and sticky mucus is produced by the body that may block the lungs and obstruct the pancreas. There is no cure for the fatal disease, but taking proper medication and nutrition to reduce excess mucus produced in the lungs and kidney can help in increasing the patient’s lifespan. The disease is most prevalent in newborns, and has led the researchers towards the development of advanced therapeutics, which may increase the life span of the patients. However, the high costs involved in cystic fibrosis treatment and the introduction of generic drugs impede the market growth. At the same time, the growth of the healthcare industry in developing economies is expected to create profitable opportunities in the future.
The global cystic fibrosis therapeutics market is geographically analyzed based on markets situated in North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of Europe holds the largest market share in terms of revenue, and continues the trend by the end of the forecast period. This is attributed to the presence of key players investing largely in the development of new technologies. The market region of Europe is predicted to be the fastest-growing market in terms of revenue. The major factor driving the growth is the surge in incidences of cystic fibrosis in the region.
Abbott Laboratories, GlaxoSmithKline PLC, F. Hoffmann-La Roche Ltd, Pharmaxis Ltd, Novartis International AG, etc. are some of the leading companies registering their presence in the global market.
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