Cystic Fibrosis (CF) Therapeutics Market Overview:
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.
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 (CF) Therapeutics 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.
Market Segmentation:
The global cystic fibrosis market has been segmented on the basis of treatment. Based on treatment, the cystic fibrosis market is segmented into medication, devices and other treatments. The medication segment accounts for the largest share of 76.4% in the global cystic fibrosis market owing to the high demand of efficient medication to treat cystic fibrosis and increased research for developing new drugs by the medical institutes and pharmaceutical companies in the global market.
Regional Analysis:
The global cystic fibrosis market is geographically segmented into North America, Europe, Asia Pacific and the Middle East and Africa. The North America region is dominating the global cystic fibrosis market owing to the high prevalence of cystic fibrosis in this region.
Increasing incidences of cystic fibrosis and rise in demand for proper treatment are driving the cystic fibrosis market in the Europe region. The Asia Pacific region is projecting steady growth in the global cystic fibrosis market owing to the low prevalence of this disease in this region.
The Middle East and Africa region accounts for the least share in the global cystic fibrosis market owing to the lack of awareness and poor healthcare facilities in the underdeveloped area of this region.
Industry Updates:
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.
Key Players:
Vertex Pharmaceuticals, F. Hoffmann-La Roche, AbbVie, Gilead Sciences, Novartis, Genentech, Pharmaxis, Chiesi Farmaceutici, Forest Laboratories and others.
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