Idiopathic Pulmonary Fibrosis is Estimated to Witness High Growth Owing to Availability of Therapies

Idiopathic pulmonary fibrosis (IPF) is a progressive fibrosing interstitial pneumonia of unknown cause that results in fibrosis of the lungs. It leads to breathlessness and eventually respiratory failure. The disease causes scarring or thickening of the lungs over time, making it difficult for lungs to work properly. IPF generally gets worse over time and can be life-threatening. Currently, there are few drug therapies approved for mild to moderate IPF such as pirfenidone and nintedanib which helps in slowing down the progression of lung scarring and deterioration of lung function.

The global idiopathic pulmonary fibrosis market is estimated to be valued at US$ 4188.86 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The availability of therapies provides a major market opportunity for the growth of the IPF market. Earlier there were no approved drug therapies for the condition. However, now with the approval of pirfenidone and nintedanib by regulatory authorities, it provides treatment options to patients suffering from the disease. These drug therapies have shown to reduce the decline in lung function when taken consistently for IPF. The approval of new treatment options thus helps in better management of the disease. This in turn is expected to drive the growth of the global idiopathic pulmonary fibrosis market over the forecast period.

Porter's Analysis
Threat of new entrants: Low entry barriers allows new players to enter the IPF market. However, high R&D costs act as deterrent for new players.

Bargaining power of buyers: Presence of few treatment options increases buyer's bargaining power. Generic drugs further strengthen buyer position.

Bargaining power of suppliers: Established supplier relationships and dependence on key raw material inputs increases supplier bargaining power.

Threat of new substitutes: No close substitutes exist currently for IPF drugs. Development of new therapies can emerge as substitutes.

Competitive rivalry: High competition exists among major players to gain higher market share. Players compete on basis of drug efficacy and safety profile.

SWOT Analysis
Strength: Unmet medical need for effective IPF treatment. Rising IPF prevalence worldwide.

Weakness: Disease etiology still not fully understood. High costs associated with IPF drug development.

Opportunity: Emerging pipeline drugs offer growth prospects. Greater research on disease pathogenesis can aid new drug discovery.

Threats: Risk of drug failure in clinical trials. Patent expiry of blockbuster drugs impact revenues.

Key Takeaways
The Global IPF Market Size is expected to witness high growth. North America currently dominates the market due to supportive reimbursement policies and healthcare infrastructure. However, Asia Pacific region is fastest growing market for IPF due to rising cases, healthcare improvements and high generic drug usage.

Idiopathic pulmonary fibrosis affects over 5 million people worldwide with increasing incidence in aging population. Latest research focus on elucidating disease mechanisms to identify novel targets. Emergence of combinational therapies offers hope to further improve patient outcomes.

Key players operating in the IPF market are Genentech, Inc., Boehringer Ingelheim International GmbH, Avalyn Pharma, Inc., AstraZeneca, Blade Therapeutics, Bristol-Myers Squibb Company, Cipla Inc., F. Hoffmann-La Roche, FibroGen, Inc., Galapagos NV, MediciNova, Inc., Merck & Co., Inc., Promedior, Inc., Prometic Life Sciences Inc., Daewoong Pharmaceutical (India) Pvt Ltd, Sandoz International GmbH (Novartis) and Algernon Pharmaceuticals Inc.