Increasing Diagnosis and Treatment Seeking Rate to Complement the Growth of Pulmonary Fibrosis Treatment Market, Projects PMR Report
Published On : Aug 29, 2019
Globally, increasing diagnosis rate for the pulmonary fibrosis is expected to drive the growth of the pulmonary fibrosis treatment market. According to the latest research by the company, the global pulmonary fibrosis treatment market is projected to account for a market value of ~US$ 4.4 Bn by the end of 2029. The report also projects significant growth potential for the pulmonary fibrosis treatment market throughout the forecast period.
Increasing diagnosis rate of the pulmonary fibrosis due to enhanced understanding of the disease is the prime driver of the pulmonary fibrosis treatment market. Although the disease understanding and understanding of the associated symptoms has advanced immensely, misdiagnosis still remains as high as 40% in developed regions, potentially hampering the growth of the pulmonary fibrosis treatment market.
Increasing literature about the pulmonary fibrosis treatment, causes and increasing small and medium sized regional studies by universities, pulmonary fibrosis organizations are assisting to improve the overall awareness about the disease in the general population. The similarities of symptoms of pulmonary fibrosis with other respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, etc. are the major impediments in the precise diagnosis of the disease delaying the pulmonary fibrosis treatment.
Combination Drug Therapies
Corticosteroids, coupled with immunosuppressants and chemotherapeutic agents, were the only treatment available for the pulmonary fibrosis till the drugs such fibrosis Ofev (nintedanib) and Esbriet (pirfenidone) approved for the pulmonary fibrosis treatment in 2014. Both drugs slow disease progression by slowing down the lung tissue scarring. Patients treated with monotherapy of these drugs or combination therapy of these drugs along with corticosteroids or immunosuppressants has given healthcare professionals pulmonary fibrosis treatment options for the effective management of the disease. Various new therapies are being evaluated by pharmaceutical and biopharmaceutical companies for the possible pulmonary fibrosis treatment.
Orphan drug designation reduces drug development cost considerably in turn encouraging pharmaceutical and biopharmaceutical companies to develop drugs for the treatment of rare diseases such as pulmonary fibrosis. Companies that received the orphan drug designation for their products for pulmonary fibrosis treatment benefitted from protocol assistance, marketing authorization, financial incentives, and national incentives provided by the European Commission.
The FDA orphan drug designation programs offer a unique status to biologics and drugs intended to pulmonary fibrosis treatment, diagnose, and prevent diseases in the U.S. The FDA orphan drug designation offers an exclusivity period of seven-year marketing for competition and certain incentives including tax credits, federal grants, and a waiver of PDUFA filing fees. In August 2019, Daewoong Pharmaceutical received orphan drug designation from UFDA for its DWN12088, oral IPF therapy.
The company has segmented the global pulmonary fibrosis treatment market based on the therapy type, indication, distribution channel, and region. In terms of revenue, the monotherapy segment by therapy type is expected to be a prominent segment in pulmonary fibrosis treatment market over the forecast period. By indication, the idiopathic pulmonary fibrosis (IPF) segment of the pulmonary fibrosis treatment market is expected to generate highest revenue during the forecast period due to higher prevalence of the disease type. By distribution channel, the pulmonary fibrosis treatment market is expected to be dominated by the retail sales segment due to higher patient footfall. By region, the North America pulmonary fibrosis treatment market is expected to be a prominent region in the global pulmonary fibrosis treatment market.
The report also profiles some of the key companies operating in the pulmonary fibrosis treatment market such as Genentech, Inc., Boehringer Ingelheim Pharmaceuticals, Inc., Dr. Reddy's Laboratories Ltd., Alkem Laboratories Ltd., Alniche Life Sciences Pvt Ltd, MHS Pharmaceuticals, Torrent Pharmaceuticals Ltd, Anthem Biopharma Pvt Ltd., Panacea Biotec, Zydus Healthcare Ltd., Fresenius Kabi India Pvt Ltd., Sun Pharmaceutical Industries Ltd and others.
For additional insights on the Pulmonary Fibrosis Treatment Market , write to the analyst at firstname.lastname@example.org