Cystic Fibrosis Therapeutics Market worth over $26.6bn by 2027

Cystic Fibrosis Therapeutics Market size is set to surpass USD 26.6 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Growing awareness among people about cystic fibrosis and the availability of treatment and diagnosis will propel the market growth. Also, the increased incidences of cystic fibrosis are likely to increase demand for combination treatments that will foster the market progression over the coming years.
 

Rise in incidence of cystic fibrosis will accelerate the market expansion

Cystic fibrosis is emerging as the foremost disease worldwide. The factors such as rising incidence of gastrointestinal problems, respiratory complications, and reproductive ailments in patient increases the chances of CF. According to the Cystic Fibrosis Foundation Patient Registry, more than 30,000 people in the United States and more than 70,000 people globally have cystic fibrosis. In addition, each year, over 1,000 new instances of CF are detected, and more than 75% of people with CF are diagnosed by the age of two.
 

Growing usage of medications in cystic fibrosis therapeutics will augment the market value

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The medications segment dominated more than 88% of the cystic fibrosis therapeutics market share in 2020 as these medications are safe for patients. In medications segment, CFTR drug class accounted for USD 6.20 billion in 2020led by new product launches, and growing demand for these medications to treat cystic fibrosis. CFTR modulator such as Orkambi, Symdeko and Kalydeco help to correct the malfunctioning protein made by the CFTR gene and increase the life expectancy of the patients.
 

Browse key industry insights spread across 100 pages with 85 market data tables & 11 figures & charts from the report, “Cystic Fibrosis Therapeutics Market Size By Treatment Method (Medications [Drug Class {CFTR Modulators, Mucolytics, Bronchodilators, Pancreatic Enzyme Supplements}, Route of Administration {Oral Drugs, Inhaled drugs}], Devices), By Distribution Channel (Hospitals, Retail Pharmacies), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”  in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cystic-fibrosis-therapeutics-market
 

Rising product purchase through retail pharmacies will fuel the cystic fibrosis therapeutics market revenue

Retail pharmacies distributional channel was valued at USD 3 billion in 2020. Now a days, retail pharmacies are fulfilling the consumer needs by offering both branded and generic medications, as well as a variety of other pharmaceutical products under single roof. The outbreak of COVID-19 has altered consumer lifestyles, resulting in significant changes in consumers preferences. A rising number of consumers are turning towards advanced pharmacy retail stores to get their regular prescription pharmaceuticals and other wellness products from well-organized pharmacy outlets that offer a broad product range, clean surroundings, and appealing displays. Some of the market players are collaborating with various health centers and medical professionals, among others. Many of the customers purchase cystic fibrosis therapeutic products through retail pharmacies due to cost affordability.
 

Rapidly increasing incidence rate of cystic fibrosis in newborns will create the growth opportunities for European region

Europe cystic fibrosis therapeutics market is expected to witness 16% growth rate through 2027 impelled by the growing prevalence of CF in newborns leading to increased cases of cystic fibrosis. UK is the highest revenue contributor owing to the increase in prevalence of cystic fibrosis in this region. Moreover, surge in national newborn screening program in the UK will prove beneficial for the industry. Furthermore, many companies are involved in developing drugs for individuals who do not get benefitted with CFTR drugs. The region is predicted to see an increase in government funding, as well as an increase in R&D projects that will help to stimulate the regional growth. Also, the European Cystic Fibrosis Society–Clinical Trials Network helps to expand the advanced and approved treatments through efficient clinical studies in the cystic fibrosis therapeutics space in Europe.
 

Strategic initiatives undertaken by market players will help them to gain competitive advantage

Some of the prominent companies operating in the cystic fibrosis therapeutics market include Vertex Pharmaceuticals Incorporated, Nestle Health Science, Roche, Viatris Inc., Abbvie, Horizon Therapeutics plc, Gilead Life Sciences, Chiesi Farmaceutici, Teva Pharmaceuticals, and Pharmaxis Ltd. These participants are involved in strategic partnership agreements, collaborations and mergers to strengthen the market position.