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The Global Idiopathic Pulmonary Fibrosis Market was valued at US$ 3,126.08 Million and is expected to reach a market value of US$ 6,169.37 million by 2030, expanding at a CAGR of 7.0% during the forecast year.
Idiopathic pulmonary fibrosis is a chronic lung disease or a condition, where the tissues in lungs become thick and stiff over time. Brain and other organs are not able to receive optimum oxygen because of the thickening of lung tissues.
Idiopathic Pulmonary Fibrosis condition also causes fibrosis, known as scar tissue to build up in the lungs that makes the lungs unable to transport oxygen into the bloodstream in an effective manner. The disease has usually affected people between the ages of 50 and 70.
The condition belongs to a group of conditions that is called interstitial lung diseases, known as ILD that describes lung diseases which involves inflammation or scarring in the lung. The most common signs and symptoms of idiopathic pulmonary fibrosis are shortness of breath and a persistent dry cough. Many affected individuals experience a loss of appetite and gradual weight loss because of this condition.
Also, few people that have idiopathic pulmonary fibrosis have developed widened and rounded tips of the fingers and toes that results from a shortage of oxygen. These features are relatively nonspecific and not every person with these health problems has idiopathic pulmonary fibrosis. Other respiratory diseases, which are less serious can cause similar signs and symptoms.
Overview of the Idiopathic Pulmonary Fibrosis Market
Idiopathic pulmonary fibrosis is projected to exhibit significant market growth during the forecast period because of the growth in demand for ideal drugs for treatment of idiopathic pulmonary fibrosis, and favourable reimbursement policies which are provided by manufacturers and insurance providers in some countries.
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The key factors that are driving the market growth are rise in prevalence of fibrotic disease, an increase in geriatric population, and technological advancements in screening and diagnosis of cancer that can further drive the idiopathic pulmonary fibrosis market growth.
In addition to this, a gush in demand for cost-effective drugs and the introduction of advanced treatment options can also fuel the market growth. But, the unavailability of proper treatment options of the disease has restricted the market growth.
People with idiopathic pulmonary fibrosis suffer from scarring of the lungs that has increased over time till the lungs can no longer provide enough oxygen to the body's organs and tissues. Few people with this condition has developed other serious lung conditions, such as lung cancer, blood clots in the lungs, pneumonia, and pulmonary hypertension. Most affected individuals can only survive 3 to 5 years after their diagnosis.
In most cases, this condition occurs only in one person of the family. These cases are known as sporadic. But, only a small percentage of people with this condition have at least one other affected family member. Thus, when idiopathic pulmonary fibrosis occurs in multiple members of the same family, it is known as familial pulmonary fibrosis.
Impact of COVID-19 on the Market
COVID-19 had a negative impact on the idiopathic pulmonary fibrosis market. There was a decline in number of idiopathic pulmonary fibrosis patients’ visit in hospitals and clinics for idiopathic pulmonary fibrosis therapy (IPF). This was because these patients were more vulnerable to COVID-19 infection that led to a decline in demand of idiopathic pulmonary fibrosis products.
After the discovery of COVID-19 in Wuhan city, the disease rapidly spread to other parts of the globe. This virus caused various symptoms in patients that ranged from common symptoms to serious symptoms. The common symptoms, such as, fever, dry cough, and fatigue, whereas, serious symptoms, such as, difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement affected the people, globally. The virus had high potential of lethality in geriatric population.
The overall impact of COVID-19 remained negative on the idiopathic pulmonary fibrosis market because of the decline in number of idiopathic pulmonary fibrosis patients’ visit in hospitals and clinics for idiopathic pulmonary fibrosis therapy. Also, because of the lockdown, mostly the clinics were shut down and people avoided stepping out of the house. Thus, most markets experienced a decline, especially in the idiopathic pulmonary fibrosis market because of the outbreak of COVID-19.
Key Players of the Market
Every market has its key players. Some of the major players of the idiopathic pulmonary fibrosis market include,
Regional Segmentation of the Market
On the basis of region, the idiopathic pulmonary fibrosis market is segmented into North America, Asia-Pacific, Europe, and LAMEA. North America has dominated the market and accounts for the highest share while it is projected to maintain this trend throughout the forecast period.
The research activities for idiopathic pulmonary fibrosis is taking off in North America because of significant infrastructure for developmental research, availability of substantial research funds, and rise in government initiatives toward idiopathic pulmonary fibrosis.
The research activities for idiopathic pulmonary fibrosis is taking off in North America because of the significant infrastructure for developmental research, availability of substantial research funds, and rise in government initiatives toward idiopathic pulmonary fibrosis that are expected to drive the market growth.
On the basis of Drug Type
On the basis of Distribution Channel
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