Global Interstitial Lung Disease Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Lung Disorders
The Interstitial Lung Disease market is estimated to be valued at US$ 1790.83 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interstitial lung diseases (ILDs) are a group of lung disorders that involve scarring or thickening of the tissue between the air sacs of the lungs. The interstitial tissue is the part of the lungs that supports the microscopic air sacs. This thickening makes the lungs less able to work properly. Symptoms of ILDs usually develop slowly over months or years and can include shortness of breath, dry cough, and weight loss. The different types of ILDs include idiopathic pulmonary fibrosis, hypersensitivity pneumonitis, nonspecific interstitial pneumonia, sarcoidosis, etc. The drugs available for the treatment are antifibrotic drugs, corticosteroids, immunosuppresants, etc.
Market Dynamics:
The growth of the Interstitial Lung Disease market is attributed to increasing prevalence of lung disorders across the globe. For instance, according to the American Lung Association, chronic lower respiratory diseases, the third leading cause of death in the U.S., were responsible for over 138,000 deaths in 2020, and incur a cost of over $50 billion annually. Additionally, rising risk factors such as cigarette smoking and air pollution are expected to increase the burden of ILDs further. This is expected to drive the market growth of Interstitial Lung Disease over the forecast period. Furthermore, ongoing research activities aimed at developing new and more effective treatments for various types of ILDs also supports market growth. However, high treatment cost associated with ILD treatment options such as lung transplants and antifibrotic medications may hamper market growth.
SWOT Analysis
Strength: Interstitial Global Interstitial Lung Disease Market Size has a large patient pool globally as the conditions are more prevalent. The rising awareness through patient advocacy groups and investments in R&D are also boosting the market. Numerous marketing approvals for novel drugs to treat ILD conditions are further strengthening the market.
Weakness: The market witnesses low diagnosis rates as symptoms of ILD conditions are vague requiring invasive procedures for confirmation. High costs associated with treatment inhibits many patients from seeking medical help. Few available treatment options result in low revenue generation for pharmaceutical companies.
Opportunity: Unmet needs exist in developing new drugs with novel mechanisms of action to treat rare ILD conditions. Opportunities lie in targeting the Asia Pacific and Latin American markets owing to rising healthcare expenditure. Partnerships among pharma players can boost drug development.
Threats: Expiry of patented drugs leads to higher revenue threat from generics. Stringent regulatory processes also delay new product approvals impacting revenue cycles. The COVID-19 pandemic has disrupted clinical trials and manufacturing operations for a short term.
Key Takeaways
The global Interstitial Lung Disease market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing investment in development of novel drugs for rare ILD conditions by pharmaceutical companies.
Regional analysis: North America dominates the global market holding over 30% share due to presence of majority key players and favorable reimbursement policies supporting expensive ILD treatment costs. The Asia Pacific region is anticipated to grow at fastest pace registering CAGR of around 8% due to rapid development of healthcare infrastructure and rising medical tourism in Japan and China.
Key players: Key players operating in the Interstitial Lung Disease market are MSD (Merck), Liminal Biosciences, Glenmark Pharma, J.B. Chemicals & Pharmaceuticals, Boehringer Ingelhim International GmbH, F. Hoffmann-La Roche Ltd, Inc., and Cipla. Companies focus on collaborations and acquisitions for diversifying their product portfolios and geographical presence to strengthen their market position.
Read Our More Blogs : https://www.pressreleasebulletin.com/interstitial-lung-disease-market-analysis-growth-forecast-outlook-2023-2030/
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Games
- Gardening
- Health
- Home
- Literature
- Music
- Networking
- Other
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian