Interstitial Lung Disease is Estimated to Witness High Growth Owing to Increasing Prevalence and Launch of Novel Therapies
Interstitial lung disease refers to a group of lung disorders affecting the interstitium (the tissue and spaces around the air sacs (alveoli) of the lungs). The conditions are characterized by varying degrees of pulmonary fibrosis or scarred, stiffened lung tissue. This influences the lung function and limits the ability to breathe. Some common types of interstitial lung disease include idiopathic pulmonary fibrosis, sarcoidosis, hypersensitivity pneumonitis and connective tissue disease-associated interstitial lung disease. They can range from largely asymptomatic to rapidly progressive and fatal, if left untreated.
The global 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 Dynamics:
The global interstitial lung disease market is primarily driven by increasing prevalence of the disease across the world. For instance, according to European Lung White Book published in 2018, the estimated prevalence rates of usual interstitial pneumonitis/idiopathic pulmonary fibrosis ranges between 14-43 per 100,000 populations. Growing elderly population is another factor propelling market growth as interstitial lung disease is more common among older adults. Furthermore, launch of novel therapies in past few years such as pirfenidone (Esbriet) and nintedanib (Ofev) indicated for treating idiopathic pulmonary fibrosis is expanding market size. However, potential side effects associated with drugs is a major challenge for market growth.
SWOT Analysis
Strength: The interstitial lung disease market has a large patient pool due to rising cases of interstitial lung disease. Also, new drug approvals for orphan diseases such as idiopathic pulmonary fibrosis provide lucrative treatment opportunities. Furthermore, increasing awareness regarding interstitial lung diseases and availability of diagnostic services boost the market growth.
Weakness: High costs associated with drug development and treatment procedures impede market growth. Stringent regulations for drug approval also restrain the market expansion. Moreover, lack of disease-modifying drugs and scarcity of approved therapies pose a major challenge.
Opportunity: Favorable government support and initiatives focused on orphan and rare disease research present attractive opportunities. Also, ongoing R&D activities to develop novel treatment therapies will fuel the market growth during the forecast period.
Threats: Unclear disease etiology and limited understanding of disease pathogenesis pose major threats. Long product approval timelines further challenge market growth. Additionally, delayed diagnoses often lead to treatment failure.
Key Takeaways
The Global Interstitial Lung Disease Market Size is expected to witness high growth at a CAGR of 6.5% during the forecast period of 2023-2030. The market size is estimated to reach US$ 3045.13 Mn by 2030 from US$ 1790.83 Mn in 2023.
North America dominates the global market and is projected to maintain its leading position during the forecast period. High healthcare expenditure, advanced research capabilities, and presence of key market players in the region drive the North American market growth. The Asia Pacific region is anticipated to exhibit the fastest growth owing to growing patient population, increasing healthcare spending, and improving clinical research and healthcare infrastructure in emerging countries.
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. These leading market players are continuously expanding their product portfolios through collaborative initiatives and innovative drug development to strengthen their market position.
Get More Insights On This Topic: https://cmiresearch.blogspot.com/2023/12/the-global-interstitial-lung-disease.html
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian