Selbyville, Delaware, Sept. 08, 2021 (GLOBE NEWSWIRE) --
According to latest report “Cystic Fibrosis Therapeutics Market by Treatment Method (Medications, Devices), Distribution Channel (Hospitals, Retail Pharmacies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of cystic fibrosis therapeutics will cross $26.6 billion by 2027. Increasing advancement in therapeutics for the treatment of life threating disorder that damages lungs will boost the market growth.
Growing advancements in therapeutics for cystic fibrosis is one of the key factors that accelerates the market expansion. According to the National Institute of Health, as of 2019, over 30,000 people in the U.S. are living with cystic fibrosis and around 70,000 worldwide. Numerous healthcare organizations support research and development activities to discover new potential therapies for cystic fibrosis treatment. The Cystic Fibrosis Foundation provides funding to pharmaceutical and biotechnology companies for new pharmaceutical products to cure cystic fibrosis and to maintain robust pipeline of therapies for further clinical development.
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The devices segment captured 9% of the cystic fibrosis therapeutics market share in 2020 led by the usage of novel devices for treatment of cystic fibrosis. VibraLung, Aerobika, Flutter device, Cornet, and MetaNeb are some examples of devices that are used in the cystic fibrosis treatment.
The retail pharmacies segment in the cystic fibrosis therapeutics market is projected to witness about 16% growth rate through 2027. Retail pharmacies in developing countries are one of the key sources for availability of medicines. People prefer retail pharmacies due to ease of access, quality of services. Retail pharmacies dispenses the medications to public at cheaper price owing to several discount schemes. For instance, in January 2020, AllianceRx Walgreens Prime announced availability of Trikafta treatment for cystic fibrosis. This strategic move enhanced the retail pharmacies growth in the market.
Latin America cystic fibrosis therapeutics market size was USD 300 million in 2020. Increasing outdoor pollution, changing lifestyle is attributed to the growth of cystic fibrosis disease in region. Rising cases of lung infection in Brazil and Mexico may cause respiratory problems. The current statistical data showcases very low prevalence of cystic fibrosis in countries in Latin America. This is mainly credited to low reporting of cases and lack of availability of CF registries in the region. However, growing awareness about the disease and its treatment options in Latin American countries will spur the regional growth.
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Major players operating in the market include Vertex Pharmaceuticals Incorporated, Roche, Nestle Health Science, Abbvie, Viatris Inc., Horizon Therapeutics plc, Gilead Life Sciences, Chiesi Farmaceutici, Pharmaxis Ltd, and Teva Pharmaceuticals. Theses companies are focusing on organic and in-organic strategies in order to increase territorial coverage and competitive advantage in the market.
Table of Contents (ToC) of the report:
Chapter 3 Cystic Fibrosis Therapeutics Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By treatment method
3.4.2 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
