The Global Cystic Fibrosis Market is expected to grow at a CAGR of 13.5% during the forecast period 2016-2022.
Cystic fibrosis is a progressive, hereditary illness that causes steady lung infections and limits the capacity to inhale after some time. The lung infection is mainly due to thick mucus or the sweat that’s too salty in an individual.
Cystic fibrosis is a genetic disease. Individuals with CF have acquired two duplicates of the deficient CF gene that is one duplicate from every parent. Both parents must have at least one copy duplicate of the inadequate gene. According to Cystic Fibrosis Foundation (CFF), it was found that more than 70,000 of people are living with CF all around the globe as of 2015.
The major factors driving the cystic fibrosis market are development of new drugs and therapies, and financial support from CFF in research and development of CF drugs. However, high cost of the drugs and treatment may hamper the growth of the market. The two most effective drug treatments for the cystic fibrosis come with the huge price tags, Kalydeco ($311,000/year) and Orkambi ($259,000/year). These high prices makes the CF treatment unaffordable for most of the patients.
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Major Key Players in Global Cystic Fibrosis Market
Some of the key players in this market are: Vertex Pharmaceuticals, F. Hoffmann-La Roche, AbbVie, Gilead Sciences, Novartis, Genentech, Pharmaxis, Chiesi Farmaceutici, Forest Laboratories and others.
The North America is the leading market across the globe on account of increasing patient population. According to cystic fibrosis foundation, more than 30,000 patients are living with cystic fibrosis in the US.
Europe accounts for the second largest market in the world. Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe holds the major share of the market, which is majorly contributed by Germany, the U.K, and France. The increasing government support for development of the healthcare domain drives the European market.
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Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing need for cost-effective glucose monitoring devices, rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa holds the least share of the global market owing to the presence of poor and slow developing countries, especially, in African region.
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