The Latin America, Middle East and Africa Idiopathic Pulmonary Fibrosis Market would witness market growth of 12.3% CAGR during the forecast period (2021-2027).
Idiopathic pulmonary fibrosis affects only one person in a family in the majority of cases. These are described as sporadic cases. A small number of persons with this disease, however, have at least one other family member who is also affected. Familial pulmonary fibrosis develops when idiopathic pulmonary fibrosis affects numerous members of the same family. Moreover, IPF has no known treatment at this time. Certain medications, on the other hand, may reduce the progress of IPF, thereby extending people's lives and improving their quality of life.
Increased use of the costly Pirfenidone (Esbriet) and Nintedanib (Ofev) brands in favor of off-label pharmacological therapy and non-pharmacological treatments has been the key driver for the industry. In addition, despite negative recommendations in evidence-based guidelines for general treatment, cheap corticosteroids and immunosuppressants were used to treat IPF prior to the approval of these medications.
In many countries of the region, healthcare spending per capita is rising. The desire and ability of people to spend on the health has resulted in a small increase in pharmaceutical spending. The total rise of the healthcare industry can be ascribed to factors such as rapid economic growth and rising disposable income. Increased demand for innovative drugs/therapies for pulmonary fibrosis is likely to arise from rising pharmaceutical spending. However, high cost for the treatment of idiopathic pulmonary fibrosis would discourage many people in the region to pursue healthcare goals. Smoking is becoming more common in both developed and developing countries.
In 2018, it was predicted that 9.3 percent of the 157.2 million Brazilians aged 18 and up smoked (12.1 percent males and 6.2 percent females). In the same year, 2.4 percent of adults were classified as heavy smokers (those who smoke 20 cigarettes or more per day), while 7.6 percent of adults were exposed to passive smoking at home and 6.8% at work. According to the WHO, the prevalence of smoking is higher in upper-middle-income countries than in high-income ones.
The Brazil market dominated the LAMEA Idiopathic Pulmonary Fibrosis Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $72.1 million by 2027. The Argentina market is anticipated to grow at a CAGR of 12.9% during (2021 - 2027). Additionally, The UAE market would expect a CAGR of 12% during (2021 - 2027).
Based on Drug Type, the market is segmented into Pirfenidone and Nintedanib. Based on Distribution Channel, the market is segmented into Retail Pharmacies, Hospital Pharmacies, and Online Providers. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Idiopathic Pulmonary Fibrosis Market is Predict to reach $4.7 Billion by 2027, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GNI Group Ltd., Shionogi & Co., Ltd., Mission Therapeutics Ltd., Galapagos NV, FibroGen, Inc., AstraZeneca PLC, F. Hoffmann-La Roche Ltd., Bristol Myers Squibb Company, Boehringer Ingelheim International GmbH, and Biogen, Inc.
By Drug Type
By Distribution Channel
By Country
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