CFTR Correctors/Modulators Market Size to Surpass US$ 22.70 Billion by 2031 – Growth Plus Reports
Newark, New Castle, USA, June 06, 2023 (GLOBE NEWSWIRE) — The market analysis of the global CFTR correctors/modulators market was conducted by Growth Plus Reports in 2022 and is valued at US$ 8.93 billion. The market is expected to hit a revenue CAGR of 10.1% to reach US$ 22.70 billion by 2031.
Analysis of the global market for CFTR correctors/modulators indicates that the market revenue share is likely to expand during the forecast period. The chloride ions are transported into and out of cells by the protein known as the cystic fibrosis transmembrane conductance regulator (CFTR).
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CFTR Correctors/Modulators Market Scope
|Market Size Value in 2022||US$ 8.93 billion|
|Revenue Forecast in 2031||US$ 22.70 billion|
|Base Year for Estimation||2022|
|Forecast Period||2023 to 2031|
|Segments Covered||Drugs, Distribution Channel, and Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
- The United States reports one of the highest rates of cystic fibrosis incidence, with about 40,000 children and adults afflicted, according to 2021 projections from the Journal of Cystic Fibrosis.
- The rising prevalence of cystic fibrosis is driving the market revenue share.
- Ivacaftor is a drug that targets the cystic fibrosis transmembrane conductance regulator (CFTR) protein.
Recent Development in the CFTR Correctors/Modulators Market:
- In September 2022, for children with cystic fibrosis aged 12 to 24 months, Vertex Pharmaceutical’s ORKAMBI, a combination of lumacaftor and ivacaftor, got FDA clearance.
A list of the prominent players operating in the global market for CFTR correctors/modulators includes:
- ReCode Therapeutics
- Arcturus Therapeutics
- Translate Bio
- Abbvie, Inc.
- Eloxx Pharmaceuticals Inc.
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Market Drivers and Restraints:
The global CFTR correctors/modulators market revenue is driven by the development of new drugs and the increasing availability of genetic testing that can identify patients who may benefit from these treatments. The market is also likely to be shaped by regulatory changes, such as the FDA’s recent approval of Trikafta (elexacaftor/tezacaftor/ivacaftor) for a broader range of CF mutations.
However, these drugs are comparatively expensive and are not accessible to all patients. There is still a need for additional research and development to identify new treatments for Cystic Fibrosis. These factors can restrain the market revenue growth.
- Based on drugs, the global CFTR correctors/modulators market is segmented into Elexacaftor, Tezacaftor, Ivacaftor, and Lumacaftor.
- Based on distribution channel, the global CFTR correctors/modulators market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies
Segmentation By Drugs
Based on the drugs, the ivacaftor segment dominates the global CFTR correctors/modulators market with the largest revenue share. This large revenue share is attributed to improved effectiveness in addressing the underlying genetic flaw that causes cystic fibrosis and has also shown improved lung function with reduced exacerbations in patients.
Regional Growth Dynamics
Based on the region, North America, with the largest revenue share, dominates the global CFTR correctors/modulators market. This large revenue share is because of the high population of patients suffering from cystic fibrosis, increasing healthcare standards, and the presence of key market players in this region.
Growth Plus Reports carried out extensive market research on the CFTR correctors/modulators market globally. We examined the fundamental market characteristics, significant investment opportunities, regional growth patterns, ten-year revenue estimates, competing market players, and mergers and acquisitions.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- GLOBAL CFTR CORRECTORS/MODULATORS MARKET – ANALYSIS & FORECAST, BY DRUGS
- GLOBAL CFTR CORRECTORS/MODULATORS MARKET – ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
CFTR CORRECTORS/MODULATORS MARKET TOC
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