Idiopathic pulmonary fibrosis (IPF), although a rare disease, is one of the most common interstitial lung diseases (ILDs); IPF is characterized by irreversible loss of lung function leading to high morbidity and mortality. IPF usually affects people aged 50 or older and is associated with a poor prognosis, with most patients dying within three to five years following diagnosis. Interviewed experts contend that the etiology of IPF is unclear, but there is growing consensus that it likely arises as a consequence of epithelial injury followed by abnormal wound healing. Roche/InterMune’s Esbriet was the first disease-modifying therapy (DMT) approved for adults with mild to moderate IPF, followed soon after by Boehringer Ingelheim’s Ofev, setting the stage for fierce competition in the IPF market. In our content, we explore this complex and evolving space, analyzing the clinical and commercial outlook for current and emerging drugs, and identifying areas of lingering unmet need.