Photopheresis Products Market : New Tech Developments And Advancements To Watch Out For 2024!!

Global Photopheresis Products Market: Snapshot

Photopheresis has emerged as one of the most effective treatment options for a number of autoimmune diseases, chronic graft versus host disease, solid organ transplant rejections, and advanced cutaneous T-cell lymphoma in the past few years. The therapy, which was approved by FDA in 1988, is being largely considered as the first line of treatment for a number of diseases owing to benefits such as low rate of side effects, better safety, and efficacy as compared to other drug treatments. With the growing demand for blood derived products, the photopheresis product market is expected to gain significant traction during the forecast period.

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Transparency Market Research estimates that the global photopheresis products market will exhibit a 5.9% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$223.1 mn in 2015, is expected to rise to US$ 371.1 mn by 2024.

Closed System Photopheresis Products to Account for Bulk of Revenues

The key varieties of photopheresis systems currently available in the market fall in two main categories: open system and closed system. Of these, the products falling under the category of closed systems are widely used by the healthcare practitioners as these products offer advantages such as less risk of infection and contamination, reduced treatment time, and easy treatment procedure over open systems. Moreover, closed system photopheresis devices are the only devices approved by the FDA for the treatment of CTL conditions. Around 70-80% of the overall photopheresis devices in the global market presently are closed systems and the rest of open system photopheresis devices.

The segment of closed systems, hence, accounted for the dominant 81.1% of the overall market in 2015, in terms of contribution of revenue to the global market. The segment is also expected to expand at a higher rate that the segment of open systems over the forecast period. The technologically advanced system and one-step procedure are some of the key reason for the higher adoption of these systems. However, high cost of these system could hinder the market growth during the forecast period.

Accounting for More than Half the Global Market, North America to Continue to Remain Dominant

North America leads the global photopheresis products market, accounting for over half of the market in 2015. The region is projected to retain its dominance during the forecast period as well. The vast reimbursement provided by governments for various disease indications such as GVHD, CTL, and lung transplantations treated by ECP therapy is a key factor contributing to the region’s leading position in the global market.

In 2012, Medicare extended reimbursement coverage for ECP therapy to treat bronchiolitis obliterans syndrome (BOS), a chronic lung allograft transplant dysfunction. Despite having vast growth opportunities, the lack of sufficient treatment centers for ECP therapy is expected to slow down the photopheresis products market in North America. Nevertheless, the comparatively more positive factors will grant favorable growth opportunities and the North America photopheresis market will exhibit a remarkable 5.8% CAGR over the period between 2016 and 2024.

However, Asia Pacific will overtake North America to take the lead in terms of rate of expansion of the photopheresis products market over the forecast period. The Asia Pacific market for photopheresis products, which held only about 4% of the global market in 2015, is expected to exhibit the leading 6.6% CAGR from 2016 through 2024. Expanding photopheresis centers in the region will be the key driving force of the market over the said period. Some of the other contributing factors are the faster regulatory approvals, increased acceptance of advanced photopheresis devices, and corporate entities boosting research activities in the ECP sector.

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Key players in the global photopheresis market include Macopharma, Med Tech Solutions GmbH, Haemonetics Corporation, Fresenius Kabi AG, Terumo Corporation, and Mallinckrodt Pharmaceuticals.

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This release was published on openPR.