Photopheresis Products Market : Emerging Trends & New Medical Devices Research
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.
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.
However, it is most commonly used in treating graft versus host disease conditions. Furthermore, in 2016, Swedish government has given reimbursement for lung transplantations by using photopheresis therapy. Currently few clinical trials are undergoing on photopheresis therapy to explore its benefits to treat autoimmune disease conditions. Treatment of autoimmune diseases using photopheresis therapy is still in nascent phase. Mallinckrodt pharmaceuticals is actively conducting clinical trials on novel therapeutic indications like Cohn’s disease, multiple sclerosis conditions and more over. In 2015, Therakos Inc., was acquired by Mallinckrodt to strengthen its revenue generation from hospital segment. Based on the product type, photopheresis products are segmented into open systems and closed systems. Closed systems are mostly used globally to treat various disease conditions and these are technologically advanced systems than the open systems. In USA, closed systems dominates the market and they are approved by U.S FDA to treat cutaneous T-cell lymphoma conditions. In Europe, both closed systems and open systems are commonly preferred to treat various disease conditions.
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North America to Continue to Gain Massive Portion of the Pie
Transparency Market Research (TMR) states that the market will exhibit a 5.9% CAGR from 2016 through 2024. As a result, the market will rise to US$371.1 mn by 2024 from US$223.1 mn in 2015. In terms of product type, the segment of closed system photopheresis products accounted for over 80% of the overall market in 2015 and is expected to remain the dominant segment over the forecast period as well. North America, with over 52% of the global photopheresis products market in 2015, will continue to command a prominent position in the global market over the forecast period as well.
Government Reimbursements to Act as Strong Driving Force
Safer and effective treatment by using photopheresis technique is expected to be one of the potential drivers of the photopheresis products market during the forecast period. Most of the methods currently used for treating conditions such as graft-versus-host and cutaneous T-cell lymphoma lead to certain side effects. The promise of better safety and efficacy of the extracorporeal photopheresis (ECP) therapy has led to the rising preference of healthcare practitioners to this technique over other drug treatments.
Government bodies are also increasingly encouraging patients to undergo ECP therapy to treat a variety of diseases in the form of reimbursements for the therapy. The favorable reimbursement policies and the resultant coverage of medical expenses under government-supported refunds is encouraging patients to undergo ECP therapy to treat various disease conditions.
Furthermore, there has been a significant rise in the global population with cutaneous T-cell lymphoma (CTL), a rare type of non-Hodgkin lymphoma that affects the skin. According to the Cutaneous Lymphoma Foundation, the rate of incidence of CTL is nearly 1500 new cases per year in the U.S. and prevalence of continues to rise in the country as well as across the globe. Although several types of therapies are used to treat CTL, ECP is being increasingly considered the first line of therapy for treating CTL.
High Costs and Lengthy Treatments to Limit Adoption
Despite being reimbursed by the government in several regions across the globe, the cost of ECP therapy is significantly high. Moreover, the therapy takes longer time to perform and treat than many other popular treatments. It is estimated that on an average, the ECP therapy requires nearly two to three hours at a stretch for the treatment to complete for various disease. Also, the patient is required to undergo the treatment once every two weeks for a year. The cost of per treatment is around US$8000 per treatment.
On a whole, the time and money invested to complete the treatment is immense. This factor may make the treatment less attractive for many patients and may compel healthcare practitioners to switch to other low-cost and less time consuming treatments, restraining the overall growth prospects of the global photopheresis products market. The lack of enough ECP therapy centers across many developed and developing countries is also a key challenge for the market.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Photopheresis Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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