Photopheresis Products Market - Positive long-term growth outlook 2024
Companies are also attempting to educate and train healthcare practitioners and the masses with the view of spreading awareness about ECP therapy and its benefits. A recent instance of this is Mallinckrodt’s Therakos Institute. The company is educating patients, nurses, and technicians through clinical education and training related to the photopheresis operating modules and their benefits.
This 133 page report gives readers a comprehensive overview of the Photopheresis Products Market. Browse through 24 data tables and 78 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/photopheresis-products-market.html
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.
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.
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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.
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.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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