ALBANY, New York, March 28, 2017 /PRNewswire/ --
The Global Photopheresis Products Market appears to be highlyconsolidated, with the three leading players, Macopharma, Med Tech Solutions GmbH, and Mallinckrodt accounting for a whopping 95% of the market in 2015, finds Transparency Market Research (TMR). A number of leading firms have
According to the findings of TMR, the global market for photopheresis products was pegged at US$223.1 mn during 2015. Expanding at a promising CAGR of 5.9% between 2016 and 2014, the market is slated to achieve a revenue worth US$371.1 mn by the end of 2024. The closed systems segment represented a massive share of 81.1% in the global photopheresis products market. North America is slated to expand at a conducive CAGR of 5.8% during the forecast period.
Asia Pacific to Come into Prominence Driven by Increasing Transplantations
Based on geography, the global market for photopheresis products has been segmented into the Middle East and Africa, Asia Pacific, North America, Europe, and Latin America. The global market was dominated by North America during 2015, occupying almost 52% of the market in the same year. The growth in this region can be attributed to the favorable government policies for different diseases such as Cytotoxic T-cell (CTL), graft-versus-host disease (GVHD), and lung transplantations, which are treated by extracorporeal photopheresis (ECP) therapy.
However, Asia Pacific is waiting in the wings to displace North America in the forthcoming period. Asia Pacific held a mere 4% of the global photopheresis products market in 2015. Over the forecast period, the region will demonstrate significant advancement, expanding at a CAGR of 6.6% between 2016 and 2024, states TMR. The emergence of new photopheresis centers triggered by increasing transplantations, faster approvals of regulatory bodies, and growing adoption of these devices have been fuelling the market in this region.
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Training Healthcare Practitioners Might Open Doors for Further Expansion
More effective and safer treatments promised by the introduction of these devices has been a key growth driver of the market. The presently adopted methods in the treatment of conditions such as cutaneous T-cell lymphoma and graft-versus-host have resulted in some side effects among patients. The switch from these methods to ECP therapy has promised more safety, along with better outcomes. As a result, the demand for these products will soar.
Several governments across the globe have also been promoting the adoption of photopheresis products through their beneficial reimbursement policies designed for patients undergoing therapies. Furthermore, the growing incidence of cutaneous T-cell lymphoma is propelling the demand for photopheresis products. The Cutaneous Lymphoma Foundation found that almost 1500 new cases are reported each year in the U.S., and the figure might go up further.
On the other hand, the growth of the global market for photopheresis products might slow down owing to the high cost of ECP therapy. Also, as this therapy is relatively more time-consuming when compared with other treatments, and requires constant therapy sessions stretching over the period of one year, patients might not be inclined to opt for ECP treatment. Another major challenge to the market is the lesser penetration of ECP therapy centers. However, as more number of companies are training and educating healthcare practitioners, the awareness about ECP therapy will increase, boosting the market.
The information presented in this review is based on a Transparency Market Research report, titled, "Photopheresis Products Market (Product Type - Open System and Closed System; End User - Hospitals and Clinics; Application - Cutaneous T-cell Lymphoma, Graft versus Host Disease, Transplant Rejections, and Autoimmune Diseases) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
Key segments of the Global Photopheresis Products market
Global Photopheresis products Market, by Product
Global Photopheresis products market, by Therapeutic Area
Global Photopheresis products market, by End User
Global Photopheresis products market, by Geography
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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