Transparency Market Research Report Added "Photopheresis Products Market" to its database.
Albany, NY -- (SBWIRE) -- 09/15/2017 -- 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.
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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.
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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$8000 per treatment.
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On a whole, the time and money invested to complete the treatment is immense. This factor may make the treatment less attractive for many patients and may compel healthcare practitioners to switch to other low-cost and less time consuming treatments, restraining the overall growth prospects of the global photopheresis products market. The lack of enough ECP therapy centers across many developed and developing countries is also a key challenge for the market.
The global market for photopheresis products features an exceedingly consolidated competitive landscape, with the top three players accounting for over 95% of the market in 2015, observes Transparency Market Research in a recent report. These three companies, namely Mallinckrodt, Macopharma, and Med Tech solutions GmbH, stay competitive by investing in the development of new kits/devices capable of overcoming issues in existing products. Development of smaller, lighter, and faster devices tops the list of priority of these companies.
Global Photopheresis Products Market Report is available @ US$ 5795
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.
About Transparency Market Research
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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