Photoimmunotherapy Market to be dominated by North American region through 2027
Growing cases of target
diseases and the flourishing medical tourism industry are driving the demand
for the global photoimmunotherapy market in the forecast period, 2023-2027.
According to TechSci Research report, “Photoimmunotherapy Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global photoimmunotherapy market is anticipated
to grow at an impressive rate in the forecast period, 2023-2027. The market is
driven by the rise in the collaboration between pharmaceutical companies and
the increase in cancer research institutions across the globe. The high
untapped potential in the developing economies and the growing mortality rate
because of cancer is making the concerned authorities develop and find novel
technologies and solutions to treat cancer more efficiently.
Photoimmunotherapy is a
targeted therapy to treat cancer in which the cancer cells are eliminated with
the help of infrared light. In the process, a specific antibody is joined to
the photo absorber, which is a molecule that absorbs light of a specific
wavelength. It absorbs light in the infrared part of the spectrum.
Near-infrared light is used because it can penetrate living tissue without
causing any damage. The antibody photoabsorber binds to the cancer cells, and
when the near-infrared light is applied, the cells swell and burst, causing
them to die. This technology is in clinical trials in patients with inoperable
tumors.
However, the inability
to get near-infrared light to all body parts as it is not able to penetrate
tissue deeply may restrain the global photoimmunotherapy market growth in the
forecast period.
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The global
photoimmunotherapy market is segmented into therapeutic area, end user,
regional distribution, and competitive landscape.
Based on the therapeutic area,
the market is divided into head & neck cancer, metastatic melanoma, and
others. Head & neck cancer is expected to capture the highest market share
over the forecast period, 2023-2027. The rise in prevalence of head and neck
cancer across different geographies and the growing geriatric population who
are prone to cancer are driving the segment demand. According to Global cancer
statistics 2002, head and neck cancer is the sixth most common cancer across
the globe, with around 630,000 new patients diagnosed every year, resulting in
more than 350,000 deaths every year. The high prevalence of head and neck
cancer is making the healthcare authorities find methods to cure it, which in
turn is expected to bolster the global photoimmunotherapy market growth over
the next five years.
Based on end user, the
market is divided into hospitals & clinics, ambulatory care centers,
biotechnology & pharmaceutical companies, and others. Hospitals &
clinics are expected to hold the largest market share over the forecast period.
The high footfall of patients in hospitals due to the presence of several
departments in a single place and the availability of skilled healthcare
professionals is driving the segment growth. They can avail latest healthcare
facilities from government-supported healthcare centers free of cost. A rise in
government funding to develop advanced healthcare infrastructure in developing
countries is expected to boost market growth over the next five years.
On the basis of regional
analysis, the North American region dominates the market and is expected to
maintain its dominance over the next five years. The growth of the market in
the region is attributed to the increased adoption of cancer therapeutics and
heavy funding by the government authorities. Also, the heavy funding by the
government in research and development activities and the developed IT, and
telecommunication infrastructure is expected to fuel the market growth in the
coming years.
Major operating companies
operating in global photoimmunotherapy market are:
- Rakuten Medical, Inc.
- Shimadzu Corporation
- Modulight Corporation
- Steba Biotech Ltd.
- Luzitin SA
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“The growing popularity of minimally
invasive treatment and surgical procedures among patients due to the benefits
offered them, such as less scarring and pain and faster recovery time, are
expected to fuel the growth of the global photoimmunotherapy market.
Phototherapy is a minimally invasive or non-invasive therapeutic strategy.
During cancer treatment, phototherapy kills tumor cells and initiates a
systemic antitumor immune response. The combination of phototherapy and
immunotherapy for cancer treatment transforms cancer treatment procedures and lowers
the mortality rate in patients. Rapid advancements in the technology and the
high government support to find new technologies for cancer treatment are
expected to propel the global photoimmunotherapy market growth till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Photoimmunotherapy
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027 Segmented By Therapeutic Area (Head & Neck Cancer, Metastatic Melanoma,
Others), By End User (Hospitals & Clinics, Ambulatory Care Centers,
Biotechnology & Pharmaceutical Companies, Others), and By Region”, has evaluated the future growth
potential of global photoimmunotherapy and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global photoimmunotherapy market.
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