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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