Global Photoimmunotherapy Market Report 2022-2027 Featuring Prominent Players
/PRNewswire/ -- The "Global Photoimmunotherapy Market by Therapeutic Area, End-user, and Region: Competition Forecast and Opportunities to 2027" report has...
DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "Global Photoimmunotherapy Market by Therapeutic Area, End-user, and Region: Competition Forecast and Opportunities to 2027" report has been added to ResearchAndMarkets.com's offering.
The global photoimmunotherapy market is anticipated to witness robust CAGR in the forecast period, 2023-2027.
Factors such as the increasing prevalence of cancer worldwide, growing healthcare expenditure, and ongoing research and development activities to find novel cancer treatment therapies primarily drive the demand for the global photoimmunotherapy market.
The rise in the investments by the leading authorities to develop the healthcare infrastructure and hire skilled healthcare professionals and favorable government reimbursement policies are the other prominent factors that can accelerate the global photoimmunotherapy market growth over the next five years.Increased Cancer Prevalence Worldwide Drives the Market GrowthCancer is a major health concern and is a leading cause of death across the globe. According to World Health Organization, cancer accounted for nearly 10 million deaths in 2020. During cancer, there is the rapid creation of abnormal cells that grow beyond their usual boundaries and can invade the adjoining parts of the body and spread to other organs, and the process is called metastasis.
Some of the most common kinds of cancer are breast, lung, colon, rectum, and prostate cancers. In 2020, due to lung cancer, around 1.0 million deaths were observed. Similarly, for colon and rectum and liver cancer, the number of deaths in 2020 was 916000 and 830000.
Approximately 400 000 children develop cancer every year, and cervical cancer is the most common cancer in 23 countries. Cancer can be reduced through early detection and the right treatment and care of the patients. The majority of cancers can be cured if detected and treated early.
Photoimmunotherapy is the recently developed hybrid cancer therapy that directly kills cancer cells as well as produces a therapeutic host immune response. Conventional immunotherapies such as checkpoint inhibition, engineered T cells and suppressor cell depletion, and immune-activating cytokine therapy do not directly destroy the cancer cells and rely on activating the immune system.
Photoimmunotherapy selectively destroys the cancer cells, which releases cancer antigens from dying cancer cells. Therefore, the increased cancer incidence worldwide and the high mortality rate due to cancer are expected to bolster the global photoimmunotherapy market growth over the forecast period.Favorable Government Policies Supports the Market GrowthThe government of various countries are concerned with the growing number of cancer cases and are taking steps to lower the patient mortality rate due to cancer. They are providing financial support, reimbursing the cost incurred during the cancer treatment procedures, and funding cancer treatment research and development activities, among others.
For instance, in India, some of the steps taken by the government that can fund cancer treatment are Health Minister's Cancer Patient Fund, The Health Minister's Discretionary Grants, The Central Government Health Scheme (CGHS), National Health Protection Scheme and The Prime Minister's National Relief Fund.
Leading authorities of various countries are also promoting the adoption of novel technologies to treat cancer effectively. Massive support from the governments is making the market players invest and find new solutions for cancer treatment. Therefore, supportive government policies and the entry of new market players are expected to play a major role in boosting the global photoimmunotherapy market growth over the next five years.Market SegmentationUnited States is expected to hold a significant market share due to the early adoption of advanced technologies by the healthcare sector and the presence of major market players in the country.
Competitive LandscapeCompany Profiles: Detailed analysis of the major companies present in global photoimmunotherapy market.
Rakuten Medical, Inc.
Steba Biotech Ltd.
Report ScopePhotoimmunotherapy Market, by Therapeutic Area:
Head & Neck Cancer
Photoimmunotherapy Market, by End-user:
Hospitals & Clinics
Ambulatory Care Centers
Biotechnology & Pharmaceutical Companies
Photoimmunotherapy Market, by Region:
Middle East & Africa
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