Demand for Photopheresis Products from Emerging Economies Continues to Grow Following Favorable Government Policies
As autoimmune disease become increasingly prevalent across the world, researchers are keeping no stone unturned to find the most effective cure. Photopheresis has emerged as one of the most promising treatment options for autoimmune diseases, solid organ transplant rejection, chronic graft versus host diseases, and advanced cutaneous T-cell lymphoma. The treatment was first approved by the FDA in 1988 and is largely considered is the first line of therapy administered in case of aforementioned conditions. Photopheresis offers a range of benefits such as better efficacy and lesser side effects compared to other drug treatments. While this will create lucrative prospects, the market is also expected to gain from the increasing demand for blood derived products.
According to Transparency Market Research (TMR), the global photopheresis product market is expected to report a CAGR of 5.9% between 2016 and 2024. At this pace, the market will reach US$371.1 mn by the end of 2024, from a valuation of US$223.1 mn in 2015.
Q: How the future of the global photopheresis products market looks like?
A: Government bodies across the world are encouraging patients to undergo external counter pulsation (ECP) therapy, in the form of favorable reimbursements, for the treatment of various diseases. These policies and the consequent coverage of medical expenses covered under government-supported refunds are encouraging patients towards choosing the therapy for the treatment of various ailments.
Furthermore, globally the incidence of cutaneous T-cell lymphoma (CTL), which is a rare non-Hodgkin lymphoma affecting skin, is increasing. As per the Cutaneous Lymphoma Foundation, every nearly 1500 new cases of (CTL) is reported in the U.S. As the incidence continues to increase, experts are recommending ECP as the first line of therapy despite the availability of various therapies for the treatment of CTL. These factors are indicative of a promising future of the global photopheresis products market.
Q: Which regions will show most lucrative opportunities for the market?
Regionally, North America dominates the global photopheresis products market. It held over half of the global market in 2015 and is projected to retain its dominance through the course of the next few years. Favorable reimbursement policies for various disease indications such as CTL and lung transplantation by ECP have been providing significant impetus to the market in North America. For instance, in 2012, Medicare extended their reimbursement coverage for ECP for the treatment of bronchiolitis obliterans syndrome (BOS). Furthermore, various such policies are underway, which are expected to provide boost to the photopheresis products market in North America.
On the down side, inadequate availability of treatment centers for ECP therapy is likely to slow the pace of gains for the market. Nevertheless, the region boasts comparatively more number of positive factors indicative of a promising future for the market. As per TMR, the North America photopheresis market is expected to show a 5.8% CAGR between 2016 and 2024.
Meanwhile, the Asia Pacific market which held only 4% of the global photopheresis products market in 2015, is poised to exhibit the leading CAGR of 6.6% during the same forecast period. The visibly increasing investment in the healthcare sectors across the region’s most promising economies has resulted in the rise in number of photopheresis centers in the region. Faster regulatory approvals and emergence of corporate entity in the ECP sector is promoting the growth of the region’s photopheresis products market.