Global Photoimmunotherapy Market Report 2022-2027 with Prominent Players

DUBLIN, January 24, 2023 /PRNewswire/ — The report “Global Photoimmunotherapy Market by Therapeutic Area, End User and Region: Competitive Forecast and Opportunities to 2027” has been added to offer.

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The global photoimmunotherapy market is anticipated to witness a robust CAGR in the forecast period, 2023-2027.

Factors such as the increasing prevalence of cancer worldwide, increasing healthcare spending and continuous research and development activities to find new cancer treatment therapies mainly drive the demand for the global photoimmunotherapy market.

Increased investments by leading authorities to develop healthcare infrastructure and hire qualified healthcare professionals and favorable government reimbursement policies are other important factors that may accelerate the growth of the global photoimmunotherapy market in the next five years.

Rising prevalence of cancer worldwide drives market growth

Cancer is a major health problem and is one of the leading causes of death worldwide. According to the World Health Organization, cancer was responsible for almost 10 million deaths in 2020. During cancer, there is the rapid creation of abnormal cells that grow beyond their usual limits and can invade adjacent parts of the body and become spread to other organs, and the process is called metastasis.

Some of the most common types of cancer are breast, lung, colon, rectal and prostate cancer. In 2020, due to lung cancer, about 1.0 million deaths were observed. Similarly, for colon and rectal and liver cancer, the death toll in 2020 was 916,000 and 830,000.

Approximately 400,000 children develop cancer each year, and cervical cancer is the most common cancer in 23 countries. Cancer can be reduced through early detection and the correct treatment and care of patients. Most cancers can be cured if detected and treated early.

Photoimmunotherapy is the newly developed hybrid cancer therapy that directly kills cancer cells as well as producing 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 cancer cells and rely on activation of the immune system.

Photoimmunotherapy selectively destroys cancer cells, which releases cancer antigens from dying cancer cells. Therefore, the rising incidence of cancer worldwide and the high death rate due to cancer are expected to bolster the growth of the global photoimmunotherapy market during the forecast period.

Favorable government policies support market growth

The governments of several countries are concerned about the increasing number of cancer cases and are taking measures to decrease the death rate of cancer patients. They are providing financial support, reimbursing costs incurred during cancer treatment procedures, and funding cancer treatment research and development activities, among others.

For example, in Indiasome of the measures taken by the government that can fund cancer treatment are the Minister of Health’s Cancer Patient Fund, the Minister of Health’s Discretionary Grants, the Central Government Health Scheme (CGHS), the National Health and the Prime Minister’s National Relief Fund.

Leading authorities in several countries are also promoting the adoption of new technologies to treat cancer effectively. The massive support from governments is making market players invest and find new solutions for cancer treatment. Therefore, supportive government policies and the entry of new market participants are expected to play a major role in increasing the growth of the global photoimmunotherapy market over the next five years.

Market segmentation

U.S it is expected to hold significant market share due to the early adoption of advanced technologies by the healthcare industry and the presence of major market players in the country.

competitive scenario

Company Profiles: Detailed analysis of the main companies present in the global photoimmunotherapy market.

  • Rakuten Medical, Inc.

  • Shimadzu Corporation

  • Modulight Corporation

  • Steba Biotech Ltd.

  • Luzitin SA

report scope

Photoimmunotherapy Market, by Therapeutic Area:

  • Head and Neck Cancer

  • metastatic melanoma

  • Others

Photoimmunotherapy Market by End User:

Photoimmunotherapy Market by Region:

  • North America

  • Asia Pacific

  • Europe

  • South America

  • middle East & Africa

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Global Photoimmunotherapy Market Report 2022-2027 with Prominent Players

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