Global Photoimmunotherapy Market Report 2022-2027 Featuring Prominent Players

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

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The global photoimmunotherapy market is expected to witness a steady CAGR during the forecast period 2023-2027.

Factors such as increasing prevalence of cancer worldwide, rising healthcare costs, and ongoing research and development activities to find new therapies to treat cancer are majorly driving the demand for the global photoimmunotherapy market.

Increasing investment by leading authorities for development of healthcare infrastructure and hiring of skilled healthcare professionals and favorable government reimbursement policies are the other important factors that can accelerate the growth of the global photoimmunotherapy market in the next five years.

Increased prevalence of cancer worldwide is driving the growth of the market

Cancer is a major health problem and a leading cause of death worldwide. According to the World Health Organization, cancer is the cause of nearly 10 million deaths in 2020. During cancer, there is a rapid creation of abnormal cells that grow beyond their usual limits and can invade neighboring parts of the body and 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, there were about 1.0 million deaths due to lung cancer. Similarly, for colon and rectal cancer and liver cancer, the number of deaths 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 proper treatment and patient care. Most cancers can be cured if detected and treated early.

Photoimmunotherapy is a recently developed hybrid cancer therapy that directly kills cancer cells as well as induces a therapeutic immune response in the host. Conventional immunotherapies such as checkpoint inhibition, engineered T-cell and suppressor cell depletion, and immunoactivating 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, increasing incidence of cancer worldwide and high mortality due to cancer is expected to support the growth of the global photoimmunotherapy market during the forecast period.

Favorable government policies are supporting the growth of the market

Governments of various countries are concerned about the increasing number of cancer cases and are taking steps to reduce patient mortality due to cancer. They provide financial support, reimburse expenses incurred during cancer treatment procedures, and fund research and development activities for cancer treatment, among others.

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

Leading authorities of various countries are also promoting the adoption of new technologies for effective cancer treatment. Massive support from governments is driving market players to 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 driving the growth of the global photoimmunotherapy market over the next five years.

Market segmentation

United States is expected to capture 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.

The competitive environment

Company Profiles: Detailed analysis of the major 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 Regions:

  • North America

  • Asia-Pacific region

  • Europe

  • South America

  • Middle East and Africa

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