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 of consumers, 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 Growth
Cancer is a major health concern and is a leading cause of death across the globe. It is a generic term for a large group of diseases that can affect any part of the body. 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. Adoption of an unhealthy and sedentary lifestyle by consumers, high body mass index, high alcohol, and tobacco consumption, and low fruit and vegetable intake is the main cancer-causing factors. The other cancer-causing infections, such as hepatitis and human papillomavirus (HPV), are responsible for cancer in low and lower-middle-class income families. 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 of cancer and the right treatment and care of the patients suffering from cancer. The majority of cancers can be cured if detected and treated early. Photoimmunotherapy is the recently developed hybrid cancer therapy that directly kills cancer 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 Growth
The government is concerned with the growing number of cancer cases and is 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. 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 are also promoting the adoption of novel technologies to treat cancer effectively. Massive support from the government 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.
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Market Segmentation
Market Players
Rakuten Medical, Inc., Shimadzu Corporation, Modulight Corporation, Steba Biotech Ltd., Luzitin SA are the major market players operating in the global photoimmunotherapy market.
| Attribute | Details |
| Base Year | 2021 |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Therapeutic Area · End User |
| Regional scope | North America; Asia Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; Australia; South Korea; Germany; France; United Kingdom; Spain; Italy; Brazil; Argentina; Columbia; South Africa; UAE; Saudi Arabia |
| Key companies profiled | Rakuten Medical, Inc., Shimadzu Corporation, Modulight Corporation, Steba Biotech Ltd., Luzitin SA |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
