The photopheresis products market studied was anticipated to grow with a CAGR of 5.8%, during the forecast period. The significant factor attributing this market's growth is the demand for photopheresis products which is growing rapidly, rising autoimmune disease prevalence, increasing numbers of cases of organ transplantation are the major factors boosting the global market for photopheresis products.
According to the World Health Organization (WHO), approximately 100,800 solid organ transplants are performed every year worldwide among them 69,400 kidney transplants, 20,200 liver transplants, 5,400 heart transplants, 3,400 lung transplants and 2,400 pancreas transplants.
Additional factors such as the rising health care infrastructure, advancement in technology, and growing geriatric population will further drive the market for photopheresis products during the forecast period. The continued growth of partnerships between major players in the field of photopheresis will tend to enhance the understanding of the influence of photopheresis on immune modulations through several intense and crucial conditions and will have a positive impact on the growth of the photopheresis products.
Key Market Trends
Closed System is Expected to Hold the Largest Market Share in the Photopheresis Products Market
- Dominant share is retained by the closed systems segment owing to the attributes such as growing autoimmune diseases and growth in R&D activities to develop therapeutics. Autoimmunity includes the disruption of natural immune homeostasis as an irregular reaction to its own tissue is produced by the organism. Autoimmune disorders are usually associated with the presence of self-reactive auto-antibodies, inflammation, and T cells.
- According to the National Institute of Environmental Health Sciences (NIEHS) scientists, stated that autoimmune diseases in the United States appear to be increasing. Furthermore, autoimmunity and certain autoimmune diseases have been increasing prevalence in the United States, according to a new study published in Arthritis & Rheumatology 2020. It is expected that an increase in the number of organ transplant cases would lead to growth in the demand for photopheresis devices. Increasing government incentive schemes are also expected to improve the product market for photopheresis.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall photopheresis products market, throughout the forecast period. This is owing to factors such as the rising prevalence of autoimmune disorders and the growing geriatric population. As per the U.S. Census Bureau 2017 Population Projections, by 2035, 78.0 million people will be over 65 years of age, rather than 76.7 million under 18 years of age in the U.S. Additionally, as per the American Autoimmune Related Diseases Association (AARDA), Autoimmune disease is one of the top 10 leading causes of death in female children and women in all age groups up to 64 years of age. Moreover, the presence of blood processing centers and advanced apheresis are also some of the main factors ensuring the dominance of the region.
The Photopheresis Products Market is consolidated competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making collaborations and acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Haemonetics Corporation, Fresenius Kabi AG, Macopharma, Mallinckrodt Pharmaceuticals, and PIT Medical Systems.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support