The blood irradiation market is projected to reach US$ 104.37 million by 2028 from US$ 65.15 million in 2022; it is expected to grow at a CAGR of 7.0% by 2028.
NEW YORK, UNITED STATES, November 29, 2022 /EINPresswire.com/ — According to our latest study on “Blood Irradiation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Indication, and End User,” the market is expected to grow from US$ 65.15 million in 2021 to US$ 104.37 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments in the market. Increase in the communicable and noncommunicable diseases prevalence globally and a rise in healthcare expenditure and government initiatives drive the blood irradiation market. However, the stringent government policies and high cost hinder the market growth.
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Increasing Immunocompromised Population and Rising Incidence of Leukemia and Lymphoma
Immunity plays an important role for every individual and keeps developing and diminishing along with age, lifestyle, and food habits. Over the period, there has been significant growth in the immunocompromised population, particularly in developed economies. Health conditions, including an increase in autoimmune disorders, Human Immunodeficiency Virus (HIV) infections, and organ transplants, increased the use of immunosuppressants, which are further expected to increase the immunocompromised population.
According to American Medical Association, in 2021, around 2.7% of the US adult population, ~7 million people, were immunocompromised, due to organ transplants, cancer, and autoimmune disorders. As per the National Institute of Environmental Health Sciences, autoimmune disorders affected more than 24 million population in the US in 2021, and their prevalence rate ranges from 5 to 8%. Additionally, the rising prevalence of cancer and tumors increased the use of chemotherapy and other treatments that negatively affect an individual’s immune system. According to World Cancer Research Fund International, 18.1 million cancer cases were diagnosed in 2020, of which 9.3 million were men and 8.8 million were women.
Moreover, there has been significant growth in leukemia and lymphoma incidence rates across the world. According to Leukemia and Lymphoma Society, an estimated total of 186,400 people in the US were diagnosed with leukemia, lymphoma, or myeloma in 2021, and new cases of leukemia, lymphoma, and myeloma are accounted for 9.8% of the estimated 1,898,160 new cancer cases in 2021. Thus, a significant increase in the immunocompromised population and the rising prevalence of autoimmune disorders are expected to create ample opportunities for the blood irradiation market growth in the coming years.
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Based on type, the blood irradiation market is segmented into intravenous laser blood radiation, transcutaneous laser blood radiation, and extracorporeal blood radiation. The intravenous laser blood radiation segment held the largest market share in 2021. However, the extracorporeal blood radiation segment is expected to register the highest CAGR of 7.8% during the forecast period.
The blood irradiation market, based on indication, is segmented into acute leukemia, solid tumor, pelvic tumor, lymphoma, and others. The acute leukemia segment held the largest share of the market in 2021 and is anticipated to continue to be the largest shareholder by 2028.
End User-Based Insights
Based on end user, the blood irradiation market is segmented into hospitals, blood banks, diagnostics clinics, and research institutes. The hospitals segment held the largest market share in 2021. However, the blood banks segment is estimated to register the highest CAGR of 7.7% in the market during the forecast period.
Typenex Medical, LLC; Hitachi Medical Systems; Rad Source Technologies; Gilardoni S.p.A.; Gamma-Service Medical GmbH; Actemium; and Best Theratronics Ltd. are among the leading companies operating in the blood irradiation market.
The report segments the blood irradiation market as follows:
Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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