Photodynamic Therapy Market is anticipated to grow at a CAGR of 16.6% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Photodynamic Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Photodynamic Therapy Market accounted for over US$ 900 million in 2019. The market is anticipated to grow at a CAGR of 16.6% from 2019 to 2030.
The market growth can be attributed to several factors, which have led to its wide-scale adoption. The increasing prevalence of skin disorders & cancers and the approval of new biologics for photodynamic therapy are anticipated to further contribute to this substantial market growth during the forecast period. However, risks and side effects associated with the therapy are likely to restrain market growth to a certain extent.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, in January 2020, Theralase Technologies Inc., a clinical-stage pharmaceutical company dedicated to the research & development of light-activated photodynamic compounds was granted a U.S. Patent for multi-wavelength Photodynamic Therapy ("PDT") technology.
The increasing prevalence of cancers and skin disorders, such as actinic keratosis, psoriasis, acne, rosacea, etc., is expected to further promote the adoption of photodynamic therapy, which will attract revenue growth in the photodynamic therapy market globally. According to GLOBCAN, approximately 18.1 million new cancer cases were found in 2018. Furthermore, as per the American Academy of Dermatology, as of 2017, 2.1% of the total population of the U.S. suffered from psoriasis, which accounted for approximately 7.0 million.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Photodynamic Therapy Market by Product (Drugs and Devices), Application (Cancer, Actinic Keratosis, Psoriasis, and Acne), End User (Hospitals, Cosmetics & Dermatology Clinics, and Cancer Treatment Centers) - Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/photodynamic-therapy-market/260
Moreover, approvals granted for new biologics by regulatory authorities in developed as well as developing countries will further propel photodynamic therapy adoption in the coming years. For instance, in May 2016, Biofrotera AG received FDA approval for use of its combination topical prescription drug Ameluz, and medical device, BF-RhodoLED in PDT treatment of mild-to-moderate Actinic Keratosis (AK) on the face and the scalp.
However, risks and side effects such as swelling, blistered or sunburned skin, swelling causing breathing problems, etc., associated with the therapy are among of the major factors hampering market growth.
Asia Pacific is the fastest-growing market for photodynamic therapy and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the growing prevalence of cancer and rising awareness regarding photodynamic therapy & its advantages among healthcare professionals. Countries in the APAC region, including India, China, and Japan, are anticipated to provide significant growth opportunities for the global photodynamic therapy market due to developing healthcare infrastructure and increasing disposable income.
Some of the prominent players in the photodynamic therapy market include Sun Pharmaceutical Industries Ltd., BIOFRONTERA AG, Theralase Technologies Inc., LUMIBIRD, Quest PharmaTech Inc., Modulight, Inc., Galderma, Suslaser.com, Biolitec AG, and Bausch & Lomb, among others.
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